After a downturn that began in the second half of 2014, 2024, in the first quarter of this year the company's profits d'Amico International Shipping have returned to growth thanks to a increase in revenues generated by the increase in sea freight rates for effect of geopolitical tensions. "During the first quarter of 2026 - explained the CEO of the DIS, Carlos Balestra di Mottola - geopolitical developments have continued to have a significant impact on global markets of energy and maritime transport of oil, generating substantial inefficiencies and dislocations. The freight rates and values of the ships, which had already been strengthened during the course of the of 2025 and early 2026, have undergone a further acceleration following the start of hostilities in Iran. In particular, the war in Iran and the consequent disruptions of the flows through the Strait of Hormuz - a strategic node fundamental for the global supply of oil - have had a significant impact on tanker markets. Before the conflict in 2025, daily transits through the amounted to about 15 million barrels per day of crude oil and five million barrels per day of refined products (equal to about 19% of global oil supply). The high number of ships stranded inside the Persian Gulf has led to a significant contraction in transport capacity, while the drop in volumes transiting the Strait has generated serious fleet relocations and a profound reconfiguration of the trade routes. Consequently - continued Balestra di Mottola - freight rates have increased sharply, reaching exceptionally high levels on several routes, sustained from the lengthening of travel distances, from the limited availability of ships, by a reduction in the efficiency of the fleet due to increased port congestion and an increase in of the percentage of days sailed in ballast, as well as from the increase in refining margins, which has created favorable arbitrage opportunities".

"If the conflict does not last long - he said noted the CEO of the DIS - it is also likely that, a once concluded and with the reopening of the Strait of Hormuz, generate a particularly strong market. Releases by the IEA of about 400 million barrels from strategic reserves (on a total of about 1.2 billion barrels), at a rate of about 2.0 million barrels per day, along with the redirection of flows of crude oil through pipelines by Saudi Arabia and United Arab Emirates for an additional 4.0 million barrels per day, as well as the reduction in demand resulting from higher prices and government measures to contain oil consumption, have reduced the oil supply deficit, which however, it remains significant and has already resulted in a strong reduction of commercial oil stocks. These stocks will have to be reconstituted, both commercial and strategic, and, depending on the evolution of the conflict, probably at levels higher than the previous ones, due to the increase in the perceived risk of further wars in Iran and increased awareness of the economic vulnerabilities to them associates. This should support demand for tankers for several months after the end of the conflict."

The other scenario, that of a protracted conflict, has observed Balestra di Mottola - "would however lead to prices significantly higher than those observed so far, when stocks have reached levels critics. The resulting economic consequences could be so serious that we believe that all parties will try to avoid such a scenario".

"Beyond the Iranian conflict - he noted Still the CEO of the shipping company - Several other factors have supported and should continue to support the markets for the maritime transport of oil. The war in Ukraine and the related sanctions regime continue to reshape structurally market flows, redirecting exports on longer routes, while Europe is sourcing from more distant geographical areas. These dynamics have demand measured in tonne-miles, while the increasing number of ships subject to sanctions has reduced the effective fleet availability, helping to favorable market conditions. The removal of sanctions on the Venezuela also increased demand for tonnage (not subject to sanctions), benefiting in particular the Aframax ships; The robustness of tariffs in this segment has led several LR2 units to operate in the "dirty" market, reducing the availability of fleet for the transport of clean petroleum products. Fundamentals on the supply continue to support the tanker market. At the end of March 2026, ships ordered (in terms of dwt) in the segments MR and LR1 accounted for 13.5% of the fleet at sea, while this ratio for all tankers was 19.7%. At the same time, the tanker fleet is aging quickly. At the end of March 2026, 20.7% of the MR and LR1 fleet and the 20.3% of the total tanker fleet (in terms of DWT) were over 20 years old, while 53.9% and 53.9% respectively 45.8% were over 15 years of age. The aging of the ongoing fleet is bound to limit its productivity and to encourage a gradual rebalancing of the market through a increase in demolitions over time, particularly in the presence of weaker market conditions".

DIS therefore looks forward to a continuation of the positive phase that has begun in the first quarter of 2026 with time charter base revenues of $66.4 million, up +5.5% over the same period last year, with an EBITDA of €40.9 million (+18.8%), with a operating profit of €29.2 million (+34.1%) and with a net profit of $27.5 million (+45.6%).