D'Amico International Shipping Announces Launch of Two Fuel-Saving 'Eco' Tankers for its Fleet
May 23 14
D'Amico International Shipping announced the launch of two fuel-saving 'eco' tankers for its fleet. The two tankers, built at Hyundai Vanashin Shipyard in Vietnam, have special hull shape and propulsion efficiency that DIS said permits bunker fuel savings of 6 to 7 tonnes per day compared to the global average among existing medium range tankers. The ships fall 31.5% below the energy efficiency reference line set by the International Maritime Organization (IMO). The ships also conform to future international environmental regulations due to come online a decade from now, with an Energy Design Index (EEDI) that falls well within IMO phase-in 3 requirements for vessels built after January 1, 2025.
D'Amico International Shipping S.A. Launches Two Additional MR 'ECO' Vessels
May 22 14
D'Amico International Shipping S.A. announced the launching of two additional MR ‘ECO’ vessels built at Hyundai Vinashin Shipyard Co. Ltd. (Vietnam). The first vessel, MT High Sun (Hull n. S408, 50,000 dwt) ordered in March 2013 was launched and delivered to Eco Tankers Ltd. (Malta), a JV with Venice Shipping and Logistics S.p.A., in which DIS has 33% interest. The second vessel, MT High Fidelity (Hull n. S409, 50,000 dwt) ordered in March 2013, was launched and expected to be delivered to d’Amico Tankers Limited (Ireland) in third quarter of 2014. Both vessels are already fixed in time charter to a Oil Refining Company for a period of respectively three and two years at very profitable levels. The above two newbuilding vessels are the latest IMO II MR design with the highest fuel efficiency. The design is the utmost HMD concept of hull shape and propulsion efficiency leading to a fuel saving of 6-7 T/day compare to the average consumption of world existing MR fleet. The vessels will have an attained Energy Design Index (EEDI) falling already well within the IMO phase-in 3 requirement due for vessels to be built after Jan 1st, 2025, being of 31.5% lower than the current IMO reference line. d’Amico Tankers Limited fleet includes 38.8 double-hull product tankers (MR and Handysize) with an average age of about 5.8 years (of which 20.3 owned vessels and 18.5 chartered-in vessels), including 4.3 ‘Eco design’ new building vessels delivered in the first half of 2014. d’Amico Tankers Limited has currently a total of 11 new ‘Eco design’ product tanker shipbuilding contracts, which include 7 MR and 4 Handysize vessels, at Hyundai Mipo Dockyard Co. Ltd.
D'Amico International Shipping S.A. Announces Consolidated Earnings Results for the First Quarter Ended March 31, 2014
May 7 14
D'Amico International Shipping S.A. announced consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported revenue of $68,873,000, EBITDA of $3,807,000, LBIT of $4,240,000, loss before tax of $6,697,000 and net loss of $6,836,000 or $0.016 per share compared to revenue of $79,475,000, EBITDA of $10,664,000, EBIT of $2,983,000, profit before tax of $3,840,000 and net profit of $3,181,000 or $0.009 per share a year ago period. Net cash flow from operating activities was $1,931,000 against $12,167,000 a year ago. Acquisition of fixed assets was $92,720,000 against $25,155,000 a year ago. At the end of first quarter of 2014, the company had a net asset value of $374.6 million, increased by 46% compared to the same period last year. Net loss was mainly the result of the softer than expected product tanker market during the first months of the current year, mainly due to: the harsh winter in the US which increased domestic consumption of oil products, thus penalizing export and seaborne transportation, and the closure of several refineries in the US Gulf for maintenance, which led to a further fall in US exports. EBITDA was mainly driven by the decrease in TCE Earnings, due to the relatively weak product tanker market experienced in the first months of the current year. Net debt as at March 31, 2014 amounted to $245.1 million against $184.5 million at the end of 2013. The ratio of net debt to shareholders equity was of 0.70 at the end of the first quarter of the year.