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28 March 2020 The on-line newspaper devoted to the world of transports 21:56 GMT+1

March 12, 2020

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Original news
Friend International Shipping has returned to record quarterly profit

In the quarter of last year alone, basic time revenues charters grew by 12.5%

In 2019, the Amico International Shipping Company (DIS) recorded revenues of US 353.5 million dollars, a decrease in the 11.4% on the previous year, of which 258.3 million basic time charter revenues, up 5.5%. Operating profit 15.0 million dollars compared to a result operating income of -17.3 million dollars in the The 2019 financial year ended with a net loss of -27.5 million dollars compared to a net loss of -55.1 million dollars in the previous year.

In the fourth quarter of last year alone, basic time revenues charters totaled 72.2 million dollars, an increase operating profit of 12.5% over the same period of 2018, operating profit 14.3% million dollars (up 242.0%) net profit of 4.9 million U.S. dollars compared to a net loss of -13.9 million dollars in October-December 2018.

DIS, through the operating subsidiary of Amico Tankers, operates a fleet of product tankers consisting of 46.5 ships plus three additional units in commercial management. About the value of the noli registered last year, the president and administrator delegate of d'Amico International Shipping, Paolo d'Amico, has explained that "DIS has made an average daily spot USD 13,683 in 2019, corresponding to an increase in 2,885 dollars a day compared to the average of 10,798 dollars 2018. Consistent with the usual prudent strategy "It's a good idea," he said. coverage in 2019, amounting to 51.9% of total days, for an average of 14,760 dollars per day. Our total TCE average (spot and time-charter) was therefore equal to 14,239 dollars 12,184 dollars in 2018."

In addition, d'Amico specified that "the last quarter of the year has been particularly strong for our sector, and this -- he pointed out -- allowed us to get an average daily spot of 17,242 dollars versus 11,617 generated in the same quarter of 2018. This result is due to the usual seasonal increase in demand and the entry into effective, as of January 2020, of the new IMO regulations maritime fuels. Except for a brief correction peak in coronavirus infections (Covid-19) in China, the market continued to be very strong in the first quarter of 2020, with a growing rental trend mid-February. The value of period rentals our ships continued to rise during 2019. To estimate of the time-charter installment for periods of one year is 15,500 dollars per day for conventional MR2 and 16,750 dollars for MR2 Eco."

In relation to the impact on the company's business coronavirus infection, d'Amico said that "at the moment The impact of the virus on the product tanker industry has been Limited. In fact - he clarified - the sharp reduction in the consumption of oil in China was partially offset by a increased exports of refined products, in particular "jet fuel", from Asia, over long distances, towards Western Hemisphere. The product tanker market - has also noted the president and CEO of DIS - it should also benefit from the fiscal and monetary stimulus expected as a result of the Covid-19. The real economic impacts of coronavirus are still uncertain and we maintain a cautious approach to the second quarter of the year.'

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