d'Amico International Shipping (DIS) Q3 2025 earnings summary

Executive summary

• Net profit for the first nine months of 2025 was $62.8M, down from $163.1M year-over-year, reflecting a softer but still robust product tanker market.

• Q3 2025 net profit was $24.3M, up 24% from Q2, but down from $40.2M in Q3 2024.

• Maintained a modern fleet of 31 vessels as of September 30, 2025, with 87% eco-design and an average age of 9.7 years.

• Solid financial structure with net debt at 7.4% of fleet market value and cash of $148.9M at September 2025.

• Announced an interim dividend of $0.1340/share (about $15.9M) for November 2025 and continued share buybacks.

Financial highlights

• 9M 2025 net profit was $62.8M, with adjusted net profit (excluding non-recurring items) at $67.1M.

• EBITDA for 9M 2025 was $112.5M (56.2% margin), down from $218.8M in 2024.

• Revenue for 9M 2025 was $264.1M, down from $384.9M year-over-year.

• Cash flow from operating activities was $132.2M in 9M 2025.

• Basic and diluted EPS for 9M 2025 was $0.528, down from $1.352 in 2024.

Outlook and guidance

• Q4 2025 outlook is strong, with 54–77% of days fixed at average rates of $23,492–$24,930/day.

• Sensitivity analysis shows 2025 net result could range from $83.8M to $87.5M depending on spot rates.

• Near-term market outlook remains positive, supported by OPEC+ production, strong Chinese demand, and refinery expansions in Asia.

• Regulatory changes and sanctions expected to limit fleet availability and sustain firm freight rates.

• Every $1,000/day change in spot rates impacts earnings by $7.2M in 2026 and $10M in 2027.