d'Amico International Shipping S.A.

Q1 2026 net profit was $27.5 million, up from $18.9 million in Q1 2025. Adjusted net profit was $26.8 million versus $19.2 million a year ago. Average daily spot rate in the quarter was $32,264/day, 53% above Q1 2025, and total TCE was $26,500/day. Daily OpEx was $8,600/day, up versus Q1 2025, mainly due to higher crew and insurance costs, while G&A was $5.3 million versus $6.0 million in Q1 2025. Cash equivalents were $189.6 million and net financial position was $25.8 million, or $23.8 million excluding IFRS 16. For Q2, the company said 81% of days were fixed at a blended average TCE above $33,000/day, with 21% of days fixed at $59,733/day and 50% of days at $23,560/day. Management also said the rest of 2026 was at a breakeven level based on current fixtures, implying almost $83 million net result for the year, with upside to almost $98 million, $105 million, or $112.5 million if remaining free days earn $20,000/day, $22,500/day, or $25,000/day respectively.

Antonio Carlos Balestra Mottola struck a clearly constructive tone, saying the market is exceptionally strong and being supported by geopolitics, sanctions, and solid underlying tanker fundamentals. He emphasized that the company will stay prudent around the Strait of Hormuz, prioritizing crew safety and not being first to transit if conditions remain uncertain. On capital allocation, he said the company is not planning additional fleet investments at this stage and would only consider buybacks opportunistically if the share price showed unjustified weakness.

Federico Rosen highlighted a strong balance sheet and disciplined financing: the company repaid $32.2 million on two vessels and drew $42 million of new facilities on three ships, while also saying the company is approaching 2027 with no debt maturities. He pointed to $189.6 million of cash equivalents, a net financial position of $25.8 million, and a fleet market value of about $1.2 billion, putting the net financial position/fleet value ratio at only 2%. He also noted OpEx of $8,600/day, G&A of $5.3 million, and a lower bank loan repayment burden versus 2019, from $6,150/day to $2,049/day.

Analysts focused on the implications of the Strait of Hormuz reopening and whether current Q2 spot fixtures near $60,000/day would hold. Management said it would take a very prudent approach on Hormuz, citing crew safety, insurance exclusions, and residual mine risk, and would initially keep vessels in other regions such as the Port of Duqm if needed. On rates, management said recent fixtures are slightly below the early-Q2 highs but still very strong, with spot rates still above $30,000/day in both East and West; they expect a reopening could trigger a surge in rates east of Suez and a broader market dislocation that would likely be net positive. In a separate question on capital allocation, management said dividend policy will be reviewed closer to year-end, buybacks would be opportunistic only, and no further fleet investments are planned right now beyond the 10 vessels already ordered.