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d’Amico International Shipping S.A.
25C Boulevard Royal, Luxembourg
RCS B124790
Annual Report
2025
ESRS Content Index
Sustainability Statement
22025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
Auditor’s Reports
* Management Report consists of two parts: the Management Report and the Sustainability Statement
It was not part of MOORE Audit’s engagement to review
the Online Report or the references to external sources
such as our corporate website.
Index
MANAGEMENT REPORT*
OVERVIEW 4
Letter to Shareholders 5
Key Financial Figures 7
Key ESG figures 8
Group Profile 9
Group Structure and Global Presence 10
Our Business 11
Our Fleet 12
Our value chains 17
DIS’ Stakeholders 20
Shareholders’ Information 24
SUMMARY OF RESULTS 26
Alternative Performance Measures (APM) 27
Summary of the Results in the Fourth Quarter and FY 2025 29
SIGNIFICANT EVENTS AND BUSINESS OUTLOOK 38
Significant events in the year 39
Significant Events since the End of the Period and Business
Outlook 40
Business Outlook 41
CORPORATE GOVERNANCE STATEMENT 46
Corporate Governance 47
Management’s Responsibility Statement 61
SUSTAINABILITY STATEMENT
GENERAL INFORMATION 63
Introduction to Sustainability Statement 63
SUSTAINABILITY FOR DIS 69
DIS’ Sustainability Route 70
Double Materiality Assessment 70
ESG Governance 73
Due Diligence Approach 74
ESG Strategy 76
ENVIRONMENTAL VALUE 79
Regulatory Framework 80
Fleet Technical Management 81
Climate Change 82
EU Taxonomy for Sustainable Activities 111
Pollution 119
Biodiversity and Ecosystems 128
Circular Economy 131
SOCIAL VALUE 137
Own Workforce 138
Workers in the Value Chain 164
Commitment to Communities – voluntary disclosure 165
Clients- Voluntary disclosure 166
BUSINESS CONDUCT 168
Ethics, Integrity and Human Rights 170
Supply Chain Management 178
APPENDIX 182
Changes in data preparation and representation 183
ESRS CONTENT INDEX 185
List of datapoints deriving from other eu legislation 191
SASB Content Index 197
FINANCIAL STATEMENTS
Management Report and Statutory Financial Statements 200
CONSOLIDATED FINANCIAL STATEMENTS FOR THE
YEAR ENDED 31 DECEMBER 2025 201
Consolidated Statement of Profit or Loss 202
Consolidated Statement
of Other Comprehensive Income 202
Consolidated Statement of Cash Flows 204
Consolidated Statement
of Changes in Shareholders’ Equity 205
Notes 206
MANAGEMENT REPORT AND STATUTORY
FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31 DECEMBER 2025 254
Management Report 255
d’Amico International Shipping S.A. Financial Statements
and Notes for the Year Ended 31 December 2025 257
AUDITOR’S REPORTS
AUDITOR’S REPORT ON THE CONSOLIDATED
FINANCIAL STATEMENTS 282
AUDITOR’S REPORT ON THE STATUTORY FINANCIAL
STATEMENTS 285
AUDITOR’S LIMITED ASSURANCE REPORT ON THE
SUSTAINABILITY STATEMENT 288
Management
Report
Overview
ESRS Content IndexSustainability Statement
52025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
Auditor’s Reports
Letter to Shareholders
(1) IEA: February 2026 Oil Market Report
Dear Shareholders,
In a year marked by a complex and continuously evolving
geopolitical environment, we are pleased to report another
strong performance for DIS. In 2025, the Company
generated a net profit of US$88.4 million, supported by a
robust product tanker market. While this result was below the
net profit of US$188.5 million recorded in the previous year, it
reflects a market environment that, although still highly
profitable, did not reach the extraordinary peaks experienced
in 2024.
In 2025, we achieved an average daily spot rate of
US$24,228, compared with US$33,871 recorded in FY 2024.
DIS also covered 50.7% of its employment days at a very
profitable average daily TCE rate of US$23,612 in FY 2025,
compared with 41.5% at US$27,420 in the previous year.
Therefore, our total daily average rate (including both
spot and time-charter contracts) amounted to US$23,916,
compared with US$31,195 achieved in 2024.
Throughout 2025, geopolitics continued to reshape the
global energy and shipping landscape. Conflicts, evolving
sanctions regimes and heightened enforcement actions have
structurally altered trade flows and introduced greater
complexity into oil and refined product markets.
The ongoing war in Ukraine has permanently redirected
Russian exports toward more distant destinations, while
Europe has adapted by sourcing barrels from the United
States, the Middle East and Asia. These shifts have lengthened
trade routes and increased voyage durations, structurally
supporting ton-mile demand. At the same time, widening of
sanctions and their stricter enforcement by the United States,
the EU and the UK, targeting non-compliant vessels and
operators linked to illicit Russian trades, has further
influenced trade patterns and reduced effective fleet
availability, contributing to tighter freight market conditions.
On 3 January 2026, a United States intervention in Venezuela
led to the removal of President Nicolás Maduro and the
subsequent easing of sanctions on Venezuelan oil exports.
These developments have introduced new dynamics in
Atlantic basin crude and product flows. In the near term, the
reintegration of previously sanctioned barrels is expected to
increase demand for compliant tonnage, while operational
inefficiencies and port congestion may further support freight
rates. Over time, a recovery in Venezuelan production —
subject to infrastructure upgrades and foreign investment
— could generate incremental demand for both crude and
product tankers.
In the Middle East, continued instability in the Red Sea and
security concerns along key maritime corridors have
disrupted traditional transit routes. For much of 2025, vessels
were required to sail around the Cape of Good Hope,
increasing sailing distances and operational complexity. While
these disruptions supported freight rates in the initial phase
of the crisis, during the first-half of 2024, their effects have
not been uniform over time, as shifts in refining margins and
transportation economics have reshaped trade flows since
then, increasing the share of East of Suez volumes traded on
shorter regional routes.
More recently, geopolitical tensions in the region escalated
into active confrontation. On 28 February 2026, coordinated
military strikes by the United States and Israel on Iran, marked
a significant escalation in regional hostilities. Iran remains a
meaningful oil producer, with output of approximately 3.3
million barrels per day in 2025. The Strait of Hormuz —
through which roughly 20% of global oil supply transits
— remains a critical chokepoint, and any material disruption
to traffic through this corridor could have significant
implications for global energy markets, tanker trade patterns
and freight volatility. At the time of writing, the full economic
consequences of these developments remain difficult to
assess and will depend on the duration and geographical
scope of the ongoing conflicts and on possible political
transitions.
Whilst geopolitical factors have significantly influenced freight
markets in recent years, strong industry fundamentals have
also played an important role and are expected to
continue supporting our market in the coming years.
Global oil demand remains resilient, expanding by
approximately 0.9 mb/d in FY’25 and forecast to grow by a
further 0.9 mb/d in FY’26, with non-OECD economies
accounting for virtually all incremental consumption
(1)
.
On the supply side, global oil production increased by 3.1
mb/d in FY’25, averaging 106.2 mb/d. Excluding the
unpredictable effects of the ongoing conflict in Iran on that
country’s oil supply, in FY’26 global oil production is
projected by the IEA
(1)
to expand by a further 2.4 mb/d to
108.6 mb/d. Non-OPEC+ producers — led by the United
States, Brazil and Guyana — are expected to account for
approximately half of this incremental growth, bringing their
output to around 56.2 mb/d
(1)
, while OPEC+ supply is
projected to rise by 1.2 mb/d
(1)
, assuming the group maintains
its current production plans.
The increase in supply, coupled with a growing share of
production originating in the Americas and exported to Asia,
is directly benefiting non-coated tankers, contributing to
structurally longer trade routes and higher ton-mile demand.
Very strong crude tanker markets have drawn more LR2
vessels into dirty trades, reducing clean fleet availability and
indirectly supporting product tanker earnings.
Refined volumes continued to expand in 2025. Global refinery
throughput increased by approximately 1.0 mb/d in FY’25 to
83.8 mb/d and is forecast by the IEA
(1)
to rise by a further 0.8
mb/d in FY’26 to 84.6 mb/d. Growth is driven primarily by
non-OECD regions, where crude runs expanded by
approximately 0.8 mb/d
(1)
in each of FY’25 and FY’26. In
contrast, refinery closures in the United States and Europe
have weighed on OECD runs, which remained broadly flat in
FY’25 and are expected to decline modestly in FY’26
(1)
.
Significant increases in refining throughput in the Middle East
and Asia are supported by new capacity that has recently
come online. These refinery dislocations represent one of the
most important structural drivers for product tanker demand.
Global refining capacity is undergoing a geographical shift,
with most net additions occurring east of Suez — particularly
in China, India and the Middle East — while closures continue
Paolo d’Amico
Chairman of the
Board of Directors
Antonio Carlos
Balestra di Mottola
Director, CEO
ESRS Content IndexSustainability Statement
62025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
Auditor’s Reports
in Europe and North America. By 2026, refining capacity east
of Suez is projected to exceed that of the Atlantic Basin for
the first time, according to the IEA
(2)
. This shift increases
long-haul trade flows, reinforces structural imbalances
between refining centers and consumption hubs, and
supports sustained ton-mile demand for clean product
tankers.
While the demand outlook remains constructive, structural
supply factors in the tanker market must also be considered.
Newbuilding activity has increased in recent years, with the
orderbook for MR and LR1 vessels standing at 13.5% of the
fleet as at the end of February 2025, and the overall tanker
orderbook at 18.0% as at the same date
(3)
.
However, the global fleet is ageing rapidly: 20.3% of the MR
and LR1 product tanker fleet and 20.1% of the entire tanker
fleet, measured by deadweight tonnage, was over 20 years
old as at the end of February 2025
(3)
. Moreover, 53.8% of the
MR and LR1 fleet and 45.6% of the overall tanker fleet
exceeded 15 years of age
(3)
. This ageing profile is expected to
constrain effective fleet productivity and contribute to a
gradual rebalancing of the market through increased
demolition over time, particularly in the event of a market
downturn or structural changes that limit employment
opportunities for older vessels.
With the objective of maintaining a modern, competitive
fleet while progressively reducing our environmental
footprint, we remained active in the sale and purchase
market during 2025.
During the year, we sold the three oldest vessels in our fleet,
(2) IEA: Oil 2025, published in June 2026.
(3) Clarksons: February 2026 Oil & Tanker Trades Outlook
MT Glenda Melody, MT Glenda Melissa and MT Glenda Meryl
(all built in 2011), further enhancing the overall age profile
and efficiency of our fleet.
In the last quarter of 2024, we exercised purchase options for
two young, high-quality MR vessels, MT High Navigator for
approximately US$ 34.3 million, and MT High Leader for
approximately US$ 33.9 million, with deliveries completed in
the first and second quarters of 2025, respectively. In the first
quarter of 2025, we also exercised our purchase option on MT
Cielo di Houston, a modern LR1 vessel acquired for
approximately US$ 25.6 million, with delivery in the third
quarter of 2025.
In December 2025, we signed a shipbuilding contract with
Guangzhou Shipyard International Company Limited (China)
for two MR1 (40,000 DWT) product tankers at a contract price
of US$ 43.2 million each, with deliveries expected in April and
July 2029. These vessels will offer materially enhanced
efficiency, with daily savings of approximately 4.0 metric tons
of fuel (around 20% lower consumption) while being able to
carry approximately 4,000 cubic meters more cargo (around
8% higher capacity), compared with our existing eco-MR1
fleet.
In January 2026, we signed an additional shipbuilding
contract with Jiangsu New Yangzi Shipbuilding Co., Ltd.
(China) for two MR2 (50,000 DWT) product tankers at a
contract price of US$ 45.4 million each, with deliveries
scheduled for March and June 2029. These MR2 vessels are
expected to achieve daily fuel savings of approximately 4.0
metric tons (around 17% lower consumption) than our
current eco-MR2 vessels.
