d’Amico International Shipping SA (DMCOF) reported a powerhouse performance for the second quarter of 2026, driven by record-breaking spot rates of $57,500 per day. The company concluded the first half of the year with a net profit of $79.4 million and a robust EBITDA of $105.8 million, signaling a significant growth trajectory compared to the same period in 2025.
Operational Performance and Market Dynamics
CEO Antonio Carlos Balestra Di Mottola highlighted that while Q3 spot fixtures are currently averaging $31,000 per day, the market remains highly regionalized. The US Gulf is performing exceptionally well, with rates reaching the high $30s to low $40s. Conversely, the East of Suez market has faced temporary softness, though recovery is underway as vessel positioning adjusts. Despite record refining margins, the company noted that product transport volumes have been tempered by domestic stock retention, though global systems have remained more resilient than initially forecasted.
Financial Strength and Dividend Policy
CFO Federico Rosen confirmed that the company reached a milestone net cash position of $19.2 million by the end of June 2026, with a total fleet market value of $1.28 billion. The company’s dividend policy remains tethered to balance sheet deleveraging. With debt levels significantly reduced and zero debt expiring in 2027, management intends to maintain a payout ratio consistent with the 2025 results, provided current market conditions hold.
Fleet Expansion and Strategic Capital Allocation
d’Amico’s fleet currently consists of 28 vessels with an average age of 9.9 years. The company is actively modernizing its assets, with 10 newbuildings on order—including four LR1s for 2027 and six vessels scheduled for 2029. Total capital expenditure commitments for these ships stand at $512 million. Furthermore, the company is evaluating the exercise of purchase options on leased vessels, a move expected to unlock significant value given the current $90 million delta between market and exercise prices.
Market Outlook: The Impact of Geopolitical Tensions
Management emphasized that geopolitical instability, particularly in the Bab-el-Mandeb Strait, continues to influence ton-mile demand. Increased threats to shipping have forced route adjustments, benefiting crude and product tanker segments. Additionally, the migration of LR2 vessels into “dirty” trades has tightened the clean tanker market, effectively restricting supply. With nearly 22% of the global MR and LR1 fleet now over 20 years old and a limited order book for younger vessels, the company anticipates a favorable supply-demand balance moving into 2027.
Valuation and Future Positioning
At the end of June, d’Amico recorded an overall Net Asset Value (NAV) of $1.3 billion. While the stock has historically traded at a discount to its NAV, recent share price appreciation has begun to narrow that gap. With 57% of H2 2026 days covered by period contracts and a solid 80% coverage for Q3 at a blended average TCE of $25,257 per day, the firm remains well-positioned to navigate potential volatility in the coming quarters.
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