d'Amico International Shipping's Net Profit Up 71% in First Nine Months of 2026

d'Amico International Shipping (DIS) reported a net profit of US$107.2 million for the nine months ended September 30, 2026, up 71% from the US$62.8 million recorded in the same period of 2025. The board approved the results on November 5 and also set an interim dividend of approximately US$40 million.

The company's average daily spot rate (TCE) rose 75% to US$41,094, compared to US$23,473 a year earlier. 63.2% of the fleet's employment days were covered by fixed-rate contracts, averaging US$23,402 per day, while the combined rate (spot and forward contracts) reached US$29,911 per day.

In the third quarter of 2026, net profit stood at US$27.8 million, compared to US$24.3 million in the same quarter of 2025. The average spot rate for the quarter was US$34,940 per day. The approved interim dividend amounts to US$0.3360 gross per share, with a payment date of November 18, an ex-dividend date of November 16, and a record date of November 17.

DIS closed September with a net cash position of US$56.6 million, compared to net debt of US$27.4 million as of December 31, 2025, and held cash and cash equivalents of US$265.4 million. CFO Federico Rosen noted that this liquidity allows the company to meet commitments under its newbuilding program, valued at approximately US$512.3 million, which includes ten product tankers: four LR1s scheduled for delivery in the second half of 2027 and six MRs to be delivered in 2029.

CEO Carlos Balestra di Mottola highlighted that the results reflect the strength and volatility of the tanker markets during 2026, marked by the conflict in Iran and disruptions in the Strait of Hormuz, which affected oil flows and generated volatility in freight rates, although Middle East exporters showed a partial recovery toward the end of the quarter.