DIS.MI d'Amico International Shipping

Tankers Product Β· LR1 / MR / Handysize Β· 70 documents

d'Amico International Shipping's 28-vessel product tanker fleet β€” 16 MR, 6 LR1 and 6 Handysize β€” should earn about $31,626 a day in 2026Q3. 64% of those vessel-days are already fixed at rates d'Amico International Shipping has disclosed; the rest are priced at 89% of the index, the share it has historically captured.

Last paid Β· 2025Q4
$0.27
$35,833/d earned
Β· +101% vs prior payment

What will d'Amico International Shipping pay for 2026Q3?

Company said
d'Amico International Shipping has booked 64% of its 2026Q3 days (2026-06-30; by class on the right). It does not say what it will pay β€” turning its rates into a dividend is our job.
$23,646/d
booked average
β€”
no dividend given
Our model
No forecast yet β€” why.
$31,626/d
modelled
β€”

Booked vs market $/day

ClassBookedAtSpot now
Fleet Β· applied to every class 63.7% $23,646 β€”

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q3Market now8 weeks
LR1 Β· 6 $35,8332026Q2 Β· fleet avg $23,64664% of days $194,6132026-10 median Β· 2 routes +120%
MR Β· 16 $35,8332026Q2 Β· fleet avg $23,64664% of days $68,3172026-10 median Β· 2 routes +136%
Handysize Β· 6 $35,8332026Q2 Β· fleet avg $23,64664% of days β€”no open $/day series

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β€” a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates open days only β€” booked days stay at the booked rate

LR1 64% booked at $23,646 Β· 200 open days
MR 64% booked at $23,646 Β· 534 open days
Handysize 64% booked at $23,646 Β· 128 open days

2026Q3 P&L and cash

LineModelYour scenarioΞ”
Vessel-days, days modelled

Ships on the fleet list Γ— the quarter's calendar days for handysize, LR1, MR: no off-hire or drydock days are deducted there.

 2,376 2,376
By class
ClassDaysModel $/dayYours $/day
LR155251,44551,445
MR1,47226,10326,103
Handysize35223,64623,646
Fleet TCE, $/day modelled 31,627 31,627
Revenue (TCE basis), $m modelled

Vessel-days Γ— fleet TCE.

 75.1 75.1
Vessel opex, $m assumed

2026Q2: $21.4m over 2,576 vessel-days, held per day.

 (19.8) (19.8)
G&A, $m assumed

2026Q2: $7.8m over 2,576 vessel-days, held per day.

 (7.2) (7.2)
EBITDA, $m assumed 48.2 48.2
Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

 β€” β€”
Interest expense, $m assumed

2026Q2: $3.1m over 2,576 vessel-days, held per day.

 (2.9) (2.9)
Scheduled debt amortisation, $m stated

2026Q2: $6.0m over 2,576 vessel-days, held per day (the issuer’s scheduled principal).

 (5.5) (5.5)
Drydock cost, $m

No separate drydock cash line on file.

 β€” β€”
Cash break-even, $/day assumed

Ξ£ cash costs above Γ· vessel-days.

 14,861 14,861
Cushion vs fleet TCE, $/day 16,766 16,766
Free cash flow to equity, $m assumed

Revenue βˆ’ cash costs: the cash available for distribution.

 39.8 39.8
Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

 β€”

Dividend policy

No stated payout policy on file.

OutputModelYour scenarioΞ”
Estimated DPS, $/share β€”
vs last declared ($0.27, 2025Q4) β€”

No dividend is modelled for 2026Q3: every input is on file, but its declared dividends do not yet explain its earnings β€” too few quarters pair a rate with a dividend, or they do not move together β€” and it states no quantified payout policy.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Dividend per share declared Β· model

$0.292025Q1$0.132025Q3$0.272025Q4solid = declared Β· dashed = our model

Why no forward dividend next step: forward DPS

This page prices a fleet, takes off its cash costs and debt service, and measures what is left against the payout. The step it cannot take today: every input is on file, but its declared dividends do not yet explain its earnings β€” too few quarters pair a rate with a dividend, or they do not move together β€” and it states no quantified payout policy. More quarters of dividends beside a reported rate, or a quantified payout policy, unblocks it.

What is on file:

Every company's position on the modelling chain, and what each page can and cannot answer yet: coverage.

Market context β€” rates, the dividend, and the price

Rates and dividend β€” realized rate and declared

Realized fleet TCEModelDeclared DPS
forecast →
$0k
$20k
$40k
2025Q1
2025Q2
2025Q3
2025Q4
2026Q1
2026Q2
2026Q3
2026Q4
Declared DPS, USD/share — solid: declared
$0.29
$0.13
$0.27

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate β€” see Dividend forecast.

The line is the declared dividend per share. Model estimate β€” not issuer guidance.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β†’

Where DIS.MI departs from that

  • This issuer declares twice a year, not quarterly; quarters without a declaration carry no dividend.
  • The forecast has not been scored against an outcome yet β€” there is no track record here to judge it by.
  • Fewer than four quarters of paired rate-and-dividend history, so the payout relationship is indicative rather than fitted.
  • Vessel-days are modelled from the fleet list (ships Γ— days in the quarter); no issuer day count is curated for this quarter.
  • LR1: index realized at 89% β€” this issuer captured 89% of the index across 5 closed quarters (range 57%-110%; 5 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index.
  • LR1: using issuer guidance 63% fixed @ $23,646/day β€” a FLEET-wide figure applied to this class; the issuer did not split coverage by class.

