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d’Amico International Shipping S.A. posts positive 2013 results
The Board of Directors of d’Amico International Shipping S.A., a leading international marine transportation company operating in the product tanker market, announces today the approval of the 2013 full year draft financial results.
Marco Fiori, Chief Executive Officer of d’Amico International Shipping stated:
"2013 has been a very challenging year for the product tanker market with strong signs of improvement already showing up at the end 2012. Macro-economic scenario finally has changed since the first part of the year making 2013 the best year in terms of financial performance since 2008. As a result of this, the DIS daily average spot rate increased by about 18% compared to the previous year and allowed as to distribute an important dividend. This more positive scenario has allowed us to upgrade our medium/long term expectation.”
Giovanni Barberis, Chief Financial Officer of d'Amico International Shipping said:
"We are very satisfied of the financial results achieved in 2013 since we doubled our EBITDA margin on TCE, we generated a strong Cash Flow from operating activities of US$39.0 M and all the financial key ratios improved. In 2013, we have increased the value of the company and therefore for its shareholders by doubling the market capitalization of the Company, since the share capital increase launched at the end of 2012. We can proudly report that the financial community has strongly supported us in this year of transition. ".
SUMMARY OF THE RESULTS IN 2013
Global economic growth strengthened throughout the second half of 2013 mainly due to the recovery of advanced economies. For the first time since 2010, OECD demand appears to have swung back into growth in 2013.
DIS Net Profit in 2013 amounts to US$ 18.9 million, compared to a Net Loss of US$ 106.0 million in 2012 (Loss of US$ 21.0 million excluding the fleet value write-down booked in 2012). In 2013 DIS registered also its best full year performance on the spot market since 2008 with a Spot Daily TCE of US$ 13,746 and a 18% increase compared to the previous year.
The improved market scenario in 2013, combined with DIS constant focus on revenue maximization and cost control, led to a substantial increase in DIS operating profitability. In fact, ‘EBITDA margin on TCE Earnings’ was 24% in 2013 (17% excluding the ‘Result on disposal of Vessels’) compared to 11% margin achieved last year (10% excluding the ‘Result on disposal of Vessel’ posted in 2012). In absolute values, 2013 EBITDA rose by 128% compared to 2012 (US$ 46.0 million vs. US$ 20.2 million) and even excluding ‘Profits on disposal’, 2013 EBITDA grew by 71% compared to the previous year (US$ 32.0 million vs. US$ 18.7 million).
Such solid improvement in EBITDA performance together with a good working capital trend, led to positive operating cash flow of US$ 39.1 million in 2013, compared to US$ 2.4 million generated in 2012.
DIS had ‘capital expenditures’ of US$ 83.8 million in 2013, mainly in relation to its newbuilding plan. In fact, during the year, DIS ordered 7 additional fuel efficient ‘Eco’ new-building product/chemical tankers (50,000 dwt Medium Range and 39,000 dwt Handysize vessels) at Hyundai Mipo Dockyard Co. Ltd. – South Korea, at attractive prices and expected to be delivered in 2014, 2015 and 2016. These last newbuilding agreements brought DIS total orderbook to 12 product tankers (6 MR and 6 Handysize vessels), of which 4 vessels were already delivered between January and February 2014. In addition to this, DIS has one further vessel on order at Hyundai Mipo Dockyard Co. Ltd, in JV with Venice Shipping and Logistics S.p.A.
This corresponds to an overall investment plan of approximately US$ 383 million and reaffirms the Company’s strategy to modernize its fleet through newbuildings with eco-innovative design. Such strategy is in line with the clear objective of the 2012 share capital increase of maintaining DIS strong financial structure while implementing a significant investment and growth plan. At the same time, DIS continued the fleet renewal program also through the sale of its oldest vessels. Three of these ships were sold in the course of the first half of the year, generating a net ‘Result on disposal’ of US$ 13.9 million.
Source: d’Amico International Shipping S.A.
Marco Fiori, Chief Executive Officer of d’Amico International Shipping stated:
"2013 has been a very challenging year for the product tanker market with strong signs of improvement already showing up at the end 2012. Macro-economic scenario finally has changed since the first part of the year making 2013 the best year in terms of financial performance since 2008. As a result of this, the DIS daily average spot rate increased by about 18% compared to the previous year and allowed as to distribute an important dividend. This more positive scenario has allowed us to upgrade our medium/long term expectation.”
Giovanni Barberis, Chief Financial Officer of d'Amico International Shipping said:
"We are very satisfied of the financial results achieved in 2013 since we doubled our EBITDA margin on TCE, we generated a strong Cash Flow from operating activities of US$39.0 M and all the financial key ratios improved. In 2013, we have increased the value of the company and therefore for its shareholders by doubling the market capitalization of the Company, since the share capital increase launched at the end of 2012. We can proudly report that the financial community has strongly supported us in this year of transition. ".
SUMMARY OF THE RESULTS IN 2013
Global economic growth strengthened throughout the second half of 2013 mainly due to the recovery of advanced economies. For the first time since 2010, OECD demand appears to have swung back into growth in 2013.
DIS Net Profit in 2013 amounts to US$ 18.9 million, compared to a Net Loss of US$ 106.0 million in 2012 (Loss of US$ 21.0 million excluding the fleet value write-down booked in 2012). In 2013 DIS registered also its best full year performance on the spot market since 2008 with a Spot Daily TCE of US$ 13,746 and a 18% increase compared to the previous year.
The improved market scenario in 2013, combined with DIS constant focus on revenue maximization and cost control, led to a substantial increase in DIS operating profitability. In fact, ‘EBITDA margin on TCE Earnings’ was 24% in 2013 (17% excluding the ‘Result on disposal of Vessels’) compared to 11% margin achieved last year (10% excluding the ‘Result on disposal of Vessel’ posted in 2012). In absolute values, 2013 EBITDA rose by 128% compared to 2012 (US$ 46.0 million vs. US$ 20.2 million) and even excluding ‘Profits on disposal’, 2013 EBITDA grew by 71% compared to the previous year (US$ 32.0 million vs. US$ 18.7 million).
Such solid improvement in EBITDA performance together with a good working capital trend, led to positive operating cash flow of US$ 39.1 million in 2013, compared to US$ 2.4 million generated in 2012.
DIS had ‘capital expenditures’ of US$ 83.8 million in 2013, mainly in relation to its newbuilding plan. In fact, during the year, DIS ordered 7 additional fuel efficient ‘Eco’ new-building product/chemical tankers (50,000 dwt Medium Range and 39,000 dwt Handysize vessels) at Hyundai Mipo Dockyard Co. Ltd. – South Korea, at attractive prices and expected to be delivered in 2014, 2015 and 2016. These last newbuilding agreements brought DIS total orderbook to 12 product tankers (6 MR and 6 Handysize vessels), of which 4 vessels were already delivered between January and February 2014. In addition to this, DIS has one further vessel on order at Hyundai Mipo Dockyard Co. Ltd, in JV with Venice Shipping and Logistics S.p.A.
This corresponds to an overall investment plan of approximately US$ 383 million and reaffirms the Company’s strategy to modernize its fleet through newbuildings with eco-innovative design. Such strategy is in line with the clear objective of the 2012 share capital increase of maintaining DIS strong financial structure while implementing a significant investment and growth plan. At the same time, DIS continued the fleet renewal program also through the sale of its oldest vessels. Three of these ships were sold in the course of the first half of the year, generating a net ‘Result on disposal’ of US$ 13.9 million.
Source: d’Amico International Shipping S.A.
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