Q4 2025 d'Amico International Shipping SA Earnings Call Transcript
Key Points
- d'Amico International Shipping SA (DMCOF) has a young fleet with an average age of 9.6 years, significantly below the industry average.
- 93% of the fleet is Eco, compared to an industry average of 40%, indicating a strong commitment to sustainability.
- The company successfully refinanced its debt, reducing the weighted average spread on SOFR to 1.6% and extending the average maturity to 4.9 years.
- Strong earnings outlook for Q1 2026 with a blended daily TCE of $26,800 a day, indicating robust profitability.
- The company achieved a net profit of $88.4 million in 2025, with a strong EBITDA margin of 57%.
- Operating expenses increased by approximately 5% in 2025 due to higher logistics costs for delivering spare parts.
- The net profit for 2025 was lower than 2024, primarily due to a less favorable spot market compared to the previous year.
- The geopolitical situation in the Middle East, particularly the Iran war, introduces significant uncertainty and potential volatility in the market.
- There is a risk of higher costs related to geopolitical tensions, such as increased insurance premiums for vessels operating in conflict zones.
- The company faces substantial CapEx commitments of $468 million for new vessel construction, which could impact cash flow.
Good afternoon. This is the conference operator. Welcome, and thank you for joining the d'Amico International Shipping full year 2025 results web call. (Operator Instructions)
At this time, I would like to turn the conference over to Federico Rosen, CFO. Please go ahead, sir.
'-
Thank you. Hello, everyone, and welcome to d'Amico International Shipping full year '25 earnings call. Skipping the executive summary and going directly to the snapshot of our fleet. We have right now 29 ships on the water, of which 6 are LR1s, 17 are MRs, and 6 are handy vessels. 27 of these ships are owned vessels, while we still have two ships in bareboat charter.
We also have, as you probably know, 10 ships under construction, 4 LR1s with expected delivery in 2027, 4 MR with expected delivery in 2029, and 2 Handys with expected delivery also in 2029. Young fleet of 9.6 years compared to an industry average of almost 15 years for MRs and 16 years for LR1s. 93%
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