ITALIAN INTERNATIONAL shipping company d’Amico says that Ireland is “strategic” for the future of its business.
The company, which published its full year financial results for 2008 on the Milan Stock Exchange yesterday, moved its headquarters into expanded offices in Dublin’s docklands this month.
Maintenance of the Government’s tonnage tax for shipping makes Ireland “very attractive” for business, the company has said. It is working on a new training programme for Irish cadets and shipbroking graduates with the Irish Maritime Development Office (IMDO). The island’s shortage of direct air links to Europe is the “only disadvantage”, said chairman Paolo d’Amico.
The company, which transports refined oil products, yesterday reported a consolidated net profit of $155 million (€123.6 million). Annual turnover is about $600 million. It has ordered construction of 16 new ships in two joint ventures and all the ships will be operated from Dublin, it says. Some 30 staff are employed at its Dublin base, established in 2002, including shipping professionals, two captains and a senior ship broker.
While lower commodity prices and an economic downturn have reduced demand for shipping, the company believes that the variety of products it transports will limit the impact of the recession in any one market.
The company’s fleet expansion is taking place in two joint ventures: Glenda International Shipping, which is part of the Glencore group; and DM Shipping, a joint venture with Mitsubishi Corporation. Mr d’Amico forecast that next year would be “tough” for the industry, but said the group’s strong financial position and a more optimistic perspective for 2010 and 2011 would be capitalised on.
IMDO chief executive Glenn Murphy said he was confident the tonnage tax regime would continue as it constituted European state aid. D’Amico was one of some 21 companies availing of the tonnage tax.
