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d'Amico International Shipping (DIS) investor relations material
d'Amico International Shipping Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net profit for the first nine months of 2025 was $62.8M, down from $163.1M year-over-year, with Q3 2025 net profit at $24.3M, up 24% sequentially but down from $40.2M in Q3 2024, reflecting a softer but still robust product tanker market.
EBITDA for 9M 2025 was $112.5M (56.2% margin), compared to $218.8M in 9M 2024, with operating cash flow at $132.2M (9M 2024: $228.4M).
Revenue for the first nine months was $264.1M, down from $384.9M year-over-year, mainly due to a weaker freight market and fewer equivalent vessels employed.
Maintained a modern fleet of 31 vessels (average age 9.7 years), with 87% eco-design and 48.4% of vessel days covered by time-charter contracts at $23,700/day.
Solid financial structure with net debt at 7.4% of fleet market value and cash of $148.9M as of September 30, 2025.
Financial highlights
Net financial position at September 2025 was $82.4M, with gross debt of $231.1M and cash of $148.9M.
Total net revenue for 9M 2025 was $200.2M (9M 2024: $298.1M); TCE earnings for 9M 2025 were $196.6M.
Q3 2025 TCE earnings: $66.8M; net revenue: $68.0M; EBITDA: $39.2M; net profit: $24.3M.
Basic and diluted EPS for 9M 2025 was $0.528, down from $1.352 in 9M 2024.
Asset impairment of $3.8M recognized in June 2025 due to vessel sales.
Outlook and guidance
Q4 2025 outlook is strong: 77% of days fixed at $24,930/day; 54% of days on time charter at just under $23,500/day; 32% of 2026 days already covered at $23,700/day.
Sensitivity: every $1,000/day change in spot rates impacts annual earnings by $7.2M (2026) and $10M (2027).
Projected net results for 2025 range from $83.8M to $87.5M depending on spot market performance.
Near-term market outlook remains positive, supported by OPEC+ production, strong Chinese demand, and seasonally stronger winter demand.
Board approved an interim dividend of $0.1340/share (about $15.9M) and guidance for a 40% payout ratio for 2025 results, including share buybacks.
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