D'AMICO, AFTER THE PLACEMENT THE FUNDS GROW. ORRA THE MULTINATIONAL IS A BIG CAP OF THE SEA
The global recovery? ”It is progressing, but slowly, given signs of a slowdown in Asia. But America is booming, despite the consequences of the big cold. In January, however, the market also resumed driven by the shale oil. The United States is becoming a major exporter of refined products. Shale oil is cleaner and better quality than Middle Eastern crude. And the US is repatriating the refineries.” The consequences? “Good for us, given our relations with the oil Sisters”. Reflections from the crisis in Ukraine? “For now there are no consequences on raw materials. But we are ready, in case the requests for trade by sea grow in case of complications by land".
An interview with Giovanni Barberis, financial director of d'Amico International Shippingis an excellent opportunity to get a real-time pulse of the world economy and geopolitics. This is because, without too much fanfare but with a sure march, the company has now climbed the charts, both in financial and business terms. Today d'Amico controls the ninth fleet in the world for dry cargo (metals and cereals) and liquid cargo (refined products), but occupies the fifth place in the world ranking among listed companies. And it is the first for profitability, with a 2013 profit of 18,9 million on a turnover of 191,2 million.
Not bad for what has always been considered a pocket multinational. "But today we are no longer a small cap - adds Barberis, proud of the financial performance of the last 18 months - We have medium cap numbers". Let's see them: the stock market value has risen (also thanks to the capital increase at the origin of the turnaround) from 30 million in June 2012 to approximately 310 million today; the thin stock that recorded transactions for 30 units is today traded with average volumes of around 1,5 million per day, guaranteeing the necessary liquidity for large investors. Also for this reason, the placement of 10% of the capital carried out on 7 March was remarkably successful: requests were made 6 times the offer. “And subsequent rise in the Stock Exchange – underlines Barberis – confirming that the demand, real and not fictitious, had not been fully satisfied. The big funds have appreciated the fact that we have always respected the objectives, both in terms of strategies and results”. Today, behind the d'Amico family (down to 60%) is the English fund Tufton Oceanic (5%) followed by a dozen Italian and international funds with shares around 2%.
In short, the fleet advances with the wind in its sails. The modernization program continues (13 new ships between now and 2015, 4 already delivered and chartered to Total and Chevron against 6 for sale); the financial situation (more than one billion in assets against 150 million in debt) is the real trump card. “Other companies have had major ordeals culminating in the seizure of the ship and cargo on board, with major problems for customers. Our financial strength protects us from these dangers, as does our ability to plan for the long term”. Not surprisingly, at a time when freight rates are booming, D'Amico does not disdain to sign long-term contracts. "It is a policy that has protected us from market fluctuations in the past". In short, the important thing is knowing how to act in an anti-cyclical manner, reducing the risk of volatility. As a multinational of the seas must do which takes care to use homogeneous crews (“a single ethnic group, a single religion and a common language”) but values Italian know-how: “our captains study at the university of the sea, the Cabot Institute of Gaeta. And they are almost all Italians”.
