d’Amico International Shipping S.A., a leading international marine transportation company operating in the product tanker market, announces that, since the beginning of the current year, its operating subsidiary, d’Amico Tankers D.A.C., has signed new time charter agreements and extended certain existing agreements with reputable counterparties at very profitable daily rates.
In detail:
The time-charter contracts on one Eco-MR1 has been extended for 17 months, while the contract on one MR2 terminating around November this year was extended for a further 15 months from that date.
New time charter contracts have been signed for one Eco-MR1 and one Eco-MR2 for 12 months each, and for one Eco-LR1 for 24 months, with an option for the charterer at a higher rate, for a further 12 months.
Following the conclusion of these time-charter agreements, DIS has the following estimated forward contract coverage: – – –
FY 2026: 54% of DIS’ available vessel days fixed at a TCE rate of approximately US$ 23,492/day
FY 2027: 22% of DIS’ available vessel days fixed at a TCE rate of approximately US$ 23,528/day
FY 2028: 1% of DIS’ available vessel days fixed at a TCE rate of approximately US$ 26,444/day
Carlos di Mottola, Chief Executive Officer of d’Amico International Shipping, stated:
“I am pleased to announce the conclusion of these agreements with highly reputable counterparties, including several long-standing customers, at very attractive and profitable rates. In line with our long term commercial strategy, we continue to secure a balanced level of forward coverage by taking advantage of the current strength in the time-charter market, allowing us to lock-in a solid portion of our future earnings. We are now satisfied with the level of contract coverage for this year and look forward to benefit from the current strong markets on our vessels trading spot; the positive spillover effects from an extremely strong crude freight market, a rapidly ageing and increasingly sanctioned tanker fleet, the ongoing substantial growth in the supply of crude oil, as well as the inefficiencies associated with several trade disruptions and the recent geopolitical developments in Venezuela and potentially hard-to-forecast future ones in Iran, should continue supporting robust product tanker freight markets in the near-term.”