The shipping company d’Amico International Shipping S.A. starts 2026 well, according to the results of the first three months during which the company generated total revenues of 67.6 million dollars (up from 64.1 million in the same quarter of 2025), an EBITDA of 40.9 million dollars (from 34.4 million) and a positive net result of 27.5 million dollars.
The company of the d’Amico Società di navigazione group also announced that it achieved an average daily spot rate for its tankers of 32,264 dollars in the first quarter of 2026, compared to 21,154 dollars realized in the same period of 2025, representing an increase of 19% quarter-on-quarter and 53% year-on-year. The company also covered 62.2% of its vessel days for the period through time-charter contracts, at an average daily time charter equivalent of 23,001 dollars. The overall average freight rate (including both spot and time-charter contracts) was 26,505 dollars in the first three months of the year (compared to 22,507 dollars in the same period a year earlier).
Carlos Balestra di Mottola, Chief Executive Officer of d’Amico International Shipping, comments, explaining that “during the first quarter of 2026, geopolitical developments continued to significantly impact global energy and oil shipping markets, generating substantial inefficiencies and dislocations. Freight rates and vessel values, which had already strengthened during 2025 and early 2026, experienced a further acceleration following the onset of hostilities in Iran”. More specifically, “the war in Iran and the consequent disruptions to flows through the Strait of Hormuz had a significant impact on the tanker markets. Before the conflict in 2025, daily transits through the Strait amounted to approximately 15 million barrels per day of crude oil and 5 million barrels per day of refined products (equal to about 19% of global oil supply). The high number of vessels trapped inside the Persian Gulf led to a significant contraction in transport capacity, while the decline in volumes transiting the Strait generated severe fleet dislocations and a profound reconfiguration of trade routes. Consequently, freight rates experienced a sharp increase, reaching exceptionally high levels on several routes, supported by the lengthening of voyage distances, limited vessel availability, a reduction in fleet efficiency due to increased port congestion and an increase in the percentage of ballast days sailed, as well as an increase in refining margins, which created favorable arbitrage opportunities”.
The CEO then adds that, “should the conflict not be prolonged, it is likely that, once it concludes and with the reopening of the Strait of Hormuz, a particularly strong market will be generated”.
The releases by the IEA of approximately 400 million barrels from strategic reserves (out of a total of about 1.2 billion barrels), at a rate of roughly 2.0 million barrels per day, together with the rerouting of crude flows through pipelines by Saudi Arabia and the United Arab Emirates for an additional 4.0 million barrels per day, as well as the reduction in demand resulting from higher oil prices and government measures aimed at curbing consumption, have reduced the oil supply deficit, which nevertheless remains significant and has already led to a sharp reduction in commercial oil inventories.
These inventories will need to be replenished, both commercial and strategic, and, depending on the evolution of the conflict, likely at higher levels than before, due to the increased perceived risk of further wars in Iran and a greater awareness of the associated economic vulnerabilities. This should support tanker demand for several months after the end of the conflict.”
Beyond the Iranian conflict, several other factors have supported and should continue to support the markets for maritime oil transport. The war in Ukraine and the related sanctions regime continue to structurally reshape market flows, redirecting Russian exports along longer routes, while Europe sources from more distant geographical areas. These dynamics have supported demand measured in ton-miles, while the growing number of vessels subject to sanctions has reduced the effective availability of the fleet, contributing to favorable market conditions.
In recent days, speaking during the Blue Capital Forum, Balestra di Mottola said regarding the current trend in liquid bulk: “Today we have 28 controlled vessels but we have sold 5 precisely to benefit from a very favorable market and at the same time we have reinvested to rejuvenate our fleet. This positive cycle has lasted much longer than we expected at the beginning. We still have one non-eco design vessel in our fleet that we aim to sell probably by the end of the year, while the other ‘Eco’ vessels we will keep even beyond 15 years of age.”
Regarding the investment plan under construction, the company’s CEO finally recalled that there are 10 new vessels on order: “4 LR expected for delivery next year and another 6 in 2029. We hope that the choice to invest in vessels built in China (we chose what we believe are the two best shipyards) was a good one, but we will only find out when they are delivered to us.”
N.C.
