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D’Amico Improves Its Results Relative To The Previous Quarter And Maintains A Solid Financial Structure Despite A Challenging Market
The Board of Directors of d’Amico International Shipping S.A., a leading international marine transportation company operating in the product tanker market, today examined and approved the Company’s half-year and second quarter 2021 consolidated financial results.
MANAGEMENT COMMENTARY
Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping commented:
‘In the first six months of 2021 we confronted a challenging product tanker market and this explains DIS’ Net loss of US$ (15.2) million in the period and the variance relative to the first half of last year (profit of US$ 17.1 million). However, we were able to significant
Posted: over 3 years ago
“I am pleased to announce the exercise of our purchase option on one of d’Amico Tankers’ leased vessels, a transaction fully in line with our strategy of deleveraging DIS’ balance sheet and reducing its financial
break-even. In fact, the existing lease will be substituted with a bank-loan financing at a much lower leverage and at a substantially lower cost of debt,”
Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, commented.
“We were able to take advantage of this opportunity thanks to the sound financial and liquidity position we have reached today, as the result of the strong freight markets of the first half of 2020, in addition to the proceeds derived from the sale of most of our oldest ships over the last few years.”