Beyond fleet renewal, we continue to focus on operational
efficiency through the adoption of advanced technological
solutions, energy-saving devices and performance
optimization measures. Through these initiatives, we aim to
further reduce our environmental footprint while
strengthening our competitiveness and long-term
profitability.
We are particularly proud of our solid financial structure,
strengthened by favorable market conditions and the
significant deleveraging plan implemented in recent years. At
the end of 2025, our net financial position stood at US$27.4
million, compared with US$121.0 million at the end of 2024.
Our leverage ratio — calculated by dividing our net financial
position (excluding the effects of IFRS 16) by the market value
of our fleet — decreased to 2.4% as at 31 December 2025,
compared with 9.7% at the end of 2024 and 72.9% at the end
of 2018.
We also remain committed to delivering attractive returns
to our shareholders. In addition to the annual gross
dividend of US$35.0 million distributed in the second quarter
of 2025 in respect of the Company’s 2024 results, we paid an
interim gross dividend of US$15.9 million in the fourth
quarter of 2025. Furthermore, the Board of Directors has
proposed an annual gross dividend of approximately US$32.1
million to the upcoming Annual Shareholders’ Meeting, which
would bring the total payout ratio — including gross
dividends and share buybacks — to approximately 55% of the
Company’s consolidated net profit for 2025, representing a
substantial increase compared with previous years.
DIS benefits from the strategic and operational flexibility
provided by a strong balance sheet, a modern fleet and a
balanced mix of spot exposure and fixed-rate contracts.
Despite the uncertainties associated with a complex economic
and geopolitical environment, we believe the Company
remains well positioned to benefit from current robust freight
markets, underpinned by solid industry fundamentals, and
well equipped to navigate future challenges arising from an
evolving regulatory framework, rapid technological change
and continuing geopolitical volatility.
We extend our sincere appreciation to all our people, at sea
and ashore, whose commitment, expertise and sense of
responsibility form the foundation of our performance. We
are equally grateful to our shareholders for their continued
confidence in our strategy and long-term vision. Together, we
remain committed to navigating market cycles with discipline
and resilience, focused on delivering sustainable value for our
shareholders over the long term.
ESRS Content IndexSustainability Statement
72025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
Auditor’s Reports
Key Financial Figures
1 January - 31 December
US$ Thousand 2025 2024
Total net revenue 268,129 371,852
EBITDA* 152,728 260,936
as % of margin on Total net revenues 56.96% 70.17%
EBIT* 98,943 202,538
as % of margin on Total net revenues 36.90% 54.47%
Net profit 88,442 188,478
as % of margin on Total net revenues 32.98% 50.69%
Adjusted Net profit** 91,575 184,680
Earnings per share 0.743 1.564
Operating cash flow 168,615 258,731
Gross CAPEX* -76,943 -115,612
As at 31 December
2025 2024
Total assets 1,027,155 1,054,568
Net financial indebtedness* 27,390 121,031
Shareholders’ equity 770,404 733,291
1 January - 31 December
Other key Operating Measures* 2025 2024
Daily operating measures - TCE earnings per employment day (US$)
[1]
23,916 31,195
Fleet development - Total vessel equivalent 31.6 33.7
- Owned 28.3 26.0
- Bareboat chartered 2.7 3.0
- Time chartered 0.5 4.7
Off-hire days/ available vessel days
[2]
(%) 1.7% 2.8%
Fixed rate contract/ available vessel days
[3]
(coverage %) 50.7% 41.5%
*Please refer to the Alternative Performance Measures (APMs).
**Excluding results on disposal and non-recurring financial items - please refer also to the Summary of the Result of the Fourth Quarter and Full Year 2025.
[1] This figure represents time charter (“TC”) equivalent earnings for vessels employed on the spot market and time charter contracts, net of commissions. Please refer to the Alternative Performance Measures included further on in this report.
[2] This figure is equal to the ratio between the total off-hire days, inclusive of dry-docks, and the total number of available vessel days.
[3] Fixed rate contract days/available vessel days (coverage ratio): this figure represents the proportion of available vessel days, including off-hire days, employed on time charter contracts.
ESRS Content IndexSustainability Statement
82025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
Auditor’s Reports
Key ESG figures
Environmental Value 2025
Fleet age (as of year-end)
[1]
9.6 years
EEXI Compliant ships (as of year-end) 100%
IMO classed fleet % (as of year-end)
[2]
79.3 %
CII - Carbon Intensity Index -1.2% since 2024
Scope 1 emissions from the fleet employed on the spot market -30.3% since 2024
NOx emissions per nautical mile (tNOx/Nautical Mile) -0.9% since 2024
SOx emissions per nautical mile (tSOx/Nautical Mile) -7.5% since 2024
Accident and spills 0
Marine casualties 0
Fleet with installed water ballast treatment system (%) 100%
Social Value 2025
Onshore personnel (as of year-end) 26
Seagoing personnel (as of year-end) 632
Seagoing personnel (overall during the year) 1.448
Seafarers under 30 years old (%) 29.1%
Women in management positions (onshore) (%) 30.8%
Retention rate (onshore personnel) (%) 96.0 %
Retention rate (seagoing personnel) (%) 83.1 %
Average hours of training for seagoing personnel 20.3
Work-related injuries 0
Claims received 0
Port State Control (PSC) detentions in 2025 0
Governance 2025
Cases of corruption, bribery or anti-competitive behaviour 0
Instances for which fines were incurred 0
Calls at ports in countries that have the 20 lowest rankings in Corruption Perception Index 0
[1] Fleet age refers to owned and bareboat chartered in vessel.
[2] IMO classed fleet % refers to the whole fleet.
Group Profile
ESRS 2 SBM-1
d’Amico International Shipping S.A. (referred to individually as
the “Company” or “d’Amico International Shipping” and,
collectively with its subsidiaries, as “DIS”, “DIS Group” or “the
Group”) is an international marine transportation company,
part of the d’Amico Società di Navigazione SpA Group (the
“d’Amico Group”), which traces its origins to 1936.
As at 31 December 2025, d’Amico International Shipping,
through its wholly owned subsidiary d’Amico Tankers d.a.c
(Ireland), controlled a fleet of 29 vessels (compared to 33
vessels at the end of 2024) comprising 27 owned vessels and 2
bareboat chartered-in vessels with purchase obligations. The
Group’s fleet had an average age of 9.6 years, compared to
the product tanker industry average of 14.7 years for MR
vessels (25,000 – 55,000 dwt) and 16.3 years for LR1 vessels
(55,000 – 84,999 dwt).
DIS operates an entirely double-hulled fleet, primarily
engaged in the transportation of refined oil products,
providing worldwide shipping services to major oil companies
and trading houses. All vessels comply with International
Maritime Organization (IMO) regulations, including MARPOL
(the International Convention for the Prevention of Pollution
from Ships), and meet the stringent requirements set by oil
majors, energy-related companies, and other relevant
international standards. Under IMO/MARPOL regulations,
certain cargoes, such as palm oil, vegetable oil, and other
chemicals, may only be transported by vessels that meet
specific technical requirements (IMO Classed). As at 31
December 2025, 79.3% of DIS’ controlled fleet was
IMO-classed.
Inspired by the values of our family, we build
our business with a long-term view, focusing
on innovative solutions and adequate risk
management.
Connecting the world by sea,
our responsibility is to create
economic and social value,
respecting the environment
and guaranteeing reliable
and transparent relationships
with our stakeholders.
Our sustainable business model pursues the goal
of creating value and generating a positive impact
on the communities we work with
. Integrity,
transparency and an open dialogue are the
foundations of our relations with stakeholders
Respect for the environment is a priority.
Safeguarding the planet and a strong focus
on future generations guide our investment
choices, without compromises. At all times,
we take care of our seas and promote a
sustainable lifestyle for our people.
We believe in the value of diversity and
promote a multi-cultural, inclusive and
motivating work environment where our
people are part of a unique team.
We offer our people an “employee
experience” that allows them to develop
their skills, and to nurture their talent for
their professional and personal
fulfilment, while taking care of their
well-being.
ESRS Content IndexSustainability Statement
92025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
Auditor’s Reports
ESRS Content IndexSustainability Statement
102025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
Auditor’s Reports
Group Structure and Global Presence
ESRS 2 SBM-1
d’Amico International Shipping S.A. is a public limited
company (société anonyme), incorporated in Luxembourg
on 9 February 2007. The Company is organized and
governed under Luxembourg law and, since its listing on 3
May 2007 on the STAR segment of the Italian Stock
Exchange (Euronext Milan), has also been subject to the
relevant provisions of Italian law.
DIS is part of the d’Amico Group, one of the world’s leading
privately owned marine transportation groups, with over 80
years of experience in the shipping industry.
As at 31 December 2025, d’Amico International Shipping S.A.
was 60.66% owned by d’Amico International S.A., in terms of
both share capital and voting rights. d’Amico International
S.A. is wholly owned by d’Amico Società di Navigazione
S.p.A., the ultimate parent company of the d’Amico Group.
d’Amico International Shipping benefits from the expertise of
the d'Amico Group, which provides technical management
services to the DIS Group’s vessels, including crewing,
insurance arrangements, and safety, quality, and
environmental management.
The following diagram illustrates the Group’s structure as of
31 December 2025.
As at 31 December 2025, DIS employed 632 seagoing
personnel and 26 onshore personnel. Through related-
party contracts, DIS also benefits from the services of
employees of the d’Amico Group operating in administrative,
chartering, operations, sales and purchase, and technical
functions within d’Amico Shipping Singapore, d’Amico
Shipping USA, d’Amico Società di Navigazione S.p.A., Rudder
SAM, and d’Amico Shipping UK.
The DIS Group maintains offices in key maritime centres
worldwide, including Luxembourg (Grand Duchy of
Luxembourg), Dublin (Ireland), London (United Kingdom), and
Monte Carlo (Monaco). The Group provides transportation
services through the operation of its entire fleet on a
global basis. This international presence supports the
Group’s ability to meet the needs of clients across multiple
regions and contributes to the visibility and recognition of the
DIS brand worldwide. In addition, the geographical
distribution of the Group’s offices across multiple time zones
enables continuous operational monitoring and timely
customer support.
Service Company
Pool Agent
Shipping Company
ESRS Content IndexSustainability Statement
112025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
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Our Business
ESRS 2 SBM-1
DIS’ business purpose is to operate, through its wholly owned
subsidiary d'Amico Tankers d.a.c., a fleet of owned and
chartered-in vessels engaged in the transportation of refined
petroleum products and vegetable oils.
The DIS Group’s revenue, amounting to US$ 346.5 million in
2025, is mainly generated from the employment of the vessels
in its fleet under spot contracts and time charters for the
marine transportation of refined petroleum products. Vessels
employed under fixed-rate contracts, including time charters,
generally provide more stable and predictable cash flows
compared to vessels operating in the spot market. Conversely,
spot contracts offer the potential to maximise revenues during
periods of increasing market rates, although they may result in
lower earnings during periods of declining rates. The
employment mix of the fleet is adjusted based on prevailing
and forecasted market conditions. For further information on
vessels acquisition and employment arrangements, reference is
made to the explanatory box on the next page. In addition,
gains or losses may arise from the sale of vessels within the
Group’s fleet.
In 2025, revenue decreased by 29% compared with the
previous year, mainly reflecting a market environment that,
while still highly profitable, did not reach the extraordinary
levels recorded in the prior year, as well as a lower average
number of equivalent vessels employed during the year.
In addition, during the year DIS significantly strengthened its
financial structure, reducing its net financial indebtedness
by 77.4% compared with the previous year.
DIS Group benefits from a strong brand name and an
established reputation in the international shipping
market, built over its long operating history. This reputation
supports the Group’s ability to maintain long-term
relationships with customers and business partners and to
develop new business relationships over time. Accountability,
transparency and a focus on quality underpin the Company’s
operations and long-term performance.
