D'Amico Shipping reports "robust" results amid Q2 and H1 revenue drops
D'Amico International Shipping (DIS) has published its financial results for the second quarter and the first half of 2025.
During H1 2025, DIS achieved a total net revenue of US$132.2 million, compared to US$213 million in H1 2024. Gross operating profit dropped to US$73.4 million from US$161.1 million in H1 2024.
Q2 2025 total net revenue was US$68.1 million compared to US$107.7 million in the same period last year, while gross operating profit peaked at US$39 million, a decrease from the Q2 2024 result of US$85 million.
"While not matching the exceptional performance achieved during the same period last year, our results remain robust and continue to reflect the strength of the product tanker market in the first half of the year," said Carlos Balestra di Mottola, Chief Executive Officer of DIS.
"Our average time charter equivalent spot rate stood at US$22,655 per day in H1 2025 (US$41,404 per day in H1 2024) and US$24,497 in Q2 2025 (US$ 44,949 per day in Q2 2024), representing an increase of over US$3,300 per day compared to the average for the previous quarter.
"In addition, we secured 45.2 per cent of our employment days under time-charter contracts in H1 2025, at an average time charter equivalent earnings (TCE) of US$23,892 per day. This contributed to a blended daily TCE of US$23,214 in H1 2025 and US$23,922 in Q2 2025."
Mottola said that overall, DIS continued to benefit from a supportive market environment, underpinned by ongoing trade disruptions, limited fleet growth, and evolving global oil flows.
"The increasing number of vessels sanctioned by the US, UK and EU governments is instead markedly reducing the fleet available for compliant trades," said Mottola.
"In this respect, on July 18, 2025, the European Union adopted one of its toughest sanctions packages yet — introducing a dynamic oil price cap on crude of US$ 47.6/bbl (reviewed biannually), banning 22 additional Russian banks from SWIFT, and targeting 105 more 'shadow fleet' tankers and related enablers. A ban on refined products made from Russian crude will also take effect in January 2026."
Mottola said that, despite elevated geopolitical risk and near-term volatility — which have so far supported freight markets — DIS views the industry’s fundamentals as "solid."
"Global oil demand growth has moderated amid weaker macro conditions and rising trade tensions. Still, the International Energy Agency projects an increase in oil demand of 0.7 million barrels per day in both 2025 and 2026, after an increase of 0.8 million barrels per day in 2024.
"Meanwhile, non-OPEC supply is rising, and OPEC+ has accelerated the reversal of its voluntary cuts — effectively restoring nearly 80 per cent of the agreed reductions by August, well ahead of schedule."
DIS expects the oil market to move into oversupply, possibly with a forward oil price curve in contango, which Mottola said is a, "historically a supportive scenario for tankers."
