d'Amico International Shipping (DIS) Q2 2025 earnings summary

Executive summary

• Net profit for H1 2025 was $38.5 million, down from $122.9 million in H1 2024, with Q2 2025 net profit at $19.6 million; 45.2% of H1 2025 employment days secured under time-charter contracts.

• Revenue for H1 2025 was $176.4 million, a decrease from $269.3 million in H1 2024, reflecting a weaker freight market and fewer vessels employed.

• Sale of two Glenda vessels for $36.3 million, with one delivered in July and the other to be delivered by December; eco-fleet share to reach 85% by year-end.

• Strong financial position maintained with $124.1 million in cash at period end, despite $35 million dividend and investments.

• Buyback of 200,932 shares in April 2025; treasury shares now 4.14% of share capital.

Financial highlights

• H1 2025 TCE earnings: $129.8 million (vs $210.5 million H1 2024); daily average TCE rate: $23,214 (vs $35,798 H1 2024).

• H1 2025 EBITDA: $73.4 million (55.5% margin); Q2 2025 EBITDA: $39.0 million (57.2% margin).

• Adjusted net profit (excluding non-recurring items) for H1 2025 was $42.8 million.

• Net financial indebtedness as of June 30, 2025, was $144.3 million, up from $121 million at year-end 2024.

• Operating cash flow in H1 2025 was $86.2 million; net cash flow was negative $40.8 million due to high CAPEX and dividend payments.

Outlook and guidance

• Market fundamentals remain solid despite near-term volatility, with product tanker earnings expected to remain softer for the rest of 2025 due to sluggish oil demand and increased fleet growth.

• Structural shifts in refining and trade routes, regulatory and environmental requirements, and high newbuilding costs are expected to support long-haul product tanker demand and limit new vessel orders.

• Sensitivity: every $1,000/day change in spot rates impacts annual earnings by $1.9 million (2025), $8.3 million (2026), $10.2 million (2027).

• Net result for 2025 projected at $69 million (break-even scenario), up to $86 million if spot rates reach $24,000/day on free days.

• OpEx and G&A expected to remain stable in H2 2025; inflationary pressures mainly on insurance and manning costs.