Several factors helped d’Amico International Shipping to bring home in the third quarter of 2025 a net profit of 24.3 million dollars (compared to 40.2 million in the third quarter of the last fiscal year) against revenues of 87.7 million dollars in the third quarter (down from 115.7 million in the same period last year). Regarding the first nine months of the current year, revenues were 264.1 million, or 31% less than the 384.9 million in the same period of the last fiscal year, just as the net profit from January 1 to September 30 went from 163.1 million in the first three quarters of 2024 to 62.8 million in the first 9 months of 2025. These results reflect “a market context that is still particularly profitable, albeit without reaching the extraordinary levels recorded in the previous fiscal year,” according to the Roman shipping company.
Among the comments on the results, the words of the CEO of d’Amico International Shipping, Carlos Balestra di Mottola, stand out when he says that the company “continued to benefit from a positive market context, supported by persistent inefficiencies in trades, limited fleet growth, reduced availability of non-sanctioned vessels, and a reduction in the overall fleet productivity, as well as from the lengthening of average distances traveled, resulting from the evolution of trade flows. Since October 2023, the United States, the United Kingdom, and the European Union have progressively expanded measures aimed at targeting ships, traders, and energy companies involved in illicit oil traffic, primarily of Russian origin. The total number of sanctioned tankers now exceeds 830 units, equal to about 15.5% of the world tanker fleet. In October 2025, the European Union approved its nineteenth package of sanctions against Russia, which includes an additional 117 ships and two major refineries in China, with a total capacity equal to 600 thousand barrels per day.”
Also interesting is the reference to the reduction in exports of sanctioned crude oil from Russia and Iran: “Although these countries have demonstrated great skill in circumventing sanctions, continuing to sell their oil through intermediaries, triangulations, and ship-to-ship oil transfers, these are – underlines Carlos Balestra – inefficient practices, which reduce fleet productivity and increase the volume of oil at sea, as the crude struggles to find buyers and reach its destinations. In this regard, there has already been a sharp increase in the volume of sanctioned oil at sea which, combined with the recent and substantial increase in exports of non-sanctioned oil, has brought the levels of oil in transit by sea to record values. As predictable, this scenario has pushed freight rates for crude oil tankers to new highs, with positive effects expected in the coming weeks also for the product tanker market, supported in turn by the current high refining margins.”
Regarding the tanker fleet supply “after several years of expansion – continues the CEO of d’Amico I.S. – new ship orders have registered a marked slowdown. In the first nine months of 2025, only 37 MR and LR1 ships were ordered, compared to 178 in the same period of 2024.
The orderbook in these segments represents about 14.4% of the existing fleet in terms of deadweight tonnage, and for all tankers this ratio stands at 14.6%. High prices for newbuildings, limited shipyard capacity outside China, regulatory uncertainty, and long delivery times are discouraging further orders.” Another factor reducing interest in new ship orders “is represented by the port tariffs announced by the United States Trade Representative on ships built in China or operated by Chinese companies. The implementation of these measures was recently suspended, but they continue to represent a threat for the affected units, which currently constitute about 70% of the tankers under construction. The introduction by China of port tariffs on ships linked to the United States, announced in October 2025 and also postponed, has further contributed to increasing the climate of market uncertainty and generating logistical inefficiencies.”
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