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d'Amico Dry Limited - d'Amico Tankers Limited S.A.M. - Monaco Office (ID: 213)
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.:: d'Amico Web Site ::. Home Page | Site Map | Corporate Portal | Old Portal .:: Seafaring traditions with a modern outlook Please insert your Username and Password   Username Password Profile | History | Group Structure d'AMICO TANKERS Product Tankers d'AMICO DRY Bulk Carriers and container ships MEDBULK Multipurpouse and forest products carriers NAVIMED Mediterranean Feeder CORPORATE SERVICES Group Shared Services Highlights Prima Joint Venture tra armatori italiani e del Sol Levante d'Amico doubles up High Performance D'Amico executives talk about fleet buildup, business philosophy Launching of the bulker Medi Shangai Launching of Medi Chennai d'Amico executives host reception in Tokio Costituita d Amico Dry Limited Tankers new building program Alleanza con i Giapponesi: nasce la Societ MIDA SHIPPING Rome-based D Amico di Navigazione more than doubled its profit last year Today, Sept 30th, at 11.00 am LT, the HIGH PERFORMANCE has been succesfully delivered at STX shipyard. Major Italian shipowner d'Amico Societa di Navigazione S.p.A. is vigorously reinforcing its fleet, especially that of bulk carriers "Launching of the bulker Medi Shanghai takes place at Tamano Shipyard, in Japan, on 19 April for further completion and delivery to d'Amico by mid July 2005. Vessel design is one of the best among new super-handymax generation. On 29 July Medi Chennai has been succesfully launched at Kawasaki Shipyard in Kobe. d'Amico executives host reception in Tokio Nel 1998 fu costituita Medimax compagnia specializzata nel trasporto di merci alla rinfusa, con management Cogema/d Amico. Adesso la compagnia, interamente controllata e domiciliata a Dublino, in Irlanda, ha assunto il nuovo marchio di d Amico Dry Limited. I Noli Trainano il giro d'affari della d'Amico Tankers new building program at STX http://www.cogema-sam.com/sito/website.nsf/$News/27E6B941E90F23E8C1256FD40037C4F5?OpenDocument http://www.cogema-sam.com/sito/website.nsf/$News/2FAB7B6E20492878C125704B002A2688?OpenDocument http://www.cogema-sam.com/sito/website.nsf/$News/3596425E5D44326DC125708C00295D05?OpenDocument http://www.cogema-sam.com/sito/website.nsf/$News/503DBDD4E9D4A665C125708B002951F3?OpenDocument http://www.cogema-sam.com/sito/website.nsf/$News/52BF31A211E2B52BC1256FE80035158F?OpenDocument http://www.cogema-sam.com/sito/website.nsf/$News/5E5452C168B05A13C12570600055C914?OpenDocument http://www.cogema-sam.com/sito/website.nsf/$News/7373E611F9D68F65C12570830029B3C0?OpenDocument http://www.cogema-sam.com/sito/website.nsf/$News/9F7483051096A3EDC1256E04002FD240?OpenDocument http://www.cogema-sam.com/sito/website.nsf/$News/B719FD6D0C879691C1257051002C8CDC?OpenDocument http://www.cogema-sam.com/sito/website.nsf/$News/E2E5D8A166DF969BC125706000560D28?OpenDocument Please insert your Username and Password   Username Password Prima Joint Venture tra armatori italiani e del Sol Levante Italiano   d'Amico doubles up Italiano   d'Amico doubles up Rome-based D’Amico di Navigazione more than doubled its profit last year . The tanker and bulker company headed by cousins Paolo and Cesare d’Amico logged net profits of EUR 58.7m ($71.3m) for the year ending 2004. That compares with EUR 21.8m in 2003. Turnover was EUR 343.2m, compared with EUR 254.5m in the previous corresponding period. D’Amico operates a fleet of more than 50 handysize tankers and handymax and panamax bulkers. Commitments over the next 18 months mean it could build this up to around 83 ships by the end of 2006. By Ian Lewis from Genoa High Performance   D'Amico executives talk about fleet buildup, business philosophy   D'Amico executives talk about fleet buildup, business philosophy 30/Sep/2005 (Fri) D'Amico executives talk about fleet buildup, business philosophy Major Italian shipowner d'Amico Societa di Navigazione S.p.A. is vigorously reinforcing its fleet, especially that of bulk carriers. Cesare d'Amico, CEO of the company, and other executives talked about the company's ongoing fleet buildup program, the market outlook and so on in an interview with Kaiji Press. The Italian owner/operator used to procure bulker bottoms under long-term charter contracts, but earlier this year, ordered a Panamax bulker newbuilding through a joint venture company set up with Japanese trading house Mitsui & Co. In addition, d'Amico exercised the option to purchase the two bulker newbuildings it had been chartering, as part of the bulker fleet expansion program. As for the tanker fleet consolidation, Cesare d'Amico disclosed that the company will adopt the same method as it did in the dry sector (ordering through the joint-venture). In the past several years, d'Amico has rapidly expanded its fleet primarily through long-term charters with Japanese owners, but now it is becoming rather difficult to conclude new charter deals with the Japanese since both sides find it hard