D'Amico International Shipping (DIS), a company operating in international maritime transport, has welcomed the company Tufton Oceanic, an international manager in the shipping, energy and infrastructure sectors, into its capital.
Tufton's entry, which took place through a fund it manages and with a stake of just over 2%, was blessed by the D'Amico family, who intend to reduce their stake in the company from 75% to 51%, thus retaining the check.
DIS Management is happy to welcome Tufton Oceanic into its shareholding, as the investment confirms the validity of the business model and strategic fundamentals.
In the first quarter of this year D'Amico recorded a net profit of 7,6 million dollars, compared to a net loss of 1,5 million in the first quarter of 2012, and revenues growing to 79,5 million dollars, compared to 77,7 million a year earlier. EBITDA rose to $11,5 million (from $5,8 million in Q2012 3,4) and EBIT was positive for $3,2 million versus an operating loss of $31 million in the same period of last year. Net debt as of March 225,6 was $220,7 million compared to $16,1 million at the end of the prior year. Operating cash generation was also excellent at $XNUMX million, confirming the rapid growth scenario in the tanker sector. With this in mind, at the end of the quarter the company stipulated contracts for the purchase of two further ECO product/chemical tanker vessels, which brings the total number of vessels under construction to eight units in just six months.
“The entry of a specialized investor at market prices is a positive sign both in the achievement of the objective of increasing the free float and in confidence in the prospects of the stock which we also consider undervalued at current prices”, commented the analysts of Intermonte.
The Stock Exchange also seems to appreciate, with the D'Amico share up by 6,51% to 0,52 euro per share, at the 13.22 pm reading. D'Amico International Shipping is controlled by D'Amico International SA which is owned by cousins Paolo and Cesare d'Amico.
