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1. Company Snapshot

1.a. Company Description

d'Amico International Shipping S.A., through its subsidiaries, operates as a marine transportation company worldwide.It primarily transports refined petroleum products and vegetable oils through various double-hulled vessels.The company serves oil companies and trading houses.


As of December 31, 2021, it operated a fleet of 37.0 product tankers.The company was incorporated in 1936 and is based in Luxembourg.d'Amico International Shipping S.A. is a subsidiary of d'Amico International S.A.

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1.b. Last Insights on DIS

D'Amico International Shipping S.A.'s recent performance was negatively impacted by a lack of visibility on the company's future prospects. The absence of senior executives from the company at the 19th Annual Capital Link International Shipping Forum, which featured industry leaders from 26 leading shipping companies, may indicate a lack of engagement with investors and the market. Furthermore, the company's recent earnings release was not available, suggesting a possible delay in reporting financial results.

1.c. Company Highlights

2. Tanker Company Posts Solid Q3 Earnings Amidst Favorable Market Conditions

The company's net profit for Q3 was $24.3 million, a 24% increase from Q2, with the net profit for the first 9 months standing at $62.8 million. Earnings per share (EPS) came in at $0.1397, in line with analyst estimates. Revenue growth is expected to decline by 10.1% next year, but the company's strong financial position, with a net financial position of $82.4 million and a gross debt of $231.1 million, provides a solid foundation for future growth. The company's daily OpEx was $8,148 in the first 9 months of 2025, with some inflationary pressure, while G&A expenses stood at $19.2 million.

Publication Date: Nov -12

📋 Highlights
  • Fleet Composition & Modernization: 31 ships (6 LR1s, 19 MRs, 6 handys) with 87% eco ships, including $25.6M purchase of Cielo di Houston.
  • Debt Repayments: $19.6M repaid in Jan-Sept 2025, $64.8M expected in 2027, with $111M financing for 4 new LR1s at 50% leverage.
  • Q4 Performance Outlook: 77% Q4 days fixed at $24,930 blended TCE, 54% at $23,500 contracted, and 23% spot at $28,262.
  • Profitability & Dividends: Q3 net profit of $24.3M (+24% QoQ), $62.8M for 9M2025 (ex-impairment: $67.1M), $15.9M interim dividend (40% payout ratio).

Fleet Evolution and Contract Coverage

The company's fleet consists of 31 ships, with an average age of 9.7 years, and 87% of its fleet being eco-ships. The company has exercised the purchase option on the Cielo di Houston for $25.6 million and has options on the Fidelity and Discovery. The contract coverage for Q4 is 54% at $23,500, and for 2026, it's 32% at $23,700. As Antonio Carlos Balestra Mottola mentioned, "TCE rates have been moving up, reflecting strong market conditions."

Market Outlook and Valuation

The market outlook remains positive, driven by the decline in Russian exports of refined products, increased sanctioned oil and water, and a tight clean market. The company's NAV discount is significant at 40%, and the Board has approved an interim dividend of $15.9 million. The stock trades at a P/E Ratio of 7.0, P/B Ratio of 0.99, and Dividend Yield of 8.98%. The current valuation metrics suggest that the stock is undervalued, presenting a potential buying opportunity.

Operational Efficiency and Future Prospects

The company continues to work on making its fleet more efficient through energy-saving devices and operational measures. The expected acceleration in deliveries of newbuilds over the next two years is likely to impact voyages, but the company's strong market position and increasing demand for clean tankers should drive growth. The buildup in floating inventories and a potential contango curve could further boost demand for clean tankers, positively impacting the company's future prospects.

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.83%)

6. Segments

Voyage-charter (Spot) - Freight and Demurrage

Expected Growth: 4.83%

The 4.83% growth in Voyage-charter (Spot) - Freight and Demurrage from d'Amico International Shipping S.A. is driven by increasing global trade, rising commodity demand, and a tight supply of vessels. Additionally, improved fleet utilization, higher charter rates, and a favorable tanker market also contribute to this growth.

Leases (Time-charter)

Expected Growth: 4.83%

The 4.83% growth in leases (time-charter) from d'Amico International Shipping S.A. is driven by increasing demand for shipping services, improved fleet utilization, and strategic partnerships. Additionally, a favorable tanker market, strong operational efficiency, and a solid balance sheet contribute to the growth.