DIS is committed to complying with applicable sanctions
regimes, including those of the European Union, the United
States and the United Nations, as well as any other relevant
sanctions frameworks. The Group seeks to ensure that no
sanctioned products are transported to restricted markets and
that its business activities do not involve sanctioned
counterparties. To this end, the Group has implemented a
sanctions policy providing for ongoing due diligence on
counterparties and transactions and requiring the inclusion of
appropriate sanctions-related clauses in contractual
arrangements.
Revenue (US$ thousands) 2025 2024 Δ
Revenue, excluding bareboat charter revenue 346,529 488,217 -29.0%
Revenue from transport of oil-related products 342,032 470,971 -27.4%
Revenue from the transport of vegetable oil 4,497 17,246 -73.9%
Revenue from Taxonomy-aligned economic activities related to fossil gas n.a. n.a. n.a.
Total capitalization breakdown – at year-end (US$ thousands) 2025 2024 Δ
Net financial indebtedness
27,390 121,031
-77.4%
Shareholders' Equity 770,404 733,291 5.1%
Our Numbers
US$ 346.5 mln
revenue in FY 2025
29
product tankers vessels controlled
at YE 2025
11.329
employment days, equal to 98.3% of
available days in FY 2025
16.2 mln tons
cargo loaded in FY 2025
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Our Fleet
(4) This information covers SASB TR-MT-000.E disclosure requirements.
(5) This information covers SASB TR-MT-000.D disclosure requirements.
As at 31 December 2025, the DIS Group controlled a modern
fleet of 29 product tankers
(4)
, managed through a
combination of ownership and charter arrangements, with an
aggregate deadweight tonnage (DWT) of 1,535,595 tons
(-11.1% since 2024). Vessels in the DIS Group’s product tanker
fleet ranged in size from approximately 36,000 to 75,000
deadweight tons (dwt). Of this fleet, 93% was directly owned
by the Group, with the remaining vessels bareboat
chartered-in.
DIS primarily operates Medium Range (MR) vessels, with
sizes ranging from 25,000 to 55,000 dwt. This vessel size
offers the greatest flexibility in terms of trade routes and
port access. In line with industry practice, MR vessels are
commonly classified into MR1 (also referred to as Handysize),
typically ranging between approximately 25,000 and 40,000
dwt, and MR2 vessels, generally ranging from 40,000 to
55,000 dwt.
In addition, as at 31 December 2025, DIS managed a fleet of
six Long Range 1 (LR1) vessels, with an average size of
approximately 75,000 dwt, which provide operational
flexibility while offering improved economies of scale on
longer-haul voyages.
As at 31 December 2025, the Group’s fleet composition and
employment status were as follows:
2 LR1 (‘Long Range 1’), 10 MR (‘Medium Range’) and 6
Handysize vessels were employed under term contracts at
fixed rates (either bareboat or time charter arrangements).
4 LR1 and 7 MR vessels were employed on the spot market.
Controlled fleet: number of vessels – at year-end (2025) LR1 MR Handysize Total
Owned 6 15 6 27
Bareboat chartered-in
0 2 0 2
Total
6 17 6 29
Controlled fleet dwt – at year-end
(5)
(2025) 2025 2024 Δ
Controlled fleet DWT (mt) 1,535,595 1,728,130 -11.1%
Controlled fleet: number of vessels – at year-end 2025
The Product Tankers Industry: fleet characteristics and
commercial employment
Fleet characteristics
Product tankers have coated tanks and primarily carry a range
of refined petroleum products, typically gasoline, jet fuel,
kerosene, fuel oil, and naphtha. When classified as IMO II/III,
these vessels can also carry easy chemicals and edible oils.
(6) Source: Clarksons Research, as of January 1, 2026. Percentage on DWT of global product tanker fleet (290.0 million DWT) excludes vessels with stainless steel tanks
The global seaborne transportation of refined oil products
helps address supply and demand imbalances between
different world regions, mainly caused by the lack of
resources or refining capacity in consuming countries.
Additionally, ’arbitrage' trading opportunities arise from
regional differences in refining costs and mismatches
between local refining output and demand for specific refined
products.
Product tanker
class (dwt) Characteristics Voyages Flexibility
Arbitrage
voyages
% World
fleet
(6)
Short range (SR)
10,000-25,000
Trades in specialised markets regionally.
Focused primarily on the distribution side.
Only short High No 5.6%
Medium range (MR)
25,000-55,000
Access to more ports than larger vessels.
Better economies of scale over medium
and longer distances versus SR vessels.
Short and long High Yes 39.3%
Long range (LR)
55,000-120,000
Better economies of scale over longer
haul voyages.
Short and long
Medium (LR1)
Low (LR2)
Yes 55.2%
Commercial employment
The acquisition of a vessel can be structured through several
arrangements, ranging from full ownership to different types
of chartering agreements. The primary distinctions among
these arrangements relate to the level of operational
control, responsibility and financial commitment required.
Owned vessels and bareboat charter arrangements
demand the highest degree of operational involvement
and financial commitment. Time charter-in arrangements,
whether long- or short-term, offer varying degrees of
flexibility and responsibility, depending on the duration
and contractual terms.
Definitions of the main vessel employment arrangements are
set out below:
• Owned Vessels: owned vessels are fully managed by the
owning company, which exercises complete control over the
vessel’s operations, including technical management,
crewing, maintenance and insurance. The owning company
may elect to outsource all or part of the vessel’s
management to third-party service providers.
• Bareboat Chartered-In: a bareboat charter involves the
leasing of a vessel without crew, provisions or operational
support. Under this arrangement, the charterer assumes full
operational responsibility for the vessel, including crewing,
technical maintenance, insurance and regulatory
compliance, for an agreed-upon period.
• Time Chartered-In (TC-In): time charter contracts require
the charterer to pay a daily hire fee to the shipowner for a
specified period. The charterer gains operational control
over the vessel, including the selection of ports, routes and
speed, and is responsible for fuel costs and port charges.
This employment model allows the Group to deploy vessels
for variable periods and, in the case of medium- to
long-term arrangements, to increase tonnage capacity in
line with its fleet sizing and commercial strategy, without
significant upfront capital investment. Time charter contracts
generally range from short-term arrangements of less than
six months to medium-term contracts of up to three years,
with longer durations possible in specific cases. Such
contracts may include extension options, typically allowing
the charter period to be extended by one or more
additional years, as well as purchase options exercisable
after an initial period and up to the end of the contract.
• Time Chartered-out (TC-Out): regardless of ownership
status (i.e., whether a vessel is owned or chartered-in), a ship
can be leased to a third party under a time charter-out
arrangement. TC-Out mirrors the TC-In structure from the
shipowner’s (lessor’s) perspective and generally involves
charter periods ranging from three months to five years.
• Bareboat Chartered-Out: under this arrangement, the
shipowner leases the vessel without crew, provisions, or
operational support to a third party. The charterer
assumes full responsibility for managing the vessel,
including crewing, maintenance and all operational costs,
effectively acting as the shipowner for the duration of the
charter period.
• Voyage Chartered (‘Spot’): regardless of ownership status
(i.e., whether a vessel is owned or chartered-in), a vessel may
also be commercially employed under voyage charter
(“spot”) contracts. Under such arrangements, the charterer
hires the vessel for a specific voyage or series of voyages
and pays the shipowner a freight rate, typically calculated on
a per-ton basis or by reference to the Worldscale index, a
globally recognized benchmark for freight rates in the
tanker industry. The shipowner is responsible for the safe
carriage and delivery of the cargo, as well as all operating
expenses, including port charges, fuel and crew wages.
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2024
40.50%
23.70%
21.30%
21.00%
20.70%
27.90%
12.10%
13.40%
3.50%
8.00%
1.40%
3.10%
0.60%
0.10%
0.00%
0.30%
0.00%
2.60%
2025
0 10 20 30 40 50
Gasoline
Components
Molasses
Easy
chemicals
Vegetable
Oil
Jet A1
Naphta
Gasoil
Unleaded
Gasoline
Fuel Oil
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DIS is committed to operating a fuel-efficient fleet in
compliance with applicable environmental legislation. In 2024,
DIS placed orders for four newbuilding vessels, with
deliveries expected in 2027. In 2025, DIS ordered two
additional newbuilding vessels, with deliveries expected in
2029. These vessels meet the stringent standards required by
the Group’s oil major customers and are designed to be
highly cost-efficient. Additionally, DIS sold four of its oldest
vessels during the 2024–2025 period (one in 2024 and three
in 2025).
The quality of DIS Group’s fleet is preserved through
scheduled maintenance programmes, adherence to
stringent standards for owned vessels, and the chartering-in
of vessels from owners who meet high-quality standards.
In 2025, DIS vessels were employed for a total of 11.329
days, representing 98.3% of the available days. Compared
to 2024, both available and employment days decreased by
6.7% and 5.7%, respectively, mainly due to a lower average
number of equivalent vessels employed during the year.
(7) This information covers SASB TR-MT-000.C disclosure requirements
(8) This information covers SASB TR-MT-000.B disclosure requirements.
(9) Distance sailed from anchorage to the terminal.
(10) Excluded from this count is the Bright Future (formerly Cielo di Londra) which is not operated commercially by d’Amico Tankers.
(11) Percentages estimated on a selection of the top 9 products transported.
Controlled fleet's available and employment days
(7)
2025 2024 Δ
Available days
11,520
12,349 -6.7%
Employment days
11,329
12,008 -5.7%
In 2025, the whole controlled fleet – including owned,
bareboat and time chartered-in vessels, has traveled for a
total of almost 1.7 million nautical miles, marking a 13.4%
reduction in total distance sailed against 2024.
Distance sailed (Nautical Miles)
(8)
2025 2024 Δ
Ballast 594,838.1 656,920.1 -9.5%
Laden 1,047,512.7 1,254,072.8 -16.5%
Port
(9)
54,009.0 47,936.2 +12.7%
Total 1,696,359.8 1,958,929.1 -13.4%
In 2025, total cargo loaded amounted to 16.2 million tons
(10)
,
representing a 3.7% increase compared with 2024. The DIS
fleet primarily transported fuel oil, unleaded gasoline, and
gasoil. The composition of products transported
(11)
varied
compared with the previous year, although these products
continued to represent the largest shares. Notably, the share
of gasoil transported declined by 7 percentage points, offset
by a marked increase in fuel oil. In addition, Jet A1 recorded a
decrease of 4.5 percentage points compared with 2024.
