d’Amico International Shipping Shares 1H, 2Q Results
d’Amico International Shipping S.A., an international operator in the product tanker sector, announced its financial results for Q2 and H1 2025. Despite market normalization following last year’s record highs, DIS achieved solid profitability and maintained its strong financial position.
Financial Highlights (H1 2025 vs H1 2024):
Net Profit: US$ 38.5 million (vs USD$122.9 million)
Time Charter Equivalent (TCE) Earnings: USD$129.8 million (vs USD$210.5 million)
EBITDA: USD$73.4 million with a margin of 55.5%
Operating Cash Flow: USD$86.2 million
Net Debt to Fleet Market Value (excl. IFRS 16): 13.0%
Cash & Cash Equivalents: USD$124.1 million
In Q2 2025, the company posted a net profit of USD$19.6 million on the back of a stronger spot rate of USD$24,497/day, up 16% from Q1. DIS achieved 45.2% time-charter coverage in H1, helping stabilize earnings amid spot rate fluctuations.
Market & Strategy Insights:
CEO Carlos Balestra di Mottola emphasized the resilience of DIS’s performance, supported by evolving trade patterns, geopolitical developments, and a shift in refining capacity toward the East. “Despite lower earnings versus last year, DIS remains firmly profitable and positioned to benefit from favorable market dynamics, including limited fleet growth and the tightening impact of new sanctions on shadow fleets,” he said.
CFO Federico Rosen highlighted DIS’s prudent financial management: “We maintained a conservative capital structure and ended the period with significant liquidity. The disposal of two older vessels will further strengthen our eco-fleet profile, which is expected to reach 85% by year-end.”
Fleet Optimization & Sustainability:
Two older MR tankers sold for USD$36.2 million
Eco-vessel ratio expected to rise significantly
Net fleet size: 32 vessels (as of June 30), reducing to 31 in July
Market Outlook:
DIS sees continued support from long-haul trade, rising refinery closures in OECD regions, and increasing inefficiencies from sanctioned fleets. However, the company remains cautious on rising vessel deliveries in H2 and 2026, projecting a moderate freight environment.
