In 2024, d'Amico International Shipping (DIS) recorded revenues of $488.2 million, down -9.4% on the previous year, which closed with new records historical, of which €367.0 million in base time charter revenues (-7.6%). The company, which through its wholly owned subsidiary operational d'Amico Tankers operates a fleet of 33 tankers (21 MR, six LR1 and six Handysize), of which 28 are owned, has Closed 2024 with a gross operating margin of €260.9 million of dollars (-6.0%), an operating profit of 202.5 million (-5.9%) and an net profit of €188.5 million (-1.9%).

Commenting today on the results for the 2024 financial year, the CEO of DIS, Carlos Balestra di Mottola, announced that last year the company totaled an average Daily spot of $33,871, above $32,873 of 2023, while the total TCE base freight (spot and time-charter) was $31,195, in line with the $31,451 in the 2023. "In 2024," he explained, "DIS operated in a market freight rates that benefited from limited fleet growth, increased trade in refined oil and inefficiencies resulting from disturbances in commercial traffic. Especially - specified Balestra di Mottola - the attacks in the Red Sea and in the Gulf of Aden forced us to divert ships around the Cape of Good Hope, significantly increasing distances Traveled. In addition, the ongoing conflict in Ukraine and related EU sanctions have reshaped oil trade flows, reducing Russian oil exports to the EU, which is On the other hand, it was shipped to more distant destinations such as Asia and South America, prompting Europe to source more oil from the United States, the Middle East and Asia. These changes have significantly extended the average distances traveled by the our ships".

"Looking to the future," continued the CEO of d'Amico International Shipping - the potential resolutions of conflicts in Ukraine and Gaza could impact market dynamics. A peace agreement in Ukraine could lead to the revocation of the sanctions against Russia, and a resolution in Gaza could to lead to a normalization of transits in the Suez Canal, potentially reducing demand measured in tonne-miles, for our ships. However, we anticipate that some additional factors will mitigate negative impacts on the market. In fact, if the transits in the Suez Canal should resume, we expect a increase in European imports of refined products from the Middle East East and Asia. In addition, a peace agreement in Ukraine could not lead to the lifting of sanctions on Russia by and should speed up the scrapping of a fleet ghost getting older, helping to stabilize the market. In addition, more stringent measures by States United States on Iranian oil exports could generate the replacing the barrels lost by this country with oil from countries not sanctioned, mainly benefiting the market for VLCC, with positive effects also for the other types of oil tankers".

«Geopolitical dynamics have undoubtedly recently redesigned the transport market, however, Crossbow of Mottola - the fundamentals of the industry remain and should continue to support our market. The demand for oil has grown steadily at the rate of of 0.9 million barrels per day in 2024, and the Agency International Energy Organization (IEA) predicts a further increase of 1.1 million barrels per day. The markets emerging markets, in particular India and Brazil, will contribute significantly to the significant to this growth. In terms of products, while the Jet Fuel dominated the increase in demand last year, in the 2025 will be the driving force behind naphtha and jet fuel. Refined volumes have also seen an increase, with global production of refineries grew by 0.5 million barrels per day in 2024 to 82.7 million barrels per day, driven mainly by robust refining business in the United States and new capabilities in the Middle East and Africa. According to the IEA, the crude oil production is expected to grow by a further 0.6 million barrels per day in 2025, reaching 83.3 million barrels per day supported by stronger volumes in non-OECD countries, offset by closures in OECD countries, particularly in the Americas and in Europe. This constant increase in the capacity of East of Suez should continue to support the demand growth measured in tonnes miles for our ships'.

"On the supply side," Balestra also pointed out, Mottola - orders for new tankers have increased significantly over the past two years, with the ratio of ships ordered (order book) and those in navigation for MR types and LR1, which reached 15.1%, at the end of February 2025. Although the ship deliveries will accelerate from the second half of This year, these will be spread over several years. In addition considering the strong links between the different types of Oil tankers, the total order book for all oil tankers (including vessels for the transport of raw and refined products), which stands at 13.4% of ships at sea at the end of February 2025, could provide a more reliable indicator of tonnage supply. In addition, the fleet is aging rapidly, with 17.0% of MRs and LR1 already over 20 years old (17.2% of the entire tanker fleet), and 51.0% over 15 years of age (41.3% of the entire tanker fleet), on the same date. The aging of the world fleet will reduce its productivity, also leading to an increase in demolitions, with an acceleration expected in the event of a strong correction of freight rates or a resolution of the conflict in Ukraine, which would significantly limit employment opportunities for this older tonnage'.