Products transported (%)
The following table provides detailed information about DIS’ fleet on the water as of 31 December 2025:
DIS’ Fleet
Vessel category
Contractual arrangement Vessel name Dwt Construction year
Builder, Country IMO classed
LR1 Fleet Owned Bright Future 75,000 2019 Hyundai Mipo, South Korea (Vinashin, Vietnam)
-
Cielo Rosso 75,000 2018 Hyundai Mipo, South Korea (Vinashin, Vietnam)
-
Cielo di Cagliari 75,000 2018 Hyundai Mipo, South Korea (Vinashin, Vietnam)
-
Cielo di Rotterdam 75,000 2018 Hyundai Mipo, South Korea (Vinashin, Vietnam)
-
Cielo Bianco 75,000 2017 Hyundai Mipo, South Korea (Vinashin, Vietnam)
-
Cielo di Houston 74,999 2019 Hyundai Mipo, South Korea (Vinashin, Vietnam)
-
MR Fleet Owned High Explorer 49,999 2018 Onomichi, Japan
IMO II/III
High Leader 49,999 2018 Japan Marine, Japan
IMO II/III
High Navigator 49,999 2018 Japan Marine, Japan
IMO II/III
High Adventurer 49,999 2017 Onomichi, Japan
IMO II/III
High Mariner 50,000 2017 Minaminippon Shipbuilding, Japan
IMO II/III
High Transporter 50,000 2017 Minaminippon Shipbuilding, Japan
IMO II/III
High Challenge 50,000 2017 Hyundai Mipo, South Korea (Vinashin, Vietnam)
IMO II/III
High Wind 50,000 2016 Hyundai Mipo, South Korea (Vinashin, Vietnam)
IMO II/III
High Trust 49,990 2016 Hyundai Mipo, South Korea (Vinashin, Vietnam)
IMO II/III
High Trader 49,990 2015 Hyundai Mipo, South Korea (Vinashin, Vietnam)
IMO II/III
High Loyalty 49,990 2015 Hyundai Mipo, South Korea
IMO II/III
High Voyager 45,999 2014 Hyundai Mipo, South Korea
IMO II/III
High Freedom 49,990 2014 Hyundai Mipo, South Korea
IMO II/III
High Tide 51,768 2012 Hyundai Mipo, South Korea
IMO II/III
High Seas 51,678 2012 Hyundai Mipo, South Korea
IMO II/III
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DIS’ Fleet
Vessel category
Contractual arrangement Vessel name Dwt Construction year
Builder, Country IMO classed
MR Fleet Bareboat with purchase options and pur-
chase obligations
High Fidelity 49,990 2014 Hyundai Mipo, South Korea (Vinashin, Vietnam)
IMO II/III
High Discovery 50,036 2014 Hyundai Mipo, South Korea
IMO II/III
Handysize Fleet Owned Cielo di Salerno 39,043 2016 Hyundai Mipo, South Korea (Vinashin, Vietnam)
IMO II/III
Cielo di Hanoi 39,043 2016 Hyundai Mipo, South Korea (Vinashin, Vietnam)
IMO II/III
Cielo di Capri 39,043 2016 Hyundai Mipo, South Korea (Vinashin, Vietnam)
IMO II/III
Cielo di Ulsan 39,060 2015 Hyundai Mipo, South Korea (Vinashin, Vietnam)
IMO II/III
Cielo di New York 39,990 2014 Hyundai Mipo, South Korea
IMO II/III
Cielo di Gaeta 39,990 2014 Hyundai Mipo, South Korea
IMO II/III
In addition to the fleet detailed above, as of 31 December 2025, DIS has the following LR1 product tanker vessels under construction:
Hull number Estimated DWT Estimated delivery Builder, Country
YZJ2024-1642 75,000 Q3-2027 Jiangsu New Yangzi Shipbuilding, China
YZJ2024-1643 75,000 Q4-2027 Jiangsu New Yangzi Shipbuilding, China
YZJ2024-1644 75,000 Q3-2027 Jiangsu New Yangzi Shipbuilding, China
YZJ2024-1645 75,000 Q4-2027 Jiangsu New Yangzi Shipbuilding, China
GSI2025-25110064 40,000 Q2-2029
Guangzhou Shipyard International
Company Limited, China
GSI2025-25110065 40,000 Q3-2029
Guangzhou Shipyard International
Company Limited, China
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Upstream VC
Downstream VC
Vessel Value Chain
Design & Construction Supervision Classification Financing Acquisition & Disposal
Newbuilding Purchase Second-hand Purchase Long-term Time Charter In
Ship to be upgraded
Ship Available for
Maritime Transportation
End of life management
Maritime Operational Value Chain
Ship Maintenance
Supply of Goods
& Services
Drydocking, Maintenance,
Repairs
Fuel Testing
Ship Management
Technical
Crewing
Insurance
Survey & Certification
Ship Commercial Employment
Chartering Management
Operations Management
Procurement of Bunker Fuel
Port Facilities Services
Clean refined and dirty products Value Chain
Crude Oil Clean refined products
Dirty products
Clean refined products
Dirty products
Maritime
Transportation
Extraction
Storage
Transportation
Refining
Storage
Trading/Brokerage
Terminal/Storage
Distribution
Consumers
and End Users
Our value chains
ESRS 2 SBM-1
(12) See: The Three Maritime Value Chains: Decarbonization Playbook Part 2. (2022b, August 21). The Maritime Executive.
A value chain (VC) is a step-by-step multi-business process
that transforms inputs into a product or service, adding value
at each stage, and simultaneously generating externalities.
Activities carried out along a VC significantly influence the
workers involved by affecting their working conditions, skills,
and well-being. They evidently also impact on the
environment and the communities in places where operations
are based.
Organizations in the maritime transportation sector operate
within a complex environment where multiple
interdependent value chains exist and interact, including
the Vessel VC and the Maritime Operations VC
(12)
. To
identify impacts, risks and opportunities, as well as the levers
to promote sustainable development in the shipping industry,
these VCs should be analyzed jointly. Additionally, a third VC
to consider is the transported Product VC, which pertains to
transported goods and commodities, where maritime
transportation plays a key role.
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Vessel value chain
DIS’ vessel VC encompasses the ship design and
construction stages, beginning with the procurement of
materials, primarily steel, and equipment. These activities are
carried out at shipbuilding facilities under the supervision of
the d’Amico Group’s
(13)
technical department, ensuring
first-class standards. Vessel acquisition is supported by
financing provided by credit institutions, while classification
by IACS (International Association of Classification Societies)
members guarantees and certifies compliance with IMO
regulation, flag state requirements and the highest standards
in construction, testing and control. This certification is crucial
to ensure that vessels are seaworthy and meet the highest
safety standards for both the crew and the vessel.
These activities represent the upstream tiers of the vessel VC,
aimed at making ships ready for operations. DIS secures
control of its fleet through three acquisition methods:
• Newbuilding Purchase: collaborating closely with the
shipbuilder to finalize specifications and conduct
maker’s selection, ensuring that choices in suppliers and
equipment adhere to the Group’s stringent criteria, all
under the direct supervision of the Group’s technical
department.
• Second-Hand Purchase: acquiring ships that meet the
commercial and technical requirements set by the
company.
• Long-Term Time Charter: chartering ships from other
owners for extended periods.
(13) As already noted, DIS is part of a larger Group (d’Amico Group), which is tasked with some activities that pertain both the product tankers (DIS) and dry cargo (DSN) fleets and their operations. For instance, shipbuilding supervision is carried out by personnel in DSN staff, though the function covers all
newbuildings, regardless of their belonging to one of the two fleets.
To enhance vessels’ energy efficiency, reduce their carbon
footprint, and ensure compliance with current and
forthcoming environmental requirements, existing ships may
undergo different kinds of technical upgrades.
The downstream side of the Vessels’ VC addresses end-of-
life management, focusing on ship disposal at dedicated
facilities to ensure responsible ship recycling. To this end,
shipowners like DIS are required to maintain and constantly
update a certified Inventory of Hazardous Materials (IHM) for
each vessel, in compliance with applicable rules.
Maritime operational value chain
The Maritime operational VC is structured into three
interconnected phases: ship maintenance, ship management,
and ship employment.
Ship Maintenance
This phase encompasses the supply of goods such as spare
parts and consumables (e.g. paints, lubricating oils) along with
services including equipment reconditioning, repairs, and
lifesaving, navigational, and firefighting services. Annual
calibration and preventive maintenance of all equipment are
necessary for maintaining fleet operability and are primarily
sourced externally. Extensive maintenance typically occurs
during dry-docking, a procedure where ships are removed
from water for thorough inspections, hull recoating and
necessary upgrades. Fuel testing assesses fuel technical quality
and environmental impact; it focuses on parameters such as
sulfur concentration levels, combustion performance, and
chemical components that may lead to equipment failure.
Ship Management
Ship management involves a range of key activities essential
for the fleet’s operational readiness and commercial
availability, executed in part by DIS' related parties within the
d’Amico Group. These include:
• Technical management ensures that all operations
adhere to industry standards and regulations through
ongoing maintenance or repairs, technical supervision,
routine checks and overhauls. This phase also pertains to
the management of technical documents and
compliance records, as well as the coordination of
periodical class surveys and preventive maintenance.
• Crewing concerns the recruitment, training, and overall
management of crew members to ensure they are
qualified, certified, and fit for duty according to
international maritime regulations. This includes the
handling of all crew-related matters such as payroll, crew
well-being and professional development.
• Insurance management covers all the fleet's operations
with appropriate insurance policies, including hull and
machinery insurance and protection and indemnity
(P&I). DIS relies on external providers specifically for the
issuance of insurance policies and settlement of claims.
• Survey and Certification ensure compliance with flag
state, international regulations, and oil majors’
requirements. The aim of this activity is to assure high
standards in health, safety, quality, and environmental
management in accordance with ISO standards. It
involves implementing a management system
conducting regular audits, and maintaining statutory
certifications issued by flag state administrations. This
phase is crucial for meeting oil majors’ requirements and
managing inspections by Port State Control (PSC), which
are essential for maintaining the ship's global
operational capabilities.
Ship Employment
Ship employment involves commercial services such as
Chartering and Operations Management, crucial in
determining ship employment modalities, types of cargo
handled, routes to be navigated, and duration of operations
under time charter contracts. These services are managed
both internally by DIS and some of its related parties, and
they are key to maintaining high service quality standards,
profitability and competitive edge of the fleet.
Ship Employment includes:
• Chartering Management involves decision-making for
the commercial employment of vessels, negotiating and
securing charter agreements based on market
conditions and customer requirements.
• Operations Management focuses on the day-to-day
management of ship operations. This includes route
planning, monitoring the loading and unloading of
cargo and coordinating with ports and logistics
providers.
Procurement of bunker fuel is another key enabling factor
for shipping operations, carried out by a fuel trading
company within the broader d’Amico Group. Decisions
concerning bunker fuel supplies are directly influenced by
chartering arrangements and are typically made in
conjunction with these agreements.
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Finally, ship employment also depends on the services
provided by port facilities, which include bunkering, cargo
handling, storage, customs and documentation services.
All the tiers involved in maintenance services, ship
management and employment are part of the upstream side
of DIS’ operational value chain, which encompasses all
activities necessary to source goods, services, and other
inputs required for providing maritime transportation
services. The downstream side, instead, refers to the later
stages of the value chain, which for DIS, primarily involve
waste management for Maritime operational VC and ship
disposal for the Vessels’ VC. Port facilities in this context play
a dual role, providing critical services for ship maintenance
and operational readiness as part of the upstream VC while
also enabling downstream operations, particularly waste
management.
Products value chain
DIS primarily operates within the value chain of clean and
dirty refined petroleum products, serving as a
transportation link between refineries, traders, and
distribution networks. The process begins with the
extraction of crude oil, which is then transported to storage
facilities and subsequently to refining facilities. At this
stage, crude oil is processed into refined products that are
then stored before being sold. Trading and brokerage
activities further facilitate the movement of these refined
products into the market, positioning DIS as a key player in
this phase.
DIS’ fleet manages the maritime transportation of these
products, moving them efficiently from refineries to
terminal and storage facilities located in the downstream
segment of the value chain. From these facilities, the products
are distributed to a diverse range of consumers and
end-users.
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DIS’ Stakeholders
ESRS 2 SBM-2
d’Amico International Shipping Group continuously engages
with its stakeholders to ensure that their views and
expectations are met and effectively managed. This ongoing
interaction has enabled the Group to develop an
engagement strategy that accounts for the diverse needs
and expectations of different stakeholder groups (refer to
DIS Stakeholders Table).
d’Amico International Shipping’s Investor Relations (IR) team
facilitates continuous communication with institutional
investors, shareholders, and the financial community,
ensuring that information sharing is timely and
comprehensive, adhering to legal and governance standards.
The IR team actively engages through meetings, calls,
roadshows, and events such as those organized by Borsa
Italiana. Shareholders can submit questions or proposals for
the Shareholders’ Meeting via defined channels. The
Company evaluates dialogue requests based on their
alignment with medium- to long-term interests and
sustainable development goals. Dialogue is maintained
throughout the year, except during black-out periods related
to financial results, unless urgent matters arise that are in
compliance with regulations.