to agree on the date of completion (of newbuildings) and charterage. Along with Cesare d'Amico, the interview with Kaiji Press was attended by Marco Fiori, CEO of the company, Michael Valentin, executive vice president of the tanker division, and Luciano Bonaso, also head of the dry cargo division. Salient remarks made by the executives are summarized below: KP: This year, d'Amico ordered a Panamax bulker newbuilding through a joint venture between d'Amico and Mitsui & Co. Thus far, d'Amico has procured bulker newbuildings under long-term charter contracts with Japanese shipowners. What is the reason for changing the old method? Cesare d'Amico (hereinafter referred to as d'Amico): When we began moving to expand our fleet of dry cargo vessels, we had a number of tanker newbuildings on order so our financial strength was limited to ordering bulker newbuildings. For this reason, we opted to expand our dry cargo ship fleet on a long-term charter basis with options to purchase the chartered ships at a later date. But this time, MIDA, the joint venture owned 51% by d'Amico and 49% by Mitsui & Co., ordered a Panamax newbuilding, which d'Amico's dry cargo unit is to charter upon completion for a 10-year period. Mitsui will be in charge of its manning while d'Amico will be responsible for its actual operation. This way of procuring bottoms will help us curtail chartering costs, but what is also significant is that we were able to join hands with such a prestigious Japanese trading house as Mitsui & Co. and establish a joint company. We would like to take this opportunity for expanding our fleet in other ship types such as tankers. KP: Do you have a plan to order tankers as well through MIDA? Valentin: There has been no new deal in the tanker sector done through MIDA yet. But we have commenced negotiations with major Japanese trading houses such as Mitsui, Mitsubishi Corp. and Marubeni Corp. to build a cooperative setup/relationship for chartering tankers on a long-term basis. With other than these trading companies, we have business relationships with Japanese shipping companies including Nisshin Shipping and Nissho Shipping. With Nissho, d'Amico is operating a tanker pool under the name of "High Pool". KP: All the bulker charter contracts d'Amico has concluded are carrying options to purchase the vessels involved. Have you exercised any of them? D'Amico: Yes. We have so far exercised the options on two vessels. The options have been declared not to resell the ships but to operate. KP: We are sure that under the current market condition, you would be able to gain a higher profit from resale. Why did you opt to operate the two ships? D'Amico: It is based on our long-term business policy. We are an operator and at the same time an owner. This time, we declared the options in order to obtain control of certain number of ships. In the first place, we attached the purchase options to the charter contracts in a bid to scale up the fleet of company-owned vessels, and not for resale. Fiori: Every time we exercise the options, we have been very careful and always try to consult with Japanese owners. For us, the relationship with them is very important. Bonaso: Talking about profitability, I think we can expect to gain favorable results from operating the vessels purchased through the declaration of options. It is because such ships are competitive cost-wise since we agreed on attaching the purchase options when the freight market was not so strong as it is today. KP: Please tell us about recent charter contracts d'Amico has concluded with Japanese owners. D'Amico: We have concluded charter contracts with Japanese owners very actively in the past several years. However, just at this moment, it takes much time before newbuildings are completed because of very tight building schedules at Japanese yards. Even if the completion date is acceptable to us, a disagreement on the charterage poses a hindrance to smooth progress of business negotiations. Long-term charter rates have now reached a historical high. KP: Japanese owners are also beginning to find it difficult to order newbuildings under the current shipbuilding market. How do you see the change in your relationship with Japanese owners? D'Amico: Generally, Japanese shipowners are not so keen to commit themselves in new deals. There are cases in which they invest in newbuildings as a tax-related measure, but those cases are quite rare. The present state is that we may exchange an opinion about today's high prices of newbuildings, but our talks hardly move on to concrete business negotiations. We also take a cautious attitude. Although we believe the ship prices will not return to the low levels seen in the past, today's prices are too high, indeed. In addition to the high hurdle price-wise, we face the question of delivery dates. Recently, we were sounded out on our intention to charter newbuildings deliverable in 2008 at the earliest, and we were even offered the ships to be completed in 2010. Amid such violent vicissitudes