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

Executive summary

• Net profit for H1 2025 was $38.5M, down from $122.9M in H1 2024, reflecting softer but still robust tanker markets amid geopolitical volatility and lower freight rates year-over-year.

• Ended June 2025 with 32 vessels (29 owned, 3 bareboat chartered); two time-charter vessels purchased and delivered in H1 2025.

• Sale of two Glenda vessels: one delivered in July, the other to be delivered by December; fleet expected to be 30 ships by year-end, with a young average age of 9.6 years.

• High proportion of ECO-classed (84%) and IMO-classed (81.3%) vessels, well above industry averages.

• Strategic vessel sales and increased eco-fleet share align with long-term efficiency and sustainability goals.

Financial highlights

• H1 2025 net profit: $38.5M (H1 2024: $122.9M); Q2 2025 net profit: $19.6M (Q2 2024: $66.5M); adjusted net profit for H1 2025: $42.8M.

• H1 2025 TCE earnings: $129.8M (H1 2024: $210.5M); Q2 2025 TCE earnings: $67.0M (Q2 2024: $106.5M).

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

• Cash and cash equivalents at $124.1M at end of H1 2025; net financial position at $144.3M.

• Distributed $35M in dividends in May 2025; share buyback program executed.

Outlook and guidance

• Q3 2025: 54% of days fixed at $23,600/day (time charter), 25% at $25,287/day (spot); blended WTCE for 79% of Q3 days at $24,139/day.

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

• Net result for 2025 projected at $69M (break-even scenario), up to $86M 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.

• Geopolitical complexity, sanctions, and regulatory changes expected to continue impacting market dynamics and freight rates.