d’Amico International Shipping S.A. (DIS), a leading player in the global marine transportation sector, has announced the execution of a buy-back program aimed at enhancing shareholder value and optimizing its capital structure. Between October 21 and October 23, 2024, the company repurchased 89,000 of its own shares, which represents approximately 0.072% of its outstanding share capital. The total consideration for this buy-back was €495,959.45, with an average purchase price of €5.5726 per share.
Founded in 1936, d’Amico International Shipping operates within the product tanker segment of the maritime industry, specializing in the transportation of refined petroleum products, chemicals, and vegetable oils. The company boasts a modern fleet of double-hulled vessels ranging from 35,000 to 75,000 deadweight tons, ensuring compliance with stringent environmental regulations and safety standards. Headquartered in Luxembourg, DIS is a subsidiary of d’Amico Società di Navigazione S.p.A., one of the world’s foremost privately-owned marine transportation companies. The firm maintains a global presence with offices strategically located in key maritime hubs such as London, Dublin, Stamford, Monaco, and Singapore. This extensive network enables DIS to effectively manage its operations and respond promptly to market demands.
As part of its ongoing strategy to return value to shareholders, d’Amico International Shipping has engaged