of our society as we see them now, it is difficult to conclude a charter contract on a newbuilding that will come on stream three years later from now. KP: How do you think the shipping market will fare henceforward? D'Amico: Aside from very minute elements, I think many people in the industry will agree that neither the tanker market nor the dry cargo market will turn for the worse in 2006. There are many unpredictable factors or events like the explosive upsurge of the product tanker market attributable to Hurricane Katrina, but simply looking at the current order backlogs of ships deliverable in several years from now and the foreseeable development of the world's economy in the meantime, I think the shipping market will enter into a phase of adjustment. I feel that the market players who have been very bullish in their business deals or orientation will begin keeping their feet on the ground. (Interviewed by Kazuhiro Tsushima and Ayako Kono) Launching of the bulker Medi Shangai   "Launching of the bulker Medi Shanghai takes place at Tamano Shipyard, in Japan, on 19 April for further completion and delivery to d'Amico by mid July 2005. Vessel design is one of the best among new super-handymax generation. The vessel has a deadwight in excess of 56,000 tons, 190 m LOA and 32,26 mter Beam, fitted with 5/5 holds/hatches and geared by 4/4 cranes/grabs (30 T swl/12 cbm).A speed of about 14.5 knots is granted by Main-Engine maker Mitsui B&W type 6S50MC (9,480 KW). The vessel is the first of a quartet ordered at MES by different Japanese Shipowners and chartered to d'Amico for 8/10 years time-charter (including purchase option during the period) through the brokerage of Mitsui & Co. Sister ships of the quartet are Medi Medi Shanghai has been recently chartered out to Tri-Net of Tokyo (a company controlled by Mitsui & Co.) for 5 years period time charter. Launching of Medi Chennai   The vessel is a conventional bulker of about 56,000 MTDW on a draft of 12,45 meter, about 70,000 cbm cargo capacity in main holds, 5 holds/5 hatches, fitted with B&W Main Engine of about 9000 HP granting a speed in excess of 14 knots in fully laden conditions. The vessel is further equipped with 4 cranes by 30 Ts and 4 grabs by 12 CBM. Medi Chennai is now expected to be completed by the Builders by mid October 2005, at which time she will enter on service with d'Amico Dry for a 10 year charter period. d'Amico will also have the option to buy the ship at any time (after the first three years) during the charter priod at a price already fixed. The vessel is owned by Japanese Owners Kawana Kaiun and went committed to d'Amico two years ago through the brokerage of Japanese trading house Mitsui & Co. By the next delivery of this new building, d'Amico Dry will controll a handymax/fully grabbed strong fleet of 11 vessels (9 ships by 52/53000 mtdw + 2 ships by 56000 mtdw) to which six further vessels of 56000 mtdw (already committed with Japanese Owners/Builders) will add during the next two years d'Amico executives host reception in Tokio   Costituita d’Amico Dry Limited   Nel 1998 fu costituita Medimax compagnia specializzata nel trasporto di merci alla rinfusa, con management Cogema/d’Amico. Progressivamente l’attivit della compagnia si estesa sia come volume di tonnellaggio controllato che di merci trasportate, principalmente granaglie e carbone, in concomitanza con il costante consolidamento della partecipazione di d’Amico. Adesso la compagnia, interamente controllata e domiciliata a Dublino, in Irlanda, ha assunto il nuovo marchio di d’Amico Dry Limited. La compagnia controlla attualmente una flotta di sedici unit , di cui otto moderne panamax fra le 74 e le 82.000 tonnellate (LME – large/modern/eco) ed otto super handymax fra le 52 e le 56.000 tonnellate, tutte nuove costruzioni acquisite direttamente da cantieri giapponesi tramite trading house e primari armatori locali. Praticamente tutte le navi sono controllate tramite noleggi a lungo termine per periodi fra i sette ed i dieci anni, con opzione di acquisto esercitabile da d’Amico durante il periodo di nolo. Fra il 2004 ed il 2006 la flotta d’Amico Dry sar ulteriormente rafforzata con la prevista consegna di ulteriore nuovo tonnellaggio. In particolare, saranno acquisite altre quattro super handymax ed otto panamax, sempre con lo stesso schema di noleggio a lungo termine e opzione di acquisto. Salvo ulteriori commitments, nel 2006 d’Amico Dry disporr di una flotta consolidata di quattordici panamax e dodici super-handymax con un’et media di due anni. Con la sua flotta, operata dagli uffici di Roma, Vancouver, Monaco e Singapore, d’Amico Dry fornisce servizi di trasporto marittimo a primari clienti europei ed asiatici, principalmente nel trasporto di granaglie ma con quote crescenti nel trasporto di altre merci alla rinfusa come carbone, minerale, acciaio ed altre materie prime. La crescita ed il consolidamento della flotta d’Amico Dry, fra le pi moderne del mondo, consentono alla compagnia di offrire servizi specializzati