d’Amico International Shipping announced an increase in its time charter coverage through new and extended agreements for its tanker fleet. Its operating subsidiary, d’Amico Tankers, secured these contracts with several counterparties since the start of the year.
The company reported that time charter contracts for one MR1 vessel were extended for 17 months. It added that a contract for one MR2 vessel terminating in November 2026 was extended for a further 15 months from that date.
New agreements were signed for one MR1 and one MR2 for 12 months each. d’Amico Tankers further secured a 24-month contract for one Eco-LR1, which includes a one-year extension option at a higher rate.
Following these deals, d’Amico International Shipping reported that 54 per cent of its available vessel days for 2026 are fixed at a daily rate of approximately $23,492. It stated that coverage for 2027 stands at 22 per cent at a rate of $23,528 per day.
The company estimated that one per cent of its available vessel days for 2028 are currently fixed. This portion of the fleet is secured at a daily rate of $26,444.
Chief Executive Officer Carlos di Mottola said the agreements were concluded with "highly reputable counterparties" including several long-standing customers. He noted that the company continues to secure forward coverage to, "lock-in a solid portion of our future earnings".
The group indicated that it is satisfied with its current contract coverage levels and expects to benefit from strong spot markets. It attributed market strength to an ageing tanker fleet and growth in crude oil supply.
The company stated that developments in Venezuela and potentially hard-to-forecast future ones in Iran are expected to support robust product tanker freight markets and that this support is likely to continue in the near term.