Subleasing of RoU (Time-charter)

Expected Growth: 4.83%

The 4.83% growth in subleasing of RoU (Time-charter) from d'Amico International Shipping S.A. is driven by increasing demand for shipping services, expansion of global trade, and a rise in containerization. Additionally, the growth is fueled by d'Amico's strategic fleet management and cost-effective operations, enabling the company to capitalize on market opportunities.

Bareboat Charter

Expected Growth: 4.83%

The 4.83% growth in Bareboat Charter from d'Amico International Shipping S.A. is driven by increasing demand for tanker vessels, improved fleet utilization, and cost savings from operational efficiencies. Additionally, a strong tanker market, driven by rising oil demand and limited newbuild deliveries, contributes to the growth.

Other

Expected Growth: 4.65%

D'Amico International Shipping S.A.'s 4.65% growth is driven by increasing global trade, rising demand for dry bulk commodities, and a growing focus on sustainable shipping practices. Additionally, the company's diversified fleet and strategic partnerships have enabled it to capitalize on emerging market opportunities, further contributing to its growth.

7. Detailed Products

Dry Bulk Shipping

d'Amico International Shipping S.A. provides dry bulk shipping services, transporting a wide range of dry bulk commodities such as iron ore, coal, grains, and minerals.

Product Tankers

The company operates a fleet of product tankers, transporting refined petroleum products such as gasoline, diesel, and jet fuel.

Crude Oil Tankers

d'Amico International Shipping S.A. operates a fleet of crude oil tankers, transporting crude oil from production areas to refineries.

Ship Management

The company provides ship management services, including technical management, crew management, and commercial management.

Maritime Services

d'Amico International Shipping S.A. offers a range of maritime services, including vessel inspection, repair, and maintenance.

8. d'Amico International Shipping S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes is moderate for d'Amico International Shipping S.A. as there are alternative modes of transportation available, but the company's specialized services and strong relationships with customers reduce the likelihood of substitution.

Bargaining Power Of Customers

The bargaining power of customers is low for d'Amico International Shipping S.A. due to the company's strong market position and long-term contracts with customers, which reduce the customers' ability to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for d'Amico International Shipping S.A. as the company relies on a few large suppliers for fuel and other essential services, but the company's scale and negotiating power mitigate the suppliers' bargaining power.

Threat Of New Entrants

The threat of new entrants is low for d'Amico International Shipping S.A. due to the high barriers to entry in the shipping industry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high for d'Amico International Shipping S.A. due to the competitive nature of the shipping industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 35.28%
Debt Cost 7.82%
Equity Weight 64.72%
Equity Cost 8.37%
WACC 8.17%
Leverage 54.52%

11. Quality Control: d'Amico International Shipping S.A. passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Danaos

A-Score: 7.1/10

Value: 8.5

Growth: 6.4

Quality: 7.6

Yield: 6.9

Momentum: 5.5

Volatility: 7.7

1-Year Total Return ->

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Euroseas

A-Score: 7.0/10

Value: 7.6

Growth: 8.2

Quality: 7.8

Yield: 8.1

Momentum: 8.5

Volatility: 1.7

1-Year Total Return ->

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Ernst Russ

A-Score: 6.2/10

Value: 8.4

Growth: 9.6

Quality: 8.8

Yield: 3.1

Momentum: 5.5

Volatility: 2.0

1-Year Total Return ->

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MPC Container Ships

A-Score: 6.2/10

Value: 8.6

Growth: 6.9

Quality: 7.8

Yield: 10.0

Momentum: 1.5

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
d'Amico Shipping

A-Score: 5.8/10

Value: 7.8

Growth: 7.9

Quality: 6.7

Yield: 9.4

Momentum: 0.5

Volatility: 2.7

1-Year Total Return ->

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Höegh Autoliners

A-Score: 5.1/10

Value: 8.4

Growth: 2.0

Quality: 7.3

Yield: 10.0

Momentum: 1.0

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

5.36$

Current Price

5.36$

Potential

-0.00%

Expected Cash-Flows