d'Amico International Shipping (DIS) Q1 2026 earnings summary

Executive summary

• Net profit for Q1 2026 was $27.5 million, up 46% year-over-year, with adjusted net profit at $26.8 million, reflecting robust product tanker market conditions and higher spot TCE rates.

• Achieved a daily average spot TCE of $32,264 in Q1 2026, 53% higher year-over-year; 62.2% of employment days covered at $23,001/day.

• Maintained a strong balance sheet with $189.6 million in cash and net debt at 2.0% of fleet market value as of March 31, 2026.

• Fleet comprised 29 vessels (27 owned, 2 bareboat chartered) at Q1 2026 end; sold one vessel in April, now 28 on water, plus 10 under construction for delivery through 2029.

• Geopolitical events, notably the Iran conflict and Strait of Hormuz disruptions, drove record freight rates and market volatility.

Financial highlights

• EBITDA reached $40.9 million (Q1 2026) vs. $34.4 million (Q1 2025), with a margin of 60.5%.

• Revenue was $84.1 million in Q1 2026, down from $88.6 million in Q1 2025, mainly due to fewer vessels employed.

• Operating cash flow was $35.0 million in Q1 2026.

• Basic earnings per share rose to $0.231 from $0.158 year-over-year.

• Cash and cash equivalents at quarter-end: $189.6 million; net financial position: $23.8 million.

Outlook and guidance

• 81% of Q2 2026 days fixed at a blended average TCE of over $33,000/day; remaining days exposed to spot market volatility.

• FY 2026 contract coverage is ~55% at an average TC equivalent rate of ~$23,400–$23,500/day.

• Estimated net result for 2026 could reach $98–112.5 million depending on spot rates.

• Near-term outlook remains highly uncertain, dependent on Middle East conflict duration and oil demand recovery.

• Sensitivity: every $1,000/day increase in spot rates adds $3 million to bottom line in 2026.