Banks also play a significant role in shaping strategy by
setting the prerequisites for obtaining financing, particularly
when access to preferential loans is contingent upon meeting
specific environmental performance standards.
For DIS, the relationship with major clients presents an
opportunity for mutual exchange, starting from their
expectations regarding ship management, which set the
prerequisites for chartering. This interaction necessitates
strategic and operational adjustment by DIS, viewed as
essential investments to maintain stable and long-lasting
client relationship. In this respect, in 2024, all oil majors
updated their vetting regime (SIRE 2.0), which shifted the
focus of inspections and required greater preparation from
DIS personnel. These significant adjustments to meet new
market demands highlight the importance of transparent
collaboration for business growth and competitiveness.
During 2023 and 2024, in addition to established engagement
practices, stakeholders were also engaged through feedback
surveys conducted during the initial phases of the Double
Materiality Assessment (DMA). Participants were requested
to evaluate the completeness of the preliminary mapping of
impacts, risks and opportunities, and to offer integration
suggestions, which were incorporated as appropriate. For
additional details on the DMA process, please refer to the
dedicated chapter on DMA.
The table below lists the main DIS’ stakeholder categories,
their needs and expectations, and the strategic elements
employed to address and manage them, focusing on
engagement and communication modalities.
*Other unlisted subsidiaries refer to DIS’ direct and indirect subsidiaries.
Personnel
Other unlisted
subsidiaries*
External
Our Stakeholders
Internal
Shareholders
Clients
Insurance
companies
Trade and
joint-venture
partners
Maritime and
flag authorities
Stock
exchange
regulators
Local communities
Local organisations
Local institutions
Governments,
institutions
and NGOs
National / international
institutions
Stock
exchange
Debt providers
Other shipowners
Debt funds
Banks
Suppliers
Qualified suppliers
of goods and services,
port agents and brokers
Board
members
Personnel
Other unlisted
subsidiaries*
External
Our Stakeholders
Internal
Shareholders
Clients
Insurance
companies
Trade and
joint-venture
partners
Maritime and
flag authorities
Stock
exchange
regulators
Local communities
Local organisations
Local institutions
Governments,
institutions
and NGOs
National / international
institutions
Stock
exchange
Debt providers
Other shipowners
Debt funds
Banks
Suppliers
Qualified suppliers
of goods and services,
port agents and brokers
Board
members
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Internal Stakeholders
Stakeholders Needs and expectations Strategy
Engagement and Communication channel
Personnel
• Employment guarantees
• Competitive remuneration
• Occupational health and safety
• Professional qualification
• Flexible working hours
• Cutting-edge information systems
• Corporate culture and positive organisational
environment
• Participation
• Reviewing the organisational structure to keep up with personnel needs
• Ongoing professional development
• Continuous performance evaluation
• Technological innovation enhance safety onboard
• Welfare initiatives
• Internal process management
• Annual Report
• Internal regulations and disciplinary system
• Personnel assessment system
• Ongoing communication with the HR department and head of crew
• Integrated Management System
• ‘Lighthouse’ internal magazine
• LinkedIn account
• Meetings, events and seminars
Board members
• Alignment of the interests of shareholders
with those of the Company
• Compliance with laws and regulations
• Information and training initiatives • Sustainability Statement
• Financial Report
• Periodic meetings
Other unlisted subsidiaries
• Economic and financial soundness
• Group efficiency
• Reviewing how business is conducted and the company’s performance
• Examining current and future market needs
• Sustainability Report
• Financial Report
• Press releases
• Meetings, events and seminars
ESRS Content IndexSustainability Statement
222025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
Auditor’s Reports
External Stakeholders
Stakeholders Needs and expectations Strategy Engagement and Communication channel
Clients
• Efficiency, quality and reliability of
services
• Fair price
• Respect for workers’ rights
• Compliance with contractual
requirements
• Compliance with safety standards
• Limited environmental impact of
services
• Business continuity
• Long-term approach to business relationships
• Focus on pollution prevention, workers’ safety, quality of ship building and
maintenance
• Appropriate policies and procedures and knowledgeable internal legal
corporate and shipping teams
• Investments in technology to increase efficiency, quality and reliability
• Strong corporate governance code
• Sustainability Statement
• Emails
• Industry trade shows and Road shows
• Group websites
• Meetings, events and seminars
• Contacts with Sales and Purchasing department
• Vetting inspections
Shareholders
• Group stability
• Business’ financial sustainability
• A return on equity exceeding the cost
of equity
• Process efficiency and resources
optimisation
• Appropriate risk management policies
• Sound ship management practices
• Continuous innovation
• Compliance with regulations
• Focus on market dynamics and fundamentals
• Evaluate investments in new sectors
• Establish and update policies and procedures
• Attention to technological innovation to improve efficiency of existing
services and capture new investment opportunities
• Adopt appropriate risk management procedures
• Focus on compliance
• Sustainability Statement
• Financial Report
• Investor Relations
• Press releases
• Meetings, events and seminars
• Communication with the Board of Directors
• Annual general meeting of shareholders
Trade and joint-venture partners and Suppliers
• Business continuity
• Solvency
• Compliance with contractual conditions
• Rapid and prompt payments
• Compliance with safety standards
• Limited environmental impact of
services
• Quality of technical management
• Appropriate risk management policies
• Long-term approach to business relationships
• Focus on pollution prevention, workers’ safety, quality of ship building and
maintenance
• Appropriate policies and procedures and knowledgeable internal legal
corporate and shipping teams
• Investments in technology to increase efficiency, quality and reliability
• Strong corporate governance code
• Focus on risk management
• Sustainability Statement
• Emails
• Industry trade shows and Road shows
• Meetings, events and seminars
• Contacts with Sales and Purchasing department
ESRS Content IndexSustainability Statement
232025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
Auditor’s Reports
External Stakeholders
Stakeholders Needs and expectations Strategy Engagement and Communication channel
Debt providers and insurance companies
• Business continuity
• Solvency
• Compliance with contractual conditions
• Compliance with safety standards
• Limited environmental impact of
services
• Quality of technical management
• Appropriate risk management policies
• Transparency
• Appropriate financial planning
• Sound business judgment
• Focus on pollution prevention, workers’ safety, quality of ship building and
maintenance
• Appropriate policies and procedures
• Knowledgeable compliance department, internal legal corporate and
shipping teams
• Investments in technology to increase efficiency, quality and reliability
• Strong corporate governance code
• Focus on risk management and financial planning
• Sustainability Statement
• Financial Report
• Emails
• Industry trade shows and Road shows
• Meetings, events and seminars
• Communication and contacts with finance department
Local communities
• Improvement of life quality and living
conditions
• Positive relations and collaboration
• Establishing a positive and collaborative relationship with all local
institutions and bodies, as well as with the community in general
• Contribution to local community development
• Sustainability Statement
• LinkedIn account
• Group websites
Maritime and flag authorities, Governments,
Institutions and NGOs
• Compliance with flag and class
requirements
• Compliance with local and international
requirements, including those
regarding the environment
• Compliance with rules and regulations
• Transparency
• Positive contribution to local economy
and the environment
• Positive relations with industrial bodies
• Proactive approach, anticipating laws and regulations, also by participating
in trade bodies
• Focus on pollution prevention, workers’ safety, quality of ship building and
maintenance
• Appropriate policies and procedures
• Investments in technology to increase efficiency, quality and reliability
• Invest in training of workforce
• Knowledgeable compliance department, internal legal corporate and
shipping teams
• Sustainability Statement
• Financial Report
• Emails
• Formal and institutional communications
• Meetings, events and seminars
• Continuous relations and communications with Top Management, Fleet Director, and HR, Training
and Development, Finance, Health and Safety, and Political Affairs Departments
• Round tables
ESRS Content IndexSustainability Statement
242025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
Auditor’s Reports
Shareholders’ Information
d’Amico International Shipping’s Investor Relations (IR) team
runs a structured program aimed at promoting an
ongoing dialogue with institutional investors,
shareholders and the markets to ensure systematic
dissemination of exhaustive, complete, and timely
information on its activities, in accordance with legal
requirements and on the basis of corporate governance
standards and recommendations from relevant organizations,
with the sole limitation imposed by the confidential nature of
certain information. Information parity to all shareholders is
guaranteed through the procedures and mechanisms enacted
to prevent and protect against any instance of market abuse.
The financial results are presented on a quarterly basis
through public conference calls which can be widely accessed
via webcast or telephone. On the same day, the recording of
the conference calls and the power-point presentation are
available on the Investor Relations Website. During the year,
the IR team keeps in constant contact with the financial
community to discuss the Company’s performance and
results through meetings, conference calls, presentations at
broker conferences and at the relevant events organized by
Borsa Italiana (STAR Segment). DIS also organizes several
one-on-one virtual and in-person meetings with investors
that were deemed to have a particular interest in investing in
the Company, taking into account DIS’ market capitalization,
equity valuation, sector of operation and the cyclical nature of
DIS’ business.
The Investor Relations section on the Company’s institutional
website http://investorrelations.damicointernationalshipping.
com/ provides share information, historical financial data, press
releases, institutional presentations, periodic publications and
analyst coverage.
Starting from 2020, updates on the Company’s investor
relations activity are available also on its LinkedIn page
https://www.linkedin.com
company/d-amico-international-shipping-s-a/ and d’Amico
International Shipping’s shareholders may also contact: ir@
damicointernationalshipping.com.
The main guidelines for the management of the
Company’s dialogue with shareholders and other
stakeholders are included in both its investor relations
and in its communication procedures. In this regard, on 11
May 2023 DIS’ Board of Directors approved a Policy for
managing dialogue with shareholders, in order to establish
and maintain a constant, open and transparent relationship
with the Company’s current and/or potential Shareholders, to
increase their level of understanding of the activities
performed by the Company and to share the strategic actions
and visions underlying the Company's operations. In fact, DIS
believes that a transparent dialogue with its Shareholders can
support and inspire the Company’s actions, contributing to
the success and the generation of value in the medium-long
term. It is DIS’ intention to continuously improve this
dialogue, also by taking into account stakeholders’ and
shareholders’ views and suggestions.
ESRS Content IndexSustainability Statement
252025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
Auditor’s Reports
Share Price Performance
€ 590.6 million
Market capitalization at year-end
€ 2.4 million
average daily traded volume in 2025, corresponding
to 609.8 shares
(14) Dollar values are derived using the euro-to-dollar exchange rate as of 31
st
December 2025 (Source: Banca d'Italia - Tassi di Cambio)
As at 31 December 2025, d’Amico International Shipping
S.A.’s share capital consisted of 124,106,556 ordinary
shares, with a market capitalization of €590,557,266.17
(approximately US$ 693.9 million
(14)
). This figure excludes the
5,138,533 treasury shares, representing 4.14% of the issued
share capital.
The Company’s shares are listed on Borsa Italiana SpA within
the STAR segment and have also been available for trading
on the OTCQX® Best Market in New York since November
2023, providing U.S. investors with a transparent and efficient
trading platform.
In 2025, DIS’ share price increased by 23.2%, peaking at
€5.535 on 20 November 2025. The share price evolved as
follows during the year: it ended Q1 at €3.355 (-16.7%
quarter-on-quarter), rose to €3.446 at end of Q2 (+2.7%
quarter-on-quarter), increased to €4.332 at end of Q3
(+25.7% quarter-on-quarter), and further increased to €4.964
by year-end (+14.6% quarter-on-quarter). The average daily
traded volume during the year amounted to €2.4 million
(approximately US$ 2.8 million), corresponding to
approximately 609.8 thousand shares.
