d'Amico International Shipping (DIS) Q1 2025 earnings summary

Executive summary

• Q1 2025 net profit was US$18.9 million, down from US$56.3 million in Q1 2024, reflecting a softer but still robust product tanker market.

• Operated a fleet of 32 product tankers at end of March 2025, with 28 owned, 3 bareboat chartered, and 1 time chartered (now owned after option exercised); average age 9.4 years, 84% eco-designed.

• Maintained a strong balance sheet with net financial position of US$114 million and cash of US$163.1 million at quarter end.

• Exercised purchase options on several young MR and LR1 vessels, increasing owned fleet proportion and enhancing fleet quality.

• Generous dividends: US$0.2940/share gross annual dividend in April 2025 (US$35 million total), plus share buybacks.

Financial highlights

• Q1 2025 net profit: US$18.9 million, down from US$56.3 million in Q1 2024; adjusted net result: US$19.2 million.

• Total net revenue: US$64.1 million; blended TCE for Q1: US$22,507/day; spot market average: US$21,154/day.

• EBITDA: US$34.4 million (Q1 2024: US$76.1 million); EBIT: US$21.7 million (Q1 2024: US$60.4 million).

• Basic EPS: US$0.158 (Q1 2024: US$0.467).

• Operating cash flow: US$45.2 million (Q1 2024: US$76.9 million).

Outlook and guidance

• 78% of Q2 2025 days already fixed at an average blended rate of US$23,500/day; 49% of FY 2025 vessel days covered at ~US$23,900/day.

• Sensitivity: every US$1,000/day increase in spot rates could add up to US$10.1 million to 2025 net results.

• Time-charter coverage for Q2–Q4 2025 is about 52% at a TCE of US$23,760/day; 21% of 2026 days covered at US$24,730/day.

• Net result for 2025 projected at US$60–83.4 million depending on spot rate performance.

• Market outlook remains positive, supported by strong fundamentals, but inflation and geopolitical risks are being closely monitored.