Independent journal on economy and transport policy
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SHIPPING
In 2024, d'Amico International Shipping reported a decline in base time charter revenues
Down -7.6% on the previous record year
Lussemburgo
March 13, 2025
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'.
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