Financial calendar
The Company’s 2026 Financial Calendar is as follows:
2025 Annual Financial Statements
March – Thursday 12
Annual General Meeting
April – Wednesday 29
2026 First Interim Management
Statements
May – Thursday 07
2026 Half Yearly Report
July – Thursday 30
2026 Third Interim Management
Statements
November – Thursday 05
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
31 Dec ‘25
31 Dec ‘24 31 Mar ‘24 30 Jun ‘24 30 Sep ‘24
d’Amico International Shipping’s Share Price in 2025 (Euros)
Summary
of Results
ESRS Content IndexSustainability Statement
272025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
Auditor’s Reports
Alternative Performance Measures (APM)
Along with the most directly comparable IFRS measures, DIS’
management regularly uses Alternative Performance
Measures (APMs), as they provide helpful additional
information for readers of its financial statements. These
measures indicate how the business has performed over the
period, addressing gaps not covered by reporting standards.
APMs consist of financial and non-financial measures of
historical or future financial performance, financial position,
or cash-flows, which are not defined or specified under the
Group’s applicable financial reporting framework or
International Financial Reporting Standards (IFRS).
Consequently, they may not be comparable to similarly titled
measures used by other companies. APMs are not measures
under IFRS and should not be considered substitutes for the
information contained in the Group’s financial statements.
FINANCIAL APMs: These are based on, or derived from,
figures of the consolidated financial statements:
Time charter equivalent earnings
This shipping industry standard facilitates the comparison of
period-to-period net freight revenues, unaffected by whether
the vessels were employed on Time charters (TC), Voyage
charters, or Contracts of affreightment. Detailed in the
Consolidated Statement of Profit or Loss, it represents
revenues net of voyage costs. For further details, please refer
to the Non-Financial APM definitions below.
Bareboat charter revenue
Revenues derived from contracts in which the shipowner is
paid monthly in advance at an agreed daily charter hire for a
specified period. During this period, the charterer assumes
responsibility for the technical management of the vessel,
including crewing, as well as for all operating expenses. For
additional details, please refer to the section on 'Other
Definitions.'
EBITDA and EBITDA Margin
EBITDA represents earnings before interest (including the
Group’s share of the result of joint ventures and associates, if
any), taxes, depreciation, and amortization. This measure is
equivalent to gross operating profit, reflecting the Group's
revenues from sales minus the cost of services (transport)
sold. The EBITDA Margin is calculated by dividing EBITDA by
total net revenue. DIS considers EBITDA and EBITDA Margin
as valuable indicators for investors to assess the Group’s
operational performance.
EBIT and EBIT Margin
EBIT denotes earnings before interest (including the Group’s
share of the result of joint ventures and associates, if any) and
taxes. This metric is equivalent to net operating profit, which
the Group uses to monitor its profitability after accounting for
operating expenses and the cost of using its tangible assets.
The EBIT Margin, calculated by dividing EBIT by Total net
revenue, serves as a key metric for DIS, indicating the extent
to which Total net revenue contributes to covering both fixed
and variable costs.
ROCE
Return on Capital Employed is a key profitability ratio that
measures how efficiently a company uses its capital. It is
calculated by dividing EBIT by capital employed, defined as
total assets minus current liabilities. This ratio is critical for
assessing the effectiveness of the company's capital
investments, providing insights into how well the company
generates profits from its available capital.
Gross CAPEX
Represents the capital expenditure for the acquisition of fixed
assets, including investments in newbuildings, as well as
expenditures capitalised as a result of intermediate or special
surveys of our vessels, or investments for the improvement of
DIS vessels. These are indicated under ‘Net acquisition of
fixed assets’ within the cash-flow from investing activities. It
provides insight into the strategic planning and expansion of
the Group, highlighting the capital-intensive nature of our
industry.
Net Indebtedness
Comprises bank loans and other financial liabilities, offset by
cash and cash equivalents, and liquid financial assets or
short-term investments available to service those debt
obligations. The Group considers net indebtedness a relevant
metric for investors as it reflects the overall debt situation of
the company, indicating the absolute level of non-equity
funding of the business. A detailed reconciliation of net debt
to the pertinent balance sheet line items is provided in the
net indebtedness section within the report on operations.
IFRS 16 impact
IFRS 16 revises the traditional classification of leases by
eliminating the distinction between operating and finance
leases for lessees. Leases are “capitalised” by recognising the
present value of lease payments and classifying them as
right-of-use assets (RoU) or incorporating them into property,
plant, and equipment (PPE). The most significant impact of
this standard is an increase in both lease assets (or PPE) and
financial liabilities, which subsequently affects key financial
metrics derived from the balance sheet. For companies with
significant off-balance sheet leases, IFRS 16 changes the
nature of lease-related expenses: straight-line operating lease
expenses, such as time-charter-in costs, are now recorded as
a depreciation charge for the lease asset (within operating
costs) and an interest expense on the lease liability (included
within finance costs).
NON-FINANCIAL APMs: These metrics are not derived from
figures of the consolidated financial statements:
Available vessel days
This metric represents the total theoretical number of days a
vessel is available for sailing during a specified period. It
serves as an indicator of the Group's fleet earnings potential
for that period, taking into account the dates of delivery to
and redelivery from the Group of the vessels in its fleet. For
further details, please refer to the Key Figures and other key
operating measures.
Coverage
This ratio indicates the proportion of available vessel days
that are secured by fixed rate contracts (time charter
contracts or contracts of affreightment). It provides a measure
of the Group’s exposure to freight market fluctuations during
a specified period. For more detailed information, please refer
to Time Charter Equivalent Earnings in the Summary of the
Results for the fourth quarter and FY 2025.
Daily spot rate or daily TC rate
The daily spot rate refers to the daily time-charter equivalent
earnings generated by employing DIS’ vessels on the spot
market (or on a voyage basis). Conversely, the daily TC rate
refers to daily time-charter earnings generated from
ESRS Content IndexSustainability Statement
282025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
Auditor’s Reports
employing DIS’ vessels under 'time-charter' contracts. For
further explanation and context, please refer to the definition
of Time Charter Equivalent Earnings and consult the Summary
of the Results for the fourth quarter and FY 2025.
Off-hire
Refers to periods when a vessel is unable to perform the
services for which it is contracted under a time charter.
Off-hire periods may include time spent on repairs, dry-
docking, and surveys, regardless of whether they are
scheduled or unscheduled. This metric is crucial for explaining
fluctuations in Time Charter Equivalent Earnings across
different periods. For more detailed insights, please refer to
the Revenues section in the Summary of the Results for the
fourth quarter and FY 2025.
Time charter equivalent earnings per day
This metric measures the average daily revenue performance
of a vessel or of DIS' fleet. The method for calculating Time
Charter Equivalent Earnings per Day adheres to industry
standards and involves dividing voyage revenues (net of
voyage expenses) by on-hire days for the specified time
period. It is a critical shipping industry performance measure,
used primarily to compare period-to-period changes in a
shipping company's performance. This measure is unaffected
by variations in the mix of charter contracts (i.e., spot charters,
time charters, and contracts of affreightment), facilitating a
comparison of the Group's performance with industry peers
and market benchmarks. For additional details, please refer to
Key Figures.
Vessels equivalent
This metric represents the number of vessel equivalents in a
period, calculated as the sum of the products of the total
available vessel days for each vessel over that period and the
Group’s (direct or indirect) participation in each vessel,
divided by the number of calendar days in that period. It
provides an indicator of the Group's fleet size and its
potential earnings capacity during the period. For more
information, please refer to Key Figures.
OTHER DEFINITIONS
Bareboat charter
A contract type where the shipowner is paid monthly in
advance at an agreed daily charter hire for a specified period.
Under this agreement, the charterer assumes responsibility
for the technical management of the vessel, including
crewing, as well as all operating expenses. A bareboat charter
is also known as a "demise charter" or a "time charter by
demise”.
Charter
A contract for hiring a vessel for a specified period of time or
to transport cargo from a loading port to a discharging port.
The contract is commonly referred to as a charter party. There
are three main types of charter parties: bareboat, voyage, and
time charter parties. For detailed definitions of each type,
refer to the definitions provided in this section.
Contract of affreightment (COA)
An agreement between an owner and a charterer that
obligates the owner to provide a vessel to the charterer for
transporting specific quantities of cargo at a fixed rate over a
specified time period. Unlike individual voyage charters, a
COA does not designate specific vessels or voyage schedules,
thus providing the owner greater operational flexibility.
Disponent Owner
The entity that controls a vessel, effectively replacing the
registered owner, either through a time-charter or a bareboat
charter agreement. This control may involve all operational
responsibilities associated with the vessel during the charter
period.
Fixed-rate contracts
For DIS, these typically refer to revenues generated through
time-charter contracts or contracts of affreightment. For more
details, please refer to definitions in this section. While
bareboat charter contracts are also generally fixed-rate, in
these agreements DIS controls rather than employs the
vessels.
Spot charter or Voyage charter
This contract type allows a registered owner or disponent
owner (as previously defined in this section) to be
compensated for transporting cargo from a loading port to a
discharging port. Payment to the vessel owner or disponent
owner is made on a per-ton or lump-sum basis, commonly
referred to as freight. The owner or disponent owner bears
the voyage expenses, while the charterer is typically
responsible for any delays at the loading or discharging ports,
which is compensated by demurrage. The technical
management of the vessel, including crewing and operational
expenses, remains the responsibility of the shipowner or
bareboat charterer under voyage charters.
Time charter
In this contract type, the registered owner or disponent
owner (refer to the earlier definition in this section) is paid,
generally monthly in advance, based on an agreed daily rate
for a specified period, often under a fixed-rate contract.
Under time charters, the charterer is responsible for voyage
expenses and additional voyage insurance. The ship-owner or
bareboat charterer, operating the vessel under a time charter,
is responsible for the technical management of the vessel,
including crewing, and bears the operating expenses.
ESRS Content IndexSustainability Statement
292025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
Auditor’s Reports
Summary of the Results in the Fourth Quarter
and FY 2025
Overall, 2025 represented another profitable year for the tanker
markets. The crude tanker sector rates remained firm throughout
the year, underpinned by sustained strength in the VLCC segment
— with fourth-quarter earnings reaching their highest quarterly
levels since 2008 — and consistently robust Suezmax markets.
The product tanker sector also recorded a healthy performance.
Although below the exceptional peaks observed during
2022–2024, earnings remained well above the historical averages
recorded over the 2010–2019 period, reflecting structural
adjustments in global trade patterns and sustained demand for
compliant tonnage.
Market conditions during the year were influenced by evolving
sanctions regimes, geopolitical tensions and adjustments in global
trade flows. Over the course of 2025, sanctions imposed by the
United States, the European Union and the United Kingdom on
Russian oil producers and related entities were progressively
tightened, accompanied by more assertive enforcement actions.
This environment contributed to adjustments in trading patterns
and intermittent volatility across tanker segments. A growing
number of vessels operated under sanctions or within more
opaque trading networks, effectively reducing the availability of
compliant tonnage. This reduction in effective fleet availability
supported demand for mainstream tankers and contributed to
structurally firmer market conditions across several segments.
At the same time, ongoing disruption in the Red Sea and
persistent tensions in the Middle East supported longer voyage
distances and, at times, constrained vessel availability in certain
segments. Routing dynamics were not uniform throughout the
year, with periods of heightened disruption alternating with partial
normalization, thereby contributing to variability in freight rates.
Developments in refinery margins and evolving arbitrage
economics further influenced rate movements across both crude
and product markets.
Looking ahead, the near-term outlook for the tanker market
remains constructive. Growth in oil production and exports —
particularly from the Middle East and Latin America — is expected
to continue supporting vessel demand into early 2026.
Geopolitical developments and sanctions enforcement are likely
to remain central to market dynamics, with potential implications
for trade flows, effective fleet availability and freight rate volatility.
