d’Amico Posts $27.8 Million Q3 Profit as Spot TCE Rate Rises 37%

d’Amico International Shipping S.A. earned $27.8 million in Q3 profit as its average daily spot time charter equivalent (TCE) rate rose 37% year over year to $34,940.

The board approved interim results on Nov. 5 for the three and nine months ended Sept. 30. The average daily spot TCE rate was $25,502 in Q3 2025. The blended daily TCE rate, which includes spot and time-charter work, reached $27,446, compared with $24,335 a year earlier.

Total net revenue for the quarter was $68.247 million, versus $67.995 million in Q3 2025. EBITDA was $40.154 million, up from $39.158 million. Profit for the period was $24.3 million in the year-earlier quarter.

For the first nine months of 2026, profit reached $107.163 million, compared with $62.801 million in the same period of 2025. Operating cash flow totaled $136.564 million, up from $132.239 million.

At Sept. 30, the company had net cash of $56.6 million, compared with net debt of $27.4 million at the end of 2025. The Sept. 30 net cash figure includes $1.7 million in lease liabilities. Excluding those liabilities, net cash was $58.3 million.

The company controlled 28 vessels at quarter-end: 26 it owned and two it chartered on a bareboat basis.

The board approved a gross interim dividend of $0.336 per share, or $0.2856 per share after the maximum applicable 15% withholding tax. The ex-dividend date is Nov. 16, the record date is Nov. 17 and payment is scheduled for Nov. 18.