- Time charter equivalent earnings (TCE) of US$67.6 million, (US$57.7 in 2007)
- Gross Operating Profit/EBITDA of US$29.6 million, +23% vs. 2007 (43.8% on TCE)
- Operating profit/EBIT of US$19.2 million, +14.3% vs. 2007 (28.4% on TCE)
- Net profit of US$16.0 million, (23.6% on TCE)
- Cash Flow from Operating Activities of US$ 26.1 million
- EPS of US$0.11 (US$0.12 in 2007)
FIRST 9 MONTHS 2008 RESULTS
- Time charter equivalent earnings (TCE) of US$188.1 million, (US$197.5 in 2007)
- Gross Operating Profit/EBITDA of US$126.9 million, +44.5% vs. 2007 (42.4% on TCE, excluding vessel disposals)
- Operating profit/EBIT of US$99.9 million, +52.6% vs. 2007 (28.0% on TCE, excluding vessel disposals)
- Net profit of US$90.3 million, +35.1% vs. 2007 (22.9% on TCE, excluding vessel disposals)
- Net indebtedness of US$ 252.3 million following relevant capital expenditure of US$230.1 million in the first nine months of 2008
- Cash Flow from Operating Activities of US$66.3 million
- EPS of US$0.60, +33.3% vs. 2007
OUTLOOK
- Given the current worldwide financial and economic turmoil and the general demand slowdown, the product tanker market rates could remain under pressure. The sector can benefit, however, from several positive factors, such as the increase of long haul voyages given the refinery dislocation and the higher demand for IMO classed vessels. The overall outlook remains cautious, but d’Amico International Shipping is very well positioned to maximize its potential during this period. The Group has a strong balance sheet, cash flow generation and profitability, which will allow sustaining the strategy and planning the future growth.