The large number of vessels stranded in the Persian Gulf has led to a significant reduction in transport capacity. At the same time, the decline in volumes passing through the Strait has caused serious disruptions. 

Shipowner d’Amico International Shipping S.A. has got off to a strong start in 2026 by reporting its first-quarter results. The company generated total revenues of $67.6 million (an increase of $3.5 million on the same quarter of 2025), EBITDA of $40.9 million (an increase of $6.5 million), and a positive net result of $27.5 million.

The average daily spot freight rate for D'Amico tankers.

The d'Amico Società di Navigazione group company also announced that it achieved average daily spot freight rates for its tankers of $32,264 in the first quarter of 2026, up 19% from $21,154 in the same period of 2025, and 53% higher year over year.

The d'Amico during this period

During this period, the company covered 62.2% of its vessel days through time-charter contracts, achieving an average daily time-charter equivalent of $23,001. The overall average freight rate (including both spot and time-charter contracts) was $26,505 for the first three months of the year, compared to $22,507 for the same period the previous year.

Related : Mottola's Crossbow (D'Amico): The shipping market is upside down because of the war with Iran.

 Carlos Balestra di Mottola,

A big effect on energy and oil shipping markets around the world

"In the first few months of 2026, world events continued to have a big effect on energy and oil shipping markets around the world, causing a lot of inefficiencies and problems," says Carlos Balestra di Mottola, CEO of d'Amico International Shipping. 'Vessel freight rates and values, which had already strengthened at the end of 2025 and in the beginning of 2026, increased further following the outbreak of hostilities in Iran.' He adds that the war in Iran and the resulting disruption to shipping through the Strait of Hormuz have significantly impacted product tanker markets.

The d'Amico before the 2025 conflict,

Before the 2025 conflict, approximately 15 million barrels of crude oil and 5 million barrels of refined products transited the Strait daily (equivalent to around 19% of the global oil supply). The large number of vessels stranded in the Persian Gulf has led to a significant reduction in transport capacity. At the same time, the decline in volumes passing through the Strait has caused serious disruptions to the fleet and a profound reconfiguration of trade routes. 

Freight rates have surged. 

Consequently, freight rates have surged, reaching unprecedented heights on several routes, driven by lengthening voyage distances, limited vessel availability, reduced fleet efficiency due to heightened port congestion, an elevated percentage of days sailed in ballast, and increased margins. Refining has created favourable arbitrage opportunities.

A sharp reduction in commercial oil inventories

The CEO then adds that, "if the conflict does not drag on, it is likely that, once it ends and with the reopening of the Strait of Hormuz, a particularly strong market will emerge. The IEA's release of around 400 million barrels from strategic reserves (out of a total of around 1.2 billion barrels), at a rate of around 2.0 million barrels per day, along with the redirection of crude oil flows through pipelines by Saudi Arabia and the United Arab Emirates for an extra 4.0 million barrels per day, as well as reduced demand resulting from higher oil prices and government measures to curb consumption, have reduced the oil supply deficit, which remains significant and has already led to a sharp reduction in commercial oil inventories.

Both commercial and strategic stocks will need to be replenished

Both commercial and strategic stocks will need to be replenished, and due to the increased perceived risk of further wars in Iran and greater awareness of the associated economic vulnerabilities, they will likely need to be replenished to higher levels than previously anticipated. This should boost tanker demand for several months after the conflict ends.

The impact of geopolitical crises on the oil shipping markets  

The oil shipping markets are supported by several other factors, both in the Iranian conflict and elsewhere. The war in Ukraine and the related sanctions regime are structurally reshaping market flows by redirecting Russian exports to longer routes while Europe sources from more distant regions. These dynamics have supported demand measured in tonne-miles, while the growing number of ships subject to sanctions has reduced the effective availability of the fleet, contributing to favourable market conditions.

The liquid bulk sector's current performance

The liquid bulk sector's current performance was commented on by Balestra di Mottola at the Blue Capital Forum recently. 'Today, we have 28 vessels under our control, but we've sold five of them to take advantage of the favourable market conditions. At the same time, we have reinvested to rejuvenate our fleet. This positive cycle has lasted much longer than we initially expected. We still have one non-eco-design vessel in our fleet, which we intend to sell by the end of the year. We will, however, retain the other 'Eco' vessels which are over 15 years old."

The construction investment plan

The company's CEO has finally confirmed that 10 new vessels are on order as part of the construction investment plan. 'Four LR vessels are scheduled for delivery next year, with another six due in 2029. We hope that our decision to invest in ships built in China — we chose what we believe to be the two best shipyards — will prove to be a good one, but we won't know for sure until they're delivered.'

# oil shipping markets #Blue Capital Forum #Balestra di Mottola #The d'Amico #Carlos Balestra di Mottola, # freight rates #Hormuz #Wars #Four LR vessels