In the product tanker segment, conditions are expected to remain
supportive in the near term, underpinned by sustained tonne-mile
demand, longer-haul trade routes, relatively firm refining activity
and the continued impact of sanctions-related trade adjustments
on mainstream tanker demand. As reported by Clarksons, fleet
growth in 2026 is projected at approximately 6.1% for product
tankers, which may exert some moderating pressure on market
conditions. However, effective fleet expansion may be partially
mitigated by vessels operating outside mainstream markets and
by the redeployment of certain LR2 newbuildings into the dirty
segment.
The one-year time-charter rate, a reliable indicator of spot market
expectations, was assessed at approximately US$25,000 per day
for an eco MR2 tanker at the end of February 2026, representing a
premium of approximately US$1,750 per day over a conventional
MR tanker.
Daily TCE Equivalent in FY 2025
24,228 US$/day
Daily Average
Spot Rate
23,612 US$/day
Daily Average
Fixed Rate
23,916 US$/day
Total Daily
Average TCE
0
5k
10k
15k
20k
25k
30k
Coverage
50.7%
ESRS Content IndexSustainability Statement
302025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
Auditor’s Reports
In 2025, d'Amico International Shipping (DIS) reported a
net profit of US$88.4 million, supported by the firm product
tanker market experienced throughout the year. This result
was lower than the net profit of US$188.5 million recorded in
the previous year. The variance is primarily attributable to a
market environment in 2025 that, while still highly profitable,
did not reach the extraordinary peaks of the previous year,
combined with a higher level of 'time-charter' coverage
secured at lower average rates. Excluding results from
disposals, impairments and non-recurring financial items, DIS
reported an adjusted net profit of US$91.6 million in 2025,
compared with US$184.7 million in the previous year. In the
fourth quarter of 2025, DIS achieved a net profit of
US$25.6 million, compared with US$25.4 million in the same
quarter of the preceding year. Excluding results from
disposals and non-recurring financial items, the adjusted net
result for Q4 2025 was US$24.5 million, compared with
US$25.7 million in Q4 2024.
DIS generated an EBITDA of US$152.7 million in 2025,
compared with US$260.9 million recorded in 2024 (Q4 2025:
US$40.2 million vs. Q4 2024: US$42.1 million), while its
operating cash flow was positive at US$168.6 million in
2025, compared with US$258.7 million generated in the
previous year.
In terms of spot performance, DIS achieved an average
daily spot rate of US$24,228 in 2025, compared with
US$33,871 in 2024 (Q4 2025: US$27,099 vs. Q4 2024:
US$23,547), reflecting the particularly strong market
conditions recorded in the first part of 2024. At the same
time, 50.7% of DIS’ total employment days in 2025 were
covered through ‘time-charter’ contracts at an average daily
rate of US$23,612 (2024: 41.5% coverage at an average daily
rate of US$27,420). A significant level of time charter
coverage is one of the pillars of DIS’ commercial strategy and
allows it to mitigate the effects of the spot market volatility,
securing a certain level of earnings and cash generation
throughout the cycles.
DIS’ total daily average rate (which includes both spot
and time-charter contracts) was of US$23,916 in 2025,
compared with US$31,195 achieved in 2024 (Q4 2025:
US$24,956 vs. Q4 2024: US$24,644).
FY 2025 Q4 2025
Net Profit (US$)
88.4 millions 25.6 millions
EBITDA (US$)
152.7 millions 40.2 millions
Operating Cash Flow (US$)
168.6 millions 36.4 millions
ESRS Content IndexSustainability Statement
312025 Annual Report
d’Amico International Shipping S.A.
Management Report
Financial Statements
Auditor’s Reports
Operating performance
(15) Coverage ratio (%) and daily average covered rate include a bareboat charter out contract on an LR1 vessel owned by d’Amico Tankers d.a.c.,
inclusive of an assumed daily Opex of US$7,728 (in line with DIS’ fleet FY’24 average actual costs), in order to express this bareboat contract
in time-charter equivalent terms. The gross revenue of this bareboat contract is reported under ‘bareboat charter revenue’ in the Condensed
Consolidated Statement of Profit or Loss.
US$ Thousand 2025 2024
Revenue 346,529 488,217
Voyage costs (83,273) (121,251)
Time charter equivalent earnings* 263,256 366,966
Bareboat charter revenue 4,873 4,886
Total net revenue 268,129 371,852
Other direct operating costs (89,402) (91,647)
General and administrative costs (25,995) (23,319)
Result from disposal of fixed assets (4) 4,050
EBITDA* 152,728 260,936
Depreciation and impairment (53,785) (58,398)
EBIT* 98,943 202,538
Finance income 6,352 8,072
Finance charges (15,362) (20,242)
Profit before tax 89,933 190,368
Income tax expense (1,491) (1,890)
Net profit 88,442 188,478
*Please refer to the APMs
Revenue
was US$346.5 million in 2025, compared with
US$488.2 million realized in the previous year. The decrease
in gross revenue compared with the previous year is mainly
attributable to the relatively weaker spot market and the
lower number of equivalent vessels employed during the
year. The percentage of off-hire days in 2025 (1.7%) was
lower than in the previous year (2.8%), mainly due to the
timing of commercial off-hires and dry-docks.
Voyage costs
reflect the mix of spot and time-charter
employment contracts. These costs, which occur only for
vessels employed on the spot market, amounted to US$(83.3)
million in 2025 compared with US$(121.3) million in 2024. The
lower costs in 2025 reflect DIS’ lower exposure to the spot
market relative to the previous year.
Time charter equivalent earnings
were of US$263.3 million
in 2025 vs. US$367.0 million in 2024. In detail, DIS realized a
daily average spot rate of US$24,228 in 2025 compared
with US$33,871 in 2024 and of US$27,099 in Q4 2025
compared with US$23,547 in the same period of the previous
year.
In 2025, DIS maintained a significant level of ‘coverage’
(15)
(fixed-rate contracts), securing an average of 50.7% (2024:
41.5%) of its available vessel days at a daily average fixed rate
of US$23,612 (2024: US$27,420). In addition to securing
revenue and supporting the operating cash flow generation,
these contracts enabled DIS to strengthen its historical
relationships with the main oil majors.
DIS’ total daily average TCE (Spot and Time Charter) was
of US$23,916 in 2025 compared with US$31,195 in 2024
and of US$24,956 in Q4 2025 compared with US$24,644 in
Q4 2024.
Daily Spot By Quarter
Average TCE Time CharterDaily Average Spot Rate
Total Daily Average TCE
50k
45k
40k
35k
30k
25k
20k
US$/day
38,201
21,154
Q1
44,949
24,497
Q2
29,679
25,502
Q3
23,547
27,099
Q4
FY25
FY24
33,871
24,228
0
US$/day
10k
20k
30k
FY24 FY25
US$/day
27,420
23,612
0
Coverage
50.7%
10k
20k
30k
Coverage
41.5%
FY24 FY25
US$/day
31,195
23,916
0
10k
20k
30k
FY25FY24
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Management Report
Financial Statements
Auditor’s Reports
DIS TCE daily rates 2024 2025
(US dollars)
Q1 Q2 Q3 Q4
FY
Q1 Q2 Q3 Q4
FY
Spot 38,201 44,949 29,679 23,547 33,871 21,154 24,497 25,502 27,099 24,228
Fixed 28,123 27,903 27,204 26,381 27,420 24,567 23,365 23,378 23,383 23,612
Average 34,043 37,698 28,602 24,644 31,195 22,507 23,922 24,335 24,956 23,916
Bareboat charter revenue
was of US$4.9 million in 2025, in
line with the prior year; it relates to the bareboat charter out
contract started in October 2021 on one of d’Amico Tankers
d.a.c.’s LR1 vessels.
Other direct operating costs
mainly consist of crew,
technical and luboil expenses related to the operation of
owned and bareboat chartered-in vessels, as well as insurance
expenses, including those relating to chartered-in vessels, and
the application of IFRS 16. In 2025, the Company operated a
larger fleet of owned and bareboat chartered-in vessels
compared with the previous year (2025: 31.0 vs. 2024: 29.0),
but a significantly lower number of time-chartered-in vessels
(2025: 0.5 vs. 2024: 4.7). DIS continuously monitors its
operating costs, while maintaining a strong focus on highly
skilled crew, high SQE (Safety, Quality & Environment)
standards and full compliance with stringent market
regulations. Maintaining a top-quality fleet represents a core
element of d’Amico’s vision and strategy.
General and administrative costs
amounted to US$(26.0)
million in 2025 vs. US$(23.3) million in 2024. These costs
relate mainly to onshore personnel, together with office costs,
consultancies, travel expenses and others.
Result from disposal of fixed assets
was close to nil in 2025
vs. US$4.1 million in the prior year. The amount for 2025
includes a profit of US$0.7 million from the disposal of M/T
Glenda Meryl, occurred in Q4 2025, off-set by the
amortisation of the net deferred results on vessels sold and
leased back in previous years. The amount for 2024 includes a
profit of US$5.1 million related to the disposal of M/T Glenda
Melanie occurred in 2024, partially off-set by the amortization
of the net deferred losses on vessels sold and leased back in
previous years.
EBITDA
amounted to US$152.7 million in 2025, compared
with US$260.9 million in 2024 (US$40.2 million in Q4 2025 vs.
US$42.1 million in Q4 2024), reflecting a very strong freight
market in 2025, albeit below the exceptional levels recorded
in 2024.
Depreciation and impairment
amounted to US$(53.8)
million in 2025 vs. US$(58.4) million in 2024 (US$(12.3) million
in Q4 2025 vs. US$(13.9) million in Q4 2024). In June 2025,
DIS entered into two memoranda of agreement for the
disposal of MT Glenda Melody and MT Glenda Melissa. In
accordance with IFRS 5, the vessels were reclassified as assets
held for sale and their carrying amounts were adjusted to
reflect the agreed sale prices. As these prices were lower than
the respective book values, an impairment loss of US$(3.8)
million was recognized during the period. No impairment or
impairment reversal was recorded in 2024.
EBIT
was of US$98.9 million in 2025, compared with US$202.5
million in 2024 (US$27.9 million in Q4 2025 vs. US$28.3
million in Q4 2024).
Finance income
was of US$6.4 million in 2025 vs. US$8.1
million in 2024. This amount mainly reflects interest income
earned on short-term securities and on funds held with
financial institutions in deposit or current accounts.
Finance charges
amounted to US$(15.4) million in 2025 vs.
US$(20.2) million in 2024. The 2025 amount comprises mainly
US$(15.2) million in interest expenses and amortized financial
fees due on DIS’ bank loan facilities, actual expenses on
interest rate swaps and interest on lease liabilities. The 2024
amount comprises mainly US$(20.0) million in interest
expenses and amortized financial fees due on DIS’ bank loan
facilities, actual expenses on interest rate swaps and interest
on lease liabilities.
DIS recorded a
Profit before tax
of US$89.9 million in 2025
vs. US$190.4 million in 2024.
Income tax expense
amounted to US$(1.5) million in 2025
vs. US$(1.9) million in 2024.
DIS recorded a net profit of US$88.4 million in 2025,
compared with US$188.5 million in 2024. In the fourth
quarter of 2025, net profit amounted to US$25.6 million,
versus US$25.4 million in the same period of the previous
year. Excluding results from disposals, impairments and
non-recurring financial items of US$(3.1) million in 2025 and
US$3.8 million in 2024, DIS reported an adjusted net profit of
US$91.6 million in 2025, compared with US$184.7 million in
the previous year. Excluding results from disposals and
non-recurring financial items of US$1.2 million in Q4 2025
and US$(0.4) million in Q4 2024, DIS reported an adjusted net
profit of US$24.5 million in Q4 2025, compared with US$25.7
million in Q4 2024.
