d'Amico International Shipping (DIS) Q2 2026 earnings summary

Executive summary

• Net profit for H1 2026 reached $79.4 million, more than doubling year-over-year, driven by record spot rates and robust product tanker markets.

• Adjusted net profit for H1 2026 was $74.8 million, up from $42.8 million in H1 2025, excluding non-recurring items.

• Achieved a net cash position of $19.2 million at June 30, 2026, with cash and equivalents of $231.7 million.

• Sold two oldest vessels for ~$55.6 million, with one delivered and the other to be delivered by November 2026.

• Fleet of 28 ships at end of June 2026, 96% eco-design, average age 9.9 years, with 10 newbuilds on order for delivery through 2029.

Financial highlights

• H1 2026 net profit was $79.4 million, EBITDA $105.8 million (67.2% margin), and EBIT $82.9 million.

• Q2 2026 net profit was $51.9 million, EBITDA $64.9 million (72.2% margin).

• H1 2026 TCE earnings were $155.0 million, with blended TCE at $31,125/day and spot rates averaging $44,247/day.

• Operating cash flow for H1 2026 was $87.2 million.

• Daily OpEx rose 5% year-over-year to $8,580/day, mainly due to inflation and logistics; G&A stable at $13.1 million.

Outlook and guidance

• 61% of Q3 2026 days covered at $23,562/day; blended TCE for 80% of Q3 days at $25,257/day.

• Product tanker demand is forecast to contract in 2026 but rebound in 2027; market volatility driven by geopolitical and regulatory factors.

• Sensitivity analysis: every $1,000/day change in spot rates impacts bottom line by $1.7 million.

• Net profit for 2026 could range from $109.2 million (breakeven) to $126 million (at $25,000/day spot rates).

• 57% of H2 2026 days and 31% of 2027 days covered by period contracts.