What drives it β€” fleet TCE, 2026Q3

Expected fleet TCE
$31,626/d
69% STATED Β· 31% MODELLED
Days already fixed
64%
at disclosed rates
Index capture on open days
89%
historically captured

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet
28
Realized TCE
$35,833/d 2026Q2
Declared DPS
$0.27 2025Q4
TTM DPS
β€”
Coverage
β€”
Revenue
$89.9M
Opex
$21.4M
Net income
$51.9M

6Γ— handysize Β· 6Γ— lr1 Β· 16Γ— mr current

Fleet model β€” 2026Q3

Fleet model estimate β€” not issuer guidance.

ClassShipsTCSpot% FixedGuided $/dSpot $/dBlended $/dQTD rev $MModeled Q rev $M
LR16β€”β€” 64% 23,646 112,779 51,445 β€” 28.4
MR16β€”β€” 64% 23,646 34,223 26,103 β€” 38.4
Handysize6β€”β€” 64% 23,646 β€” 23,646 β€” 8.3
Total28 31,627 β€” 75.1

Guided rates are issuer-booked cover for 2026Q3 blended with Gibson and route-basket spot medians and the company's own guidance for the open days.

Revenue if rates hold
$75.1M
Confidence
LOW

Bear uses booked coverage only; Base adds open vessels at this issuer's realized share of the latest Gibson median; Bull reruns them at the same share of the recent 3-month peak index.

Expected DPS suppressed: no verbatim payout policy located in the corpus β€” the cash walk cannot derive a DPS without a payout policy.

Expected DPS suppressed: no verbatim payout policy located in the corpus.

Model gaps & assumptions

lr1: index realized at 89% β€” this issuer captured 89% of the index across 5 closed quarters (range 57%-110%; 5 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index Β· lr1: using issuer guidance 63% fixed @ $23,646/day β€” a FLEET-wide figure applied to this class; the issuer did not split coverage by class Β· mr: index realized at 89% β€” this issuer captured 89% of the index across 5 closed quarters (range 57%-110%; 5 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index Β· mr: using issuer guidance 63% fixed @ $23,646/day β€” a FLEET-wide figure applied to this class; the issuer did not split coverage by class Β· handysize: guidance-only pricing (no market index for this class, owner ruling 2026-09-08) β€” issuer guidance 63% covered @ $23,646/day; the open 37% is unpriced and excluded from the mean Β· lr1: 2026Q3 has ended β€” open days are priced at the mean of its own monthly medians, $112,779/day, not the newest month (owner 2026-10-19) Β· mr: 2026Q3 has ended β€” open days are priced at the mean of its own monthly medians, $34,223/day, not the newest month (owner 2026-10-19) Β· DPS-vs-TCE regression (Β§26) DPS suppressed: TCE $31,626/day is outside the payer model's fitted range $22,507-$24,956/day (27% beyond, past the 1.25x cap) β€” DPS not extrapolated Β· DPS chain unscoreable β€” missing: payout ratio (no quantified policy, no payout multiple in the quarter files); share count

Profit statement highlights

Line2026Q22026Q1YoY Ξ”
Revenue $89.9M $67.6M +31.9%
Opex $21.4M $21.4M -2.1%
Net income $51.9M $27.5M +164.4%

reconciliation: reported figure missing (2026Q2) earnings bridge incomplete β€” treat income-derived figures as provisional

Full P&L grid β€” 6 quarters
Line item2026Q22026Q12025Q42025Q32025Q22025Q1
Revenue $M89.967.667.968.068.164.1
Voyage expenses $M16.617.815.720.920.925.7
Vessel opex $M21.421.421.722.521.923.4
G&A $M7.85.36.86.17.06.0
Depreciation $M11.211.712.312.516.312.7
Interest expense, gross $M3.1β€”β€”β€”β€”4.2
Net income $M51.927.525.624.319.618.9
Declared DPSβ€”β€”0.270.13β€”0.29

Realized fleet TCE

Realized fleet TCE versus benchmark: 6 points, 2025-01-01 to 2026-04-01; Realized fleet TCE latest 35,833.00.

image/svg+xml 2025 Apr Jul Oct 2026 Apr 22,000 24,000 26,000 28,000 30,000 32,000 34,000 36,000 35,833 Realized fleet TCE USD/day

Benchmark comparison will appear once issuer-printed benchmark data is available.

Guidance & sources

Issuer guidance β€” forward-looking

No current-quarter guidance on file.

Historical guidance (1 rows)
PeriodMetricValueCoverageAs ofSource
2026Q3Fleet time-charter cover (H1 2026, carried) $23,646 63.7% 2026-06-30 β€”
Sources β€” press, filings & documents

Press & filings by quarter

QuarterReportPresentationDividendOther
2014Q1 Pressrelease Fy 2013 Results 27 02 2014 β€” β€” β€”
2013Q2 Dis Q1 2013 Results Press Release β€” β€” β€”
2013Q1 Dis Fy 2012 Results Press Release β€” β€” β€”

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