d'Amico International Shipping S.A. (DMCOF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

This is the conference operator. Welcome and thank you for joining the D'Amico International Shipping First Quarter 2026 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 Mr. Federico Rosen, CFO. Please go ahead, sir. Hello, good afternoon, everybody, and welcome to our earnings call. So, jumping into the book, July 7th, next week of our week, at the end of March 26th, we had 29 vessels on the water, of which 27 owned and 2 were chartered. We actually, as you know, sold one of the ships and we delivered her to her buyers on the 24th of April, so now the ships on the water are 28. On top of that, we have 10 vessels under construction, four of which we expected to deliver in 2027, four MRs we expected to deliver in 2029, and two HENDIs we expected to deliver in 2029 as well. Every sheet of our fleet at the end of the period was 9.8 years, 93% of the fleet was eco-designed at the period end, now the percentage grows to 96% after the stage. of the high time. And putting the next slide on the back, we kept on executing our strategy of gradually repaying some of our most expensive debt and refinancing a portion of debt with a new facility at a much lower cost of debt. So we have been doing that since June 1, 2016. We returned, as you can see, we paid for $32.2 million in full vessels. We drew down the root facilities for $42 million in free ships. I consider the lower margin over the US dollar to suffer. On top of that, our strategy was also based on reusing or remediating our debt maturing in 2027, which is also a year in which we look at the delivery, as I mentioned before, of four of one vessels. So now, as you can see, we're expecting to be active...