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

Executive summary

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

• The fleet comprised 32 product tankers at March 2025, with 28 owned, 3 bareboat chartered, and 1 time chartered (now owned); average age 9.4 years, 84% eco-designed.

• Strong liquidity and balance sheet with $163.1 million in cash and net financial position of $114 million at quarter end; net debt/fleet market value ratio improved to 10%.

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

• Generous dividends and share buybacks, including a $0.2940/share gross dividend (about $35 million) and $10.3 million in buybacks.

Financial highlights

• Q1 2025 net profit: $18.9 million (Q1 2024: $56.3 million); adjusted net result: $19.2 million (Q1 2024: $56.7 million).

• Total net revenue: $64.1 million (Q1 2024: $105.3 million); EBITDA: $34.4 million (Q1 2024: $76.1 million); EBIT: $21.7 million (Q1 2024: $60.4 million).

• Basic EPS: $0.158 (Q1 2024: $0.467); operating cash flow: $45.2 million (Q1 2024: $76.9 million).

• Spot market daily rate: $21,154 (Q1 2024: $38,201); covered TCE: $24,567 (Q1 2024: $28,123); blended TCE: $22,507 (Q1 2024: $34,043).

• OPEX per day: $8,462, up 8% year-over-year, expected to normalize to 3–3.5% higher for full year.

Outlook and guidance

• 78% of Q2 2025 days fixed at an average blended rate of $23,500/day; 49–52% of FY 2025 days covered at ~$23,900/day.

• Sensitivity: every $1,000/day increase in spot rates could add $3.4–10.1 million to 2025 net results.

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

• Market outlook is positive, supported by structural shifts, regulatory changes, and limited fleet growth, but geopolitical and macroeconomic risks are being monitored.

• IEA projects 2025 oil demand growth at 0.73 mb/d, with further downward revisions possible.