Independent journal on economy and transport policy
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In 2020 D'Amico International Shipping returned to profit
Performance contraction in the last quarter
March 11, 2021
"2020- commented the President and Administrator delegate of d'Amico International Shipping, Paolo d'Amico - is been for the tanker sector a year characterized by extreme volatility. During the first half of the year, the number of noles reached record levels, following the oil demand caused by Covid-19, combined with a increase in production mainly by Saudi Arabia and Russia. This has generated a curve in future prices of the oil in "contango", stimulating an increase in world stocks of raw material. The storage of oil at land quickly reached full capacity and quantity more and more raw and refined have begun to be stored on board oil tankers, sharply reducing the supply of tonnage and causing a sharp jump in seafarers. A however, following strong production cuts by the opec, which came into force in May, the spot noli of the oil tankers have undergone a sharp correction, having to absorb the market excess storage created in the previous months, with a gradual reduction of oil stocks on board ships.'
In the fourth quarter of 2020 alone, DIS revenues totaled $66.6 million, down -28.4% on the same period of 2019, including 53.6 million base-time revenues charter (-25.7%). EBITDA was 23.8 million (-31.7%), operating profit of 9.7 million (-32.2%) and net profit of 1.1 million dollars (-76.8%).
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"2020- commented the President and Administrator delegate of d'Amico International Shipping, Paolo d'Amico - is been for the tanker sector a year characterized by extreme volatility. During the first half of the year, the number of noles reached record levels, following the oil demand caused by Covid-19, combined with a increase in production mainly by Saudi Arabia and Russia. This has generated a curve in future prices of the oil in "contango", stimulating an increase in world stocks of raw material. The storage of oil at land quickly reached full capacity and quantity more and more raw and refined have begun to be stored on board oil tankers, sharply reducing the supply of tonnage and causing a sharp jump in seafarers. A however, following strong production cuts by the opec, which came into force in May, the spot noli of the oil tankers have undergone a sharp correction, having to absorb the market excess storage created in the previous months, with a gradual reduction of oil stocks on board ships.'
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