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Management Report
Financial Statements
Auditor’s Reports
Consolidated Statement of Financial Position
As at 31 December
US$ Thousand 2025 2024
ASSETS
Non-current assets 791,468 802,442
Current assets 235,687 252,126
Total assets 1,027,155 1,054,568
LIABILITIES AND SHAREHOLDERS' EQUITY
Shareholders' equity 770,404 733,291
Non-current liabilities 188,268 227,542
Current liabilities 68,483 93,735
Total liabilities and shareholders' equity 1,027,155 1,054,568
Non-current assets
primarily consist of the net book value of
DIS’ owned vessels, right-of-use assets, and the portion
related to its new-buildings under construction. According to
a valuation report provided by a primary broker, the
estimated market value of DIS’ owned and bareboat fleet,
including the fair value of the vessels under construction as of
31 December 2025 was of US$1,065.9 million.
Gross Capital expenditures (Capex)
were US$76.9 million in
2025 vs. US$115.6 million in 2024. The 2025 figure includes
US$69.3 million related to the exercise of DIS’ purchase
options on M/T High Navigator and M/T High Leader (two
MR vessels that had been time-chartered-in by d’Amico
Tankers since 2018) as well as capitalised dry-docking costs
for both owned and bareboat vessels. The amount for 2024,
along with the capitalised dry-docking costs for owned and
bareboat vessels, comprises US$44.7 million for the first 20%
instalment paid in Q2 2024 on the four newbuilding LR1s
ordered from Jiangsu New Yangzi Shipbuilding Co., China,
and US$62.0 million related to d’Amico Tankers’ exercise of
the purchase option on M/T Crimson Jade and M/T Crimson
Pearl (two MR vessels time-chartered-in by d’Amico Tankers
since 2017).
Current assets
as of 31 December 2025 amounted to
US$235.7 million. These included working capital items such
as inventories and trade receivables, amounting to US$14.8
million and US$35.7 million respectively, as well as ‘cash and
cash equivalents’ of US$183.9 million.
Non-current liabilities
were US$188.3 million as of 31
December 2025 and mainly consist of the long-term portion
of the debt due to banks (disclosed under the Net
Indebtedness section of the report) and of lease liabilities.
Current liabilities
, other than the debt due to banks and
other lenders (disclosed under the Net Indebtedness section
of the report), include as at 31 December 2025, working
capital items amounting to US$43.5 million (mainly relating to
trade and other payables), US$3.8 million of lease liabilities,
and US$1.4 million of other current financial liabilities.
Shareholders’ equity
amounted to US$770.4 million as of 31
December 2025 (US$733.3 million as at 31 December 2024).
The change relative to year-end 2024 primarily reflects the
Net result generated in 2025, partially off-set by the dividend
of US$34.9 million distributed in Q2 2025, and the interim
dividend of US$15.9 million distributed in Q4 2025.
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Net Indebtedness
DIS’ Net debt as at 31 December 2025 amounted to
US$27.4 million, compared with US$121.0 million as at 31
December 2024. Due to the application of IFRS 16 these
balances include an additional lease liability amounting to
US$2.2 million as at the end of 2025 vs. US$3.4 million as at
the end of 2024.
The net debt (excluding the effects of IFRS16) to fleet market
value ratio stood at 2.4% as at 31 December 2025, compared
with 9.7% as at 31 December 2024 (18.0% as at 31 December
2023, 36.0% as at 31 December 2022, 60.4% as at 31
December 2021, 65.9% as at 31 December 2020, 64.0% as at
the end of 2019 and 72.9% as at the end of 2018).
as at 31 December 2025
1,065.9 millions
Fleet Market Value (US$)
183.9 millions
Cash & Cash Equivalent (US$)
27.4 millions
Net Debt (US$)
Financial Leverage (Net Debt excluding IFRS16 / Fleet Market Value)
80%
60%
40%
20%
0%
72.9%
Dec-18
64.0%
Dec-19
65.9%
Dec-20
60.4%
Dec-21
36.0%
Dec-22
18.0%
Dec-23
9.7%
Dec-24
2.4%
Dec-25
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As at 31 December
US$ Thousand 2025 2024
Liquidity - Cash and cash equivalents 183,921 164,892
Other current financial assets 1,319 3,018
Other current financial assets – related party 19 12
Total current financial assets 185,259 167,922
Bank loans and other lenders – current 19,278 26,231
Liabilities from leases – current 3,796 32,772
Other current financial liabilities – 3rd parties 1,400 3,083
Total current financial debt 24,474 62,086
Net current financial debt (160,785) (105,836)
Other non-current financial assets – third parties 36 605
Other non-current financial assets – related party 57 70
Total non-current financial assets 93 675
Bank loans – non-current 154,188 190,429
Liabilities from leases – non-current 31,097 33,535
Other non-current financial liabilities – 3rd parties 2,983 3,578
Total non-current financial debt 188,268 227,542
Net non-current financial debt 188,175 226,867
Net financial indebtedness 27,390 121,031
The balance of Total Current Financial Assets was of US$185.3
million as at the end of December 2025. The total amount
comprises mainly Cash and cash equivalents of US$183.9
million, and the positive fair value of derivative financial
instruments (mainly interest rate swaps), amounting to US$1.3
million.
Total Non-Current Financial Assets comprise mainly the
positive fair value of derivative financial instruments (interest
rate swaps), amounting to US$0.1 million.
The total outstanding bank debt (Bank loans) as at 31
December 2025 amounted to US$173.5 million, of which
US$19.3 million is due within one year. DIS’ bank debt as at
31 December 2025 comprises mainly the following long-term
facilities granted to d’Amico Tankers d.a.c. (Ireland), the key
operating company of the Group:
1. Crédit Agricole Corporate and Investment Bank 6-year
term-loan facility to finance a Handysize vessel built in
2015, with an outstanding debt of US$14.0 million.
2. ING and Skandinaviska Enskilda Banken (SEB) 5-year
term-loan facility to finance two LR1 vessels built in
2018, with an outstanding debt of US$33.1 million.
3. Skandinaviska Enskilda Banken 6-year term-loan facility
to finance an LR1 vessel built in 2017, with an
outstanding debt of US$13.9 million.
4. IYO Bank 8-year term-loan facility to finance an MR
vessel built in 2018, acquired by d’Amico Tankers in Q2
2023, with an outstanding debt of US$14.1 million.
5. NTT TC Leasing 5-year term-loan facility to finance an
LR1 vessel built in 2019, with an outstanding debt of
US$17.2 million.
6. NTT TC Leasing 5-year term-loan facility to finance an
MR vessel built in 2015, with an outstanding debt of
US$14.9 million.
7. IYO Bank 8-year term-loan facility to finance an MR
vessels built in 2014, with a total outstanding debt of
US$13.0 million.
8. BPER Banca S.p.A. 8-year term-loan facility to finance an
MR vessel built in 2014, with an outstanding debt of
US$13.0 million.
9. DnB Bank ASA 5-year term-loan facility to finance an MR
vessel built in 2015, with an outstanding debt of US$15.1
million.
10. Danish Ship Finance 5-year term-loan facility to finance
a Handysize vessel built in 2014, with an outstanding
debt of US$13.0 million.
11. ING Bank 7-year term-loan facility to finance a
Handysize vessel built in 2014, with an outstanding debt
of US$14.0 million.
Liabilities from leases include the lease on M/T High Fidelity
and M/T High Discovery. In addition, ‘liabilities from leases’
include as at 31 December 2025, US$2.2 million arising from
the application of IFRS 16 on contracts classified until 2018 as
‘operating leases’.
Other Non-current financial liabilities include mainly the
deferred profit on disposal on sale and leaseback
transactions.
.
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Auditor’s Reports
Cash Flow
In 2025, DIS’ Net Cash Flow was of US$19.0 million vs. US$53.7 million in 2024.
US$ Thousand 2025 2024
Cash flow from operating activities 168,615 258,731
Cash flow from investing activities (22,298) (88,687)
Cash flow from financing activities (127,288) (116,306)
Change in cash balance 19,029 53,738
Cash and cash equivalents at the beginning of the year 164,892 111,154
Cash and cash equivalents at the end of the year 183,921 164,892
Cash flow from operating activities
was positive,
amounting to US$168.6 million in 2025 vs. US$258.7 million
in 2024.
The net
Cash flow from investing activities
was negative for
US$(22.3) million in 2025, compared with US$(88.7) million in
2024. In addition to the capitalized costs related to dry-docks
incurred during the year, the figure for 2025 includes the
exercise of DIS’ purchase options on M/T High Navigator and
M/T High Leader for a total consideration of US$69.3 million,
partially offset by proceeds of US$54.6 million from the sales
of M/T Glenda Melody, M/T Glenda Meryl and M/T Glenda
Melissa. The 2024 amount includes US$(44.7) million paid as
the first instalment for four newbuilding LR1 vessels ordered
from Jiangsu New Yangzi Shipbuilding Co., China. and
US$(62.0) million related to the exercise of the purchase
options on M/T Crimson Jade and M/T Crimson Pearl,
partially offset by proceeds of US$26.9 million from the sale
of M/T Glenda Melanie.
Cash flow from financing activities
was negative,
amounting to US$(127.3) million in 2025, compared with
US$(116.3) million in 2024. The 2025 figure primarily reflects:
i) dividend distributions of US$(50.9) million, comprising
US$(34.9) million distributed in Q2 2025 and an interim
dividend of US$(15.9) million distributed in Q4 2025; ii) bank
loan repayments of US$(84.6) million, including US$(9.5)
million related to facilities on two vessels sold during the year
and US$(49.9) million relating to voluntary early repayments
of facilities associated with 6 vessels); iii) bank loan
drawdowns of US$41.0 million, related to the financing of
M/T Cielo di Ulsan, M/T Cielo di Gaeta and M/T Cielo di New
York; iv) repayments of the lease liabilities amounting to
US$(32.1) million, including US$(25.6) million relating to the
exercise of the purchase option on M/T Cielo di Houston in
Q3 2025; and v) US$(0.7) million related to the share buyback
program.
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Management Report
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Auditor’s Reports
Quarterly results
US$ Thousand Q4 2025 Q4 2024
Revenue 82,407 103,281
Voyage costs (15,726) (30,795)
Time charter equivalent earnings* 66,681 72,486
Bareboat charter revenue 1,228 1,228
Total net revenue
67,909 73,714
Other direct operating costs (21,679) (24,161)
General and administrative costs (6,834) (7,169)
Result from disposal of fixed assets 794 (272)
EBITDA* 40,190 42,112
Depreciation and impairment (12,308) (13,860)
EBIT* 27,882 28,252
Finance income 1,846 2,206
Finance charges (3,691) (4,457)
Profit before tax 26,037 26,001
Income tax expense (396) (607)
Net profit 25,641 25,394
*Please refer to the APMs.
Financials by Quarter
US$ Thousand Q1 Q2 Q3 Q4 FY
Revenue 88,575 87,853 87,694 82,407 346,529
Voyage costs (25,688) (20,931) (20,928) (15,726) (83,273)
Time charter equivalent earnings* 62,887 66,922 66,766 66,681 263,256
Bareboat charter revenue 1,202 1,214 1,229 1,228 4,873
Total net revenue 64,089 68,136 67,995 67,909 268,129
Other direct operating costs (23,391) (21,873) (22,459) (21,679) (89,402)
General and administrative costs (6,009) (7,038) (6,114) (6,834) (25,995)
Result on disposal of fixed assets (265) (269) (264) 794 (4)
EBITDA* 34,424 38,956 39,158 40,190 152,728
Depreciation and impairment (12,675) (16,339) (12,463) (12,308) (53,785)
EBIT* 21,749 22,617 26,695 27,882 98,943
Finance income 1,681 1,135 1,690 1,846 6,352
Finance charges (4,155) (3,790) (3,726) (3,691) (15,362)
Profit before tax 19,275 19,962 24,659 26,037 89,933
Income tax expense (409) (318) (368) (396) (1,491)
Net profit 18,866 19,644 24,291 25,641 88,442
The 2025 quarterly financials reflect the strong performance of the freight markets, in particular during the first half of the year.