a lungo termine (contract of affreightment) e di alta qualit alle principali aziende mondiali del settore. Lo sviluppo della flotta bulker di d’Amico coincide con un periodo molto positivo del settore, caratterizzato da un indice di utilizzazione della flotta (bulker) prossimo al 98%, che rappresenta il livello pi alto dal 1995 (che rappresenta lo scorso ‘massimo’ del mercato dei noli del carico secco). La ‘forza’ di tale indice bene evidenziata dalle rate di nolo che per navi panamax sono attualmente di circa 17,000 dollari/giorno (con media dall’inizio dell’anno di circa 14.500) contro un valore medio nell’anno 2002 di circa 7.000 dollari. Considerato il (relativamente) contenuto numero di nuove costruzioni bulkers previste per il prossimo triennio e l’attesa di ulteriore sostenuta domanda di trasporto da parte soprattutto dei paesi asiatici (Cina innanzitutto) le prospettive per un ulteriore consolidamento del gruppo nel settore appaiono molto positive. Italiano   Tankers new building program   d'Amico continued it's new building program at STX with taking delivery of it's 15th and 16th Product/Chemical Tankers, commissioned at this yard, "High Valor" and "High Courage" in the second quarter of 2005. These ships are capable of carrying upto ten grades of a very wide range of Clean and Dirty Petroleum Products, Chemicals, Vegetable and other related Organic Oils. The are Classed IMO II/III and equipped with a pumping and stripping in line with future Marpol pollution category legislation that will come into force on January 2007. d'Amico will also be taking delivery this year of new building number 17 and 18 from STX. The "High Progress" and "High Performance". They are designed to the same high quality as the above sister vessels and have exactly the same cargo carrying capabilities. However they have the added capability of being able to trade in Ice bound waters. They have been classed ICE 1A, which is the second highest Ice Class obtainable today, although the vessels will have the lower of the 4 standards of ICE 1A classification. This is achieved with a much larger main engine and considerably more steel work. They will be delivered with a deadweight of 51,000 mt. Fleet Title Brief Description Prima Joint Venture tra armatori italiani e del Sol Levante Alleanza con i Giapponesi: nasce la Societ MIDA SHIPPING d'Amico doubles up Rome-based D’Amico di Navigazione more than doubled its profit last year High Performance Today, Sept 30th, at 11.00 am LT, the HIGH PERFORMANCE has been succesfully delivered at STX shipyard. D'Amico executives talk about fleet buildup, business philosophy Major Italian shipowner d'Amico Societa di Navigazione S.p.A. is vigorously reinforcing its fleet, especially that of bulk carriers Launching of the bulker Medi Shangai "Launching of the bulker Medi Shanghai takes place at Tamano Shipyard, in Japan, on 19 April for further completion and delivery to d'Amico by mid July 2005. Vessel design is one of the best among new super-handymax generation. Launching of Medi Chennai On 29 July Medi Chennai has been succesfully launched at Kawasaki Shipyard in Kobe. d'Amico executives host reception in Tokio d'Amico executives host reception in Tokio Costituita d’Amico Dry Limited Nel 1998 fu costituita Medimax compagnia specializzata nel trasporto di merci alla rinfusa, con management Cogema/d’Amico. Adesso la compagnia, interamente controllata e domiciliata a Dublino, in Irlanda, ha assunto il nuovo marchio di d’Amico Dry Limited. I Noli Trainano il giro d'affari della d'Amico Tankers new building program Tankers new building program at STX Fleet Title Brief Description Prima Joint Venture tra armatori italiani e del Sol Levante Alleanza con i Giapponesi: nasce la Societ MIDA SHIPPING d'Amico doubles up Rome-based D’Amico di Navigazione more than doubled its profit last year High Performance Today, Sept 30th, at 11.00 am LT, the HIGH PERFORMANCE has been succesfully delivered at STX shipyard. D'Amico executives talk about fleet buildup, business philosophy Major Italian shipowner d'Amico Societa di Navigazione S.p.A. is vigorously reinforcing its fleet, especially that of bulk carriers Launching of the bulker Medi Shangai "Launching of the bulker Medi Shanghai takes place at Tamano Shipyard, in Japan, on 19 April for further completion and delivery to d'Amico by mid July 2005. Vessel design is one of the best among new super-handymax generation. Launching of Medi Chennai On 29 July Medi Chennai has been succesfully launched at Kawasaki Shipyard in Kobe. d'Amico executives host reception in Tokio d'Amico executives host reception in Tokio Costituita d’Amico Dry Limited Nel 1998 fu costituita Medimax compagnia specializzata nel trasporto di merci alla rinfusa, con management Cogema/d’Amico. Adesso la compagnia, interamente controllata e domiciliata a Dublino, in Irlanda, ha assunto il nuovo marchio di d’Amico Dry Limited. I Noli Trainano il giro d'affari della d'Amico Tankers new building program Tankers new building program at STX