d’Amico International Shipping S.A. (DMCOF) Q1 2024 Earnings Call Transcript


d’Amico International Shipping S.A. (OTCQX:DMCOF) Q1 2024 Earnings Conference Call May 8, 2024 8:00 AM ET

Company Participants

Carlos Balestra di Mottola – Chief Executive Officer
Federico Rosen – Chief Financial Officer

Conference Call Participants

Matteo Bonizzoni – Kepler
Daniele Alibrandi – Stifel
Massimo Bonisoli – Equitas
Climent Molins – Value Investor’s Edge


Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the d’Amico International Shipping First Quarter 2024 Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be a question and answer session. [Operator Instructions].

At this time, I would like to turn the conference over to Mr. Carlos Balestra di Mottola, CEO. Please go ahead, sir.

Carlos Balestra di Mottola

Thank you and good afternoon to everyone. Thank you for attending our presentation today. And as usual, we will skip the executive summary and we will start with the fleet overview. This is a snapshot of our fleet as of 31st of March, 24th. We controlled 35 vessels, mostly MRs, 23 and an eco-fleet of 6 vessels in each LR1 and hand-sized segments.

The modern fleet is at an average age of 8.8 years relative to an industry average of 13.4 for MRs and 14.8 for LR1s. And 80% of the controlled fleet is eco-designed. The fleet was built mostly for an important new building program with vessels delivered to us between 14 and 19, 22 vessels. Recently, we ordered another four vessels, which are going to be delivered to us starting in the second half of 2027.

Going on to the following slide, we show here the important investments that we made since 2012. We have been working on this for a few years and then we have started reinvesting through the exercise of

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