d'Amico International Shipping (DIS) H1 2024 earnings summary

Executive summary

• Achieved record net profit of $122.9M in H1 2024, up from $99.8M in H1 2023, and $66.5M in Q2 2024, driven by robust product tanker market and highest-ever quarterly spot rate of $44,949 in Q2.

• Maintained strong financial structure with net debt (ex-IFRS16) to fleet market value at 9.1% and cash of $181.9M as of June 30, 2024.

• Increased fixed contract coverage to 41.9% of employment days in H1 at $28,016/day, enhancing earnings visibility.

• Fleet averaged 34.5 vessels in H1 2024, with 82–85% eco-design and average age 8.8 years.

• Benefited from favorable market conditions, including limited fleet growth, global oil trade expansion, and trade disruptions.

Financial highlights

• H1 2024 net revenue: $213.0M (vs. $205.9M H1 2023); EBITDA: $161.1M (vs. $142.7M); net profit: $122.9M (vs. $99.8M); TCE earnings: $210.5M (vs. $203.5M).

• Q2 2024 net profit: $66.5M (vs. $45.7M Q2 2023); EBITDA: $85.0M (vs. $66.3M); TCE earnings: $106.5M (vs. $97.2M).

• Adjusted net profit (excl. non-recurring): $118.4M in H1 (vs. $103.6M); $61.7M in Q2 (vs. $47.1M).

• Daily OPEX for H1 2024: $7,700, slightly lower than H1 2023; G&A stable year-over-year.

• Cash flow from operations: $155.2M in H1 (vs. $173.0M); net financial position at period end: $122.2M; cash and equivalents nearly $182M.

Outlook and guidance

• 42% of Q3 vessel days fixed at $27,600/day; 28% at $30,300/day; blended TCE for 71% of Q3 days: $28,700/day.

• If remaining Q3 days earn $27,500/day, blended TCE would be $28,300/day; higher rates could push blended TCE above $29,000/day.

• Covered 37% of H2 2024 vessel days at ~$27,500/day; 19% of FY 2025 at ~$24,650/day.

• Net profit for 2024 could exceed $200M if spot rates remain strong; cash break-even for 2024 estimated at $14,000/day.

• Market outlook remains positive, supported by Red Sea disruptions, refinery expansions, and limited fleet growth.