Q3 2024 d'Amico International Shipping SA Earnings Call Transcript
Key Points
- d'Amico International Shipping SA (DMCOF) has a young fleet with an average age of nine years, significantly lower than the industry average.
- The company has a strong cash position with cash and cash equivalents of $228.7 million at the end of September 2024.
- The net financial position improved significantly, with a ratio of 6.2% between net financial position and fleet market value.
- The company generated a strong operating cash flow of $228.4 million in the first nine months of 2024.
- d'Amico International Shipping SA (DMCOF) declared an interim dividend of $30 million and has been actively buying back shares, indicating strong shareholder returns.
- The spot market was weaker in Q3 2024 compared to the same quarter last year, impacting profitability.
- There is a potential for market softening in the second half of 2025 and 2026 due to increased vessel deliveries.
- The company faces inflationary pressures, particularly on manning costs, which increased operational expenses.
- The current freight rate environment is soft, with lower rates impacting the company's ability to secure favorable time charter contracts.
- The geopolitical situation, including potential tariffs and sanctions, could negatively impact the market and demand for oil imports.
Good afternoon. This is the chorus call conference operator. Welcome. And thank you for joining the d'Amico International Shipping third quarter and nine-month 2024 results web call. (Operator Instruction)
At this time. I would like to turn the conference over to Mr. Carlos Balestra di Mottola, CEO. Please go ahead, sir.
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Yes, Good afternoon to everyone. And so, we, as usual, we skip the executive summary, and I pass it over to Federico for the overview on key financials.
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Thank you Carlos and good afternoon to everyone. So as usual, a snapshot of our fleet as at the end of September 2024, 33 vessels, 33 product tankers, 21 MRS, 6 ones and 6 still young fleet. The average age of our own met vessels. It's nine years of age against an industry average of 13.4 years for Mars and 14.8 years for Ones 83% of our own met vessels
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