August 01, 2024
Luxembourg – August 1st 2024: DIS delivered very strong results in Q2 and H1 2024: Net Profit of US$ 66.5M in Q2 and US$ 122.9m in H1. Best quarterly spot rate in its history of US$ 44,949 in Q2. Solid financial structure, with net debt (excluding IFRS16) to fleet market value ratio of only 9.1% and cash and cash equivalents of US$ 181.9M as at 30 June ’24.
Carlos di Mottola, CEO of d’Amico International Shipping S.A.
‘I am proud to report that DIS has achieved outstanding financial results for the first six months of 2024. We realized a net profit of US$122.9 million in H1 2024, compared with US$99.8 million in the same period last year. In Q2 2024, our net profit was of US$66.5 million, up from US$45.7 million in Q2 2023, an excellent result highlighting the strength of the product tanker market. Our daily spot rate in H1 2024 was of US$41,404, a 21% increase from US$34,216 in H1 2023. This rate climbed further to US$44,949 in Q2 2024, marking a 42% rise relative to the same quarter of the previous year and corresponding to the highest quarterly spot result in our history…
In the first half of the year... We sold the MT Glenda Melanie, a 2010-built MR and the oldest vessel in our fleet, at an attractive price of US$27.4 million; we ordered four new LR1 vessels from a reputable Chinese shipyard, with expected delivery in the second half of 2027; we also exercised a purchase option on the M/T Crimson Jade, a 2017-built MR, for US$31.0 million, approximately 30% below the vessel’s current market value… Furthermore, we have leveraged the strong product tanker market to increase our fixed contract coverage, enhancing earnings visibility for the coming years.
Thanks to our strategic decisions, our remarkable financial strength, and the dedication and professionalism of our team, we are in an excellent position to generate compelling returns for our shareholders for the next several years.’