d'Amico International Shipping (DIS) Q4 2024 earnings summary

Executive summary

• FY 2024 net profit was US$188.5M, slightly down from US$192.2M in 2023, with adjusted net profit at US$184.7M; EBITDA margin reached 70.2% and cash flow from operations was US$258.7M.

• Net debt (excluding IFRS16) to fleet market value improved to 9.7% at year-end, with cash and equivalents at US$164.9M.

• Proposed final gross cash dividend of US$0.2940/share, with total payout (including buybacks) around 40% of net result.

• Market conditions were shaped by geopolitical disruptions, rerouting around the Cape of Good Hope, and evolving oil trade flows.

Financial highlights

• FY 2024 net revenue was US$371.9M (US$401.8M in 2023); EBITDA was US$260.9M (US$277.6M in 2023); EBIT US$202.5M (US$215.2M in 2023).

• Q4 2024 net profit was US$25.4M (Q4 2023: US$43.5M); adjusted Q4 net profit US$25.7M (Q4 2023: US$43.7M).

• Cash flow from operations was US$258.7M (US$292.9M in 2023); net cash flow US$53.7M (US$2.9M in 2023).

• Daily operating costs rose 3% in 2024 to US$7,728, while G&A costs decreased 10% year-over-year.

Outlook and guidance

• For Q1 2025, 89% of vessel days are fixed at a blended TCE of US$22,373; for FY 2025, 35% of days are covered at an average TCE of US$24,900.

• Sensitivity analysis shows each US$1,000/day change in spot rates impacts 2025 earnings by US$5.9M.

• Product tanker demand expected to grow, with IEA forecasting oil demand up 1.1M b/d in 2025, led by India and Brazil.

• Estimated average fleet size for 2025 is 32.2 ships, with further vessel deliveries expected.