d'Amico International Shipping S.A. (DMCOF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, this is the Chorus Call Conference operator. Welcome and thank you for joining the D'Amico International Shipping first quarter 2025 results web call. All participants are on listen-only mode and after the presentation there will be a Q&A session. At this time I would like to turn the conference over to Federico Rosen, CFO. Please go ahead, sir. Hello everyone and welcome to the MIGO International Shipbuilding Conference call presentation for Q1 2025. Sorry, let me finish the presentation. So as usual, I'll skip the executive summary. Snapshot of the fleet as at the end of March 2025. The Amico International Shipping had 32 ships, 32 for the tankers, of which 28 were owned, three were variable chartered, and one was time chartered. As we speak, one of the vessels, the only vessel that is time chartered in, that was time chartered in at the end of March, was actually exercised. The purchase option on this vessel was exercised, so now it's an owned vessel. Still young fleet, 9.4 years of average age against an industry average of 14.1 years for MRs and 15.7 years for RO1s. 84% of our fleet is eco-design against an industry average of 37%. Moving to the next page. Our bank debt situation, very straightforward for Q1 2025. We repaid $6.7 million of bank debt in the quarter. We're expecting to repay further $20.1 million in the rest of the year of 2025. We have no refinancing needs for 25 and 26, apart from a small residual amount of $3.2 million at the very end of 2026, in December 2026, that is expiring, that we're assuming here in the graph to refinance for the same amount. Slightly different situation in 2027, as we are going to have approximately $66 million of debt to refinance. In addition to that, we're assuming currently to refinance our new build...