Fleet Title Brief Description Prima Joint Venture tra armatori italiani e del Sol Levante Alleanza con i Giapponesi: nasce la Societ MIDA SHIPPING d'Amico doubles up Rome-based D’Amico di Navigazione more than doubled its profit last year High Performance Today, Sept 30th, at 11.00 am LT, the HIGH PERFORMANCE has been succesfully delivered at STX shipyard. D'Amico executives talk about fleet buildup, business philosophy Major Italian shipowner d'Amico Societa di Navigazione S.p.A. is vigorously reinforcing its fleet, especially that of bulk carriers Launching of the bulker Medi Shangai "Launching of the bulker Medi Shanghai takes place at Tamano Shipyard, in Japan, on 19 April for further completion and delivery to d'Amico by mid July 2005. Vessel design is one of the best among new super-handymax generation. Launching of Medi Chennai On 29 July Medi Chennai has been succesfully launched at Kawasaki Shipyard in Kobe. d'Amico executives host reception in Tokio d'Amico executives host reception in Tokio Costituita d’Amico Dry Limited Nel 1998 fu costituita Medimax compagnia specializzata nel trasporto di merci alla rinfusa, con management Cogema/d’Amico. Adesso la compagnia, interamente controllata e domiciliata a Dublino, in Irlanda, ha assunto il nuovo marchio di d’Amico Dry Limited. I Noli Trainano il giro d'affari della d'Amico Tankers new building program Tankers new building program at STX Prima Joint Venture tra armatori italiani e del Sol Levante Italiano   d'Amico doubles up Italiano   d'Amico doubles up Rome-based D’Amico di Navigazione more than doubled its profit last year . The tanker and bulker company headed by cousins Paolo and Cesare d’Amico logged net profits of EUR 58.7m ($71.3m) for the year ending 2004. That compares with EUR 21.8m in 2003. Turnover was EUR 343.2m, compared with EUR 254.5m in the previous corresponding period. D’Amico operates a fleet of more than 50 handysize tankers and handymax and panamax bulkers. Commitments over the next 18 months mean it could build this up to around 83 ships by the end of 2006. By Ian Lewis from Genoa High Performance   D'Amico executives talk about fleet buildup, business philosophy   D'Amico executives talk about fleet buildup, business philosophy 30/Sep/2005 (Fri) D'Amico executives talk about fleet buildup, business philosophy Major Italian shipowner d'Amico Societa di Navigazione S.p.A. is vigorously reinforcing its fleet, especially that of bulk carriers. Cesare d'Amico, CEO of the company, and other executives talked about the company's ongoing fleet buildup program, the market outlook and so on in an interview with Kaiji Press. The Italian owner/operator used to procure bulker bottoms under long-term charter contracts, but earlier this year, ordered a Panamax bulker newbuilding through a joint venture company set up with Japanese trading house Mitsui & Co. In addition, d'Amico exercised the option to purchase the two bulker newbuildings it had been chartering, as part of the bulker fleet expansion program. As for the tanker fleet consolidation, Cesare d'Amico disclosed that the company will adopt the same method as it did in the dry sector (ordering through the joint-venture). In the past several years, d'Amico has rapidly expanded its fleet primarily through long-term charters with Japanese owners, but now it is becoming rather difficult to conclude new charter deals with the Japanese since both sides find it hard to agree on the date of completion (of newbuildings) and charterage. Along with Cesare d'Amico, the interview with Kaiji Press was attended by Marco Fiori, CEO of the company, Michael Valentin, executive vice president of the tanker division, and Luciano Bonaso, also head of the dry cargo division. Salient remarks made by the executives are summarized below: KP: This year, d'Amico ordered a Panamax bulker newbuilding through a joint venture between d'Amico and Mitsui & Co. Thus far, d'Amico has procured bulker newbuildings under long-term charter contracts with Japanese shipowners. What is the reason for changing the old method? Cesare d'Amico (hereinafter referred to as d'Amico): When we began moving to expand our fleet of dry cargo vessels, we had a number of tanker newbuildings on order so our financial strength was limited to ordering bulker newbuildings. For this reason, we opted to expand our dry cargo ship fleet on a long-term charter basis with options to purchase the chartered ships at a later date. But this time, MIDA, the joint venture owned 51% by d'Amico and 49% by Mitsui & Co., ordered a Panamax newbuilding, which d'Amico's dry cargo unit is to charter upon completion for a 10-year period. Mitsui will be in charge of its manning while d'Amico will be responsible for its actual operation. This way of procuring bottoms will help us curtail chartering costs, but what is also significant is that we were able to join hands with such a prestigious Japanese trading house as Mitsui & Co. and establish a joint company. We would like to take this opportunity for expanding