Italy’s d’Amico International Shipping (DIS) has locked in product tanker market strength with a new long-term deal.

The Milan-listed MR specialist said it has signed a three-year deal for one of its handysize vessels.

The company did not specify a rate, but said a “reputable” charterer had taken the ship at a “very profitable” level for DIS.

The contract begins in the third quarter.

Shipbroker BRS Group assesses three-year fixes for MR2 vessels at $27,000 per day, with 12-month terms at $34,000.

Clarksons Securities quoted spot rates at $39,700 per day on Friday.

Carlos di Mottola, the company’s new chief executive, said: “The very profitable hire we were able to achieve on this contract reflects our market’s strong long-term fundamentals.”

The deal boosts the forward coverage to 33% of vessel days in the second half of this year, at an average of $27,590 per day.

For 2025, the figure drops to 15% at $24,370. In 2026, DIS has 9% of days covered at $22,615.

Family stake sold

In May, the controlling d’Amico family offloaded a slice of its shares in DIS to boost trading liquidity.

The company said in a statement on behalf of family holding company d’Amico International that 6.2m shares, representing 5% of its share capital, went in an accelerated book-building process to institutional investors.

The price was €6.50 per share, meaning proceeds of €40.3m ($43.8m).

Net earnings were $56.3m in the first quarter, up $2.2m compared with the corresponding quarter in 2023.

Total net revenue dipped to $105.3m, down $2m from the same period in the previous year.

DIS is chaired by Paolo d’Amico, who was replaced as CEO in April by Balestra di Mottola.