Posted on June 26, 2024
D’Amico International Shipping CEO Carlos Balestra di Mottola joined Steve Darling from Proactive from our OTC studio in New York City to discuss the company’s operations and future strategies. Specializing in product tankers that primarily transport refined petroleum products, D’Amico International Shipping currently operates a fleet of 33 vessels, with plans to expand to 34 by July 2024. This fleet comprises 25 owned vessels, three bareboat chartered vessels, and five time-chartered vessels.
Operating on a global scale with offices in Singapore, London, and New York, D’Amico International Shipping has been listed on the Milan Stock Exchange since 2007. The product tanker sector, which was the last among shipping sectors to recover post-Covid, has recently seen significant improvement. This recovery has been driven in part by disruptions such as the Ukraine war and the Suez Canal incidents, which extended voyage times. Despite being content with its current fleet size, D’Amico is focused on modernizing its fleet by replacing older vessels with new, more efficient ones.
The company has ordered four new ships, which are scheduled for delivery between 2027 and 2028. Alongside this fleet modernization, D’Amico has shifted its market strategy to favor spot markets while securing profitable long-term contracts to ensure future earnings visibility. Expansion into the US market is a key focus for D’Amico, with the company increasing its visibility and engagement with US investors. This effort reflects a broader international investor interest, as evidenced by recent shareholder actions. These strategic moves underscore D’Amico International Shipping’s commitment to enhancing its global operations and ensuring sustained growth and profitability in the dynamic shipping industry.