our fleet in other ship types such as tankers. KP: Do you have a plan to order tankers as well through MIDA? Valentin: There has been no new deal in the tanker sector done through MIDA yet. But we have commenced negotiations with major Japanese trading houses such as Mitsui, Mitsubishi Corp. and Marubeni Corp. to build a cooperative setup/relationship for chartering tankers on a long-term basis. With other than these trading companies, we have business relationships with Japanese shipping companies including Nisshin Shipping and Nissho Shipping. With Nissho, d'Amico is operating a tanker pool under the name of "High Pool". KP: All the bulker charter contracts d'Amico has concluded are carrying options to purchase the vessels involved. Have you exercised any of them? D'Amico: Yes. We have so far exercised the options on two vessels. The options have been declared not to resell the ships but to operate. KP: We are sure that under the current market condition, you would be able to gain a higher profit from resale. Why did you opt to operate the two ships? D'Amico: It is based on our long-term business policy. We are an operator and at the same time an owner. This time, we declared the options in order to obtain control of certain number of ships. In the first place, we attached the purchase options to the charter contracts in a bid to scale up the fleet of company-owned vessels, and not for resale. Fiori: Every time we exercise the options, we have been very careful and always try to consult with Japanese owners. For us, the relationship with them is very important. Bonaso: Talking about profitability, I think we can expect to gain favorable results from operating the vessels purchased through the declaration of options. It is because such ships are competitive cost-wise since we agreed on attaching the purchase options when the freight market was not so strong as it is today. KP: Please tell us about recent charter contracts d'Amico has concluded with Japanese owners. D'Amico: We have concluded charter contracts with Japanese owners very actively in the past several years. However, just at this moment, it takes much time before newbuildings are completed because of very tight building schedules at Japanese yards. Even if the completion date is acceptable to us, a disagreement on the charterage poses a hindrance to smooth progress of business negotiations. Long-term charter rates have now reached a historical high. KP: Japanese owners are also beginning to find it difficult to order newbuildings under the current shipbuilding market. How do you see the change in your relationship with Japanese owners? D'Amico: Generally, Japanese shipowners are not so keen to commit themselves in new deals. There are cases in which they invest in newbuildings as a tax-related measure, but those cases are quite rare. The present state is that we may exchange an opinion about today's high prices of newbuildings, but our talks hardly move on to concrete business negotiations. We also take a cautious attitude. Although we believe the ship prices will not return to the low levels seen in the past, today's prices are too high, indeed. In addition to the high hurdle price-wise, we face the question of delivery dates. Recently, we were sounded out on our intention to charter newbuildings deliverable in 2008 at the earliest, and we were even offered the ships to be completed in 2010. Amid such violent vicissitudes of our society as we see them now, it is difficult to conclude a charter contract on a newbuilding that will come on stream three years later from now. KP: How do you think the shipping market will fare henceforward? D'Amico: Aside from very minute elements, I think many people in the industry will agree that neither the tanker market nor the dry cargo market will turn for the worse in 2006. There are many unpredictable factors or events like the explosive upsurge of the product tanker market attributable to Hurricane Katrina, but simply looking at the current order backlogs of ships deliverable in several years from now and the foreseeable development of the world's economy in the meantime, I think the shipping market will enter into a phase of adjustment. I feel that the market players who have been very bullish in their business deals or orientation will begin keeping their feet on the ground. (Interviewed by Kazuhiro Tsushima and Ayako Kono) Launching of the bulker Medi Shangai   "Launching of the bulker Medi Shanghai takes place at Tamano Shipyard, in Japan, on 19 April for further completion and delivery to d'Amico by mid July 2005. Vessel design is one of the best among new super-handymax generation. The vessel has a deadwight in excess of 56,000 tons, 190 m LOA and 32,26 mter Beam, fitted with 5/5 holds/hatches and geared by 4/4 cranes/grabs (30 T swl/12 cbm).A speed of about 14.5 knots is granted by Main-Engine maker Mitsui B&W type 6S50MC (9,480 KW). The vessel is the first of a quartet ordered at MES by different Japanese Shipowners and chartered to d'Amico for 8/10 years time-charter (including purchase option during the period) through the brokerage of Mitsui & Co. Sister ships of the quartet are Medi Medi Shanghai has been recently chartered out to Tri-Net of Tokyo (a company controlled by Mitsui & Co.) for 5 years period time charter. Launching of Medi Chennai   The vessel is a conventional bulker of about 56,000 MTDW on a draft of 12,45 meter, about 70,000 cbm cargo capacity in main holds, 5 holds/5 hatches, fitted with B&W Main Engine of about 9000 HP granting a speed in excess of 14 knots in fully laden conditions. The vessel is further equipped with 4 cranes by 30 Ts and 4 grabs by 12 CBM. Medi Chennai is now expected to be completed by the Builders by mid October 2005, at which time she will enter on service with d'Amico Dry for a 10 year charter period. d'Amico will also have the option to buy the ship at any time (after the first three years) during the charter priod at a price already fixed. The vessel is owned by Japanese Owners Kawana Kaiun and went committed to d'Amico two years ago through the brokerage of Japanese trading house Mitsui & Co. By the next delivery of this new building, d'Amico Dry will controll a handymax/fully grabbed strong fleet of 11 vessels (9 ships by 52/53000 mtdw + 2 ships by 56000 mtdw) to which six further vessels of 56000 mtdw (already committed with Japanese Owners/Builders) will add during the next two years d'Amico executives host reception in Tokio   Costituita d’Amico Dry Limited   Nel 1998 fu costituita Medimax compagnia specializzata nel trasporto di merci alla rinfusa, con management Cogema/d’Amico. Progressivamente l’attivit della compagnia si estesa sia come volume di tonnellaggio controllato che di merci trasportate, principalmente granaglie e carbone, in concomitanza con il costante consolidamento della partecipazione di d’Amico. Adesso la compagnia, interamente controllata e domiciliata a Dublino, in Irlanda, ha assunto il nuovo marchio di d’Amico Dry Limited. La compagnia controlla attualmente una flotta di sedici unit , di cui otto moderne panamax fra le 74 e le 82.000 tonnellate (LME – large/modern/eco) ed otto super handymax fra le 52 e le 56.000 tonnellate, tutte nuove costruzioni acquisite direttamente da cantieri giapponesi tramite trading house e primari armatori locali. Praticamente tutte le navi sono controllate tramite noleggi a lungo termine per periodi fra i sette ed i dieci anni, con opzione di acquisto esercitabile da d’Amico durante il periodo di nolo. Fra il 2004 ed il 2006 la flotta d’Amico Dry sar ulteriormente rafforzata con la prevista consegna di ulteriore nuovo tonnellaggio. In particolare, saranno acquisite altre quattro super handymax ed otto panamax, sempre con lo stesso schema di noleggio a lungo termine e opzione di acquisto. Salvo ulteriori commitments, nel 2006 d’Amico Dry disporr di una flotta consolidata di quattordici panamax e dodici super-handymax con un’et media di due anni. Con la sua flotta, operata dagli uffici di Roma, Vancouver, Monaco e Singapore, d’Amico Dry fornisce servizi di trasporto marittimo a primari clienti europei ed asiatici, principalmente nel trasporto di granaglie ma con quote crescenti nel trasporto di altre merci alla rinfusa come carbone, minerale, acciaio ed altre materie prime. La crescita ed il consolidamento della flotta d’Amico Dry, fra le pi moderne del mondo, consentono alla compagnia di offrire servizi specializzati a lungo termine (contract of affreightment) e di alta qualit alle principali aziende mondiali del settore. Lo sviluppo della flotta bulker di d’Amico coincide con un periodo molto positivo del settore, caratterizzato da un indice di utilizzazione della flotta (bulker) prossimo al 98%, che rappresenta il livello pi alto dal 1995 (che rappresenta lo scorso ‘massimo’ del mercato dei noli del carico secco). La ‘forza’ di tale indice bene evidenziata dalle rate di nolo che per navi panamax sono attualmente di circa 17,000 dollari/giorno (con media dall’inizio dell’anno di circa 14.500) contro un valore medio nell’anno 2002 di circa 7.000 dollari. Considerato il (relativamente) contenuto numero di nuove costruzioni bulkers previste per il prossimo triennio e l’attesa di ulteriore sostenuta domanda di trasporto da parte soprattutto dei paesi asiatici (Cina innanzitutto) le prospettive per un ulteriore consolidamento del gruppo nel settore appaiono molto positive. Italiano   Tankers new building program   d'Amico continued it's new building program at STX with taking delivery of it's 15th and 16th Product/Chemical Tankers, commissioned at this yard, "High Valor" and "High Courage" in the second quarter of 2005. These ships are capable of carrying upto ten grades of a very wide range of Clean and Dirty Petroleum Products, Chemicals, Vegetable and other related Organic Oils. The are Classed IMO II/III and equipped with a pumping and stripping in line with future Marpol pollution category legislation that will come into force on January 2007. d'Amico will also be taking delivery this year of new building number 17 and 18 from STX. The "High Progress" and "High Performance". They are designed to the same high quality as the above sister vessels and have exactly the same cargo carrying capabilities. However they have the added capability of being able to trade in Ice bound waters. They have been classed ICE 1A, which is the second highest Ice Class obtainable today, although the vessels will have the lower of the 4 standards of ICE 1A classification. This is achieved with a much larger main engine and considerably more steel work. They will be delivered with a deadweight of 51,000 mt. Fleet Title Brief Description Prima Joint Venture tra armatori italiani e del Sol Levante Alleanza con i Giapponesi: nasce la Societ MIDA SHIPPING d'Amico doubles up Rome-based D’Amico di Navigazione more than doubled its profit last year High Performance Today, Sept 30th, at 11.00 am LT, the HIGH PERFORMANCE has been succesfully delivered at STX shipyard. D'Amico executives talk about fleet buildup, business philosophy Major Italian shipowner d'Amico Societa di Navigazione S.p.A. is vigorously reinforcing its fleet, especially that of bulk carriers Launching of the bulker Medi Shangai "Launching of the bulker Medi Shanghai takes place at Tamano Shipyard, in Japan, on 19 April for further completion and delivery to d'Amico by mid July 2005. Vessel design is one of the best among new super-handymax generation. Launching of Medi Chennai On 29 July Medi Chennai has been succesfully launched at Kawasaki Shipyard in Kobe. d'Amico executives host reception in Tokio d'Amico executives host reception in Tokio Costituita d’Amico Dry Limited Nel 1998 fu costituita Medimax compagnia specializzata nel trasporto di merci alla rinfusa, con management Cogema/d’Amico. Adesso la compagnia, interamente controllata e domiciliata a Dublino, in Irlanda, ha assunto il nuovo marchio di d’Amico Dry Limited. I Noli Trainano il giro d'affari della d'Amico Tankers new building program Tankers new building program at STX Fleet Title Brief Description Prima Joint Venture tra armatori italiani e del Sol Levante Alleanza con i Giapponesi: nasce la Societ MIDA SHIPPING d'Amico doubles up Rome-based D’Amico di Navigazione more than doubled its profit last year High Performance Today, Sept 30th, at 11.00 am LT, the HIGH PERFORMANCE has been succesfully delivered at STX shipyard. D'Amico executives talk about fleet buildup, business philosophy Major Italian shipowner d'Amico Societa di Navigazione S.p.A. is vigorously reinforcing its fleet, especially that of bulk carriers Launching of the bulker Medi Shangai "Launching of the bulker Medi Shanghai takes place at Tamano Shipyard, in Japan, on 19 April for further completion and delivery to d'Amico by mid July 2005. Vessel design is one of the best among new super-handymax generation. Launching of Medi Chennai On 29 July Medi Chennai has been succesfully launched at Kawasaki Shipyard in Kobe. d'Amico executives host reception in Tokio d'Amico executives host reception in Tokio Costituita d’Amico Dry Limited Nel 1998 fu costituita Medimax compagnia specializzata nel trasporto di merci alla rinfusa, con management Cogema/d’Amico. Adesso la compagnia, interamente controllata e domiciliata a Dublino, in Irlanda, ha assunto il nuovo marchio di d’Amico Dry Limited. I Noli Trainano il giro d'affari della d'Amico Tankers new building program Tankers new building program at STX Fleet Title Brief Description Prima Joint Venture tra armatori italiani e del Sol Levante Alleanza con i Giapponesi: nasce la Societ MIDA SHIPPING d'Amico doubles up Rome-based D’Amico di Navigazione more than doubled its profit last year High Performance Today, Sept 30th, at 11.00 am LT, the HIGH PERFORMANCE has been succesfully delivered at STX shipyard. D'Amico executives talk about fleet buildup, business philosophy Major Italian shipowner d'Amico Societa di Navigazione S.p.A. is vigorously reinforcing its fleet, especially that of bulk carriers Launching of the bulker Medi Shangai "Launching of the bulker Medi Shanghai takes place at Tamano Shipyard, in Japan, on 19 April for further completion and delivery to d'Amico by mid July 2005. Vessel design is one of the best among new super-handymax generation. Launching of Medi Chennai On 29 July Medi Chennai has been succesfully launched at Kawasaki Shipyard in Kobe. d'Amico executives host reception in Tokio d'Amico executives host reception in Tokio Costituita d’Amico Dry Limited Nel 1998 fu costituita Medimax compagnia specializzata nel trasporto di merci alla rinfusa, con management Cogema/d’Amico. Adesso la compagnia, interamente controllata e domiciliata a Dublino, in Irlanda, ha assunto il nuovo marchio di d’Amico Dry Limited. I Noli Trainano il giro d'affari della d'Amico Tankers new building program Tankers new building program at STX The Company's aim is to develop initiatives and activities in various shipping areas by using chartered vessels. d'Amico Dry Limited - d'Amico Tankers Limited S.A.M. - Monaco Office