d’Amico International Shipping S.A., one of the leading companies in maritime transportation in the product tanker market, announced its financial results for the third quarter and first nine months of 2026. The company reported a net profit of $27.8 million for the third quarter and $107.2 million for the first nine months as of September 30, 2026. These figures represent a significant increase compared to profits of $24.3 million and $62.8 million in the corresponding periods of 2025.
Increase in TCE Rates and Fixed Coverage
In the third quarter of 2026, d’Amico's average daily TCE rate reached $34,940, which is a 37% increase compared to the same period last year. Additionally, in the first nine months of the year, this rate reached $41,094, which is 75% higher than last year. The company also covered 63.2% of its working days in the first nine months of 2026 under fixed contracts, achieving an average daily TCE of $23,402. As a result, d’Amico's combined average TCE reached $27,446 in the third quarter and $29,911 in the first nine months of 2026, while these figures in the corresponding periods last year were $24,335 and $23,583, respectively.
Read more: Santos recorded a production of 26.3 million barrels of oil equivalent in the third quarter
Geopolitical Impacts on Energy Markets
Geopolitical developments, particularly in the Persian Gulf and the war in Iran, have had profound impacts on global energy and tanker markets. During this period, Middle Eastern oil exports have significantly improved since August but remain unstable and vulnerable to new disruptions. According to recent reports, the average oil and product flows through the Strait of Hormuz have returned to about 75% of pre-war levels, and when considering redirected cargoes, this figure increases to nearly 90%.
Additionally, the rising demand for LR2 tankers due to the strength of oil markets has led to a significant reduction in the fleet of clean product tankers. With continued increases in product exports, especially from China and high demand for production, transportation markets for products are expected to remain at historically high levels in the coming months.
Furthermore, geopolitical developments in other parts of the world, especially the war in Ukraine, have also impacted tanker markets and altered trade patterns. Russian crude oil exports have been redirected to farther locations, contributing to ton-mile demand. According to the International Energy Agency (IEA), Russian product exports in September fell to about 1.2 million barrels per day, which is 1.1 million barrels per day less than last year's level.
Read more: Halliburton forecasts years of demand growth for oil field services in the Middle East · Klaveness Combination Carriers ASA signed a three-year contract for the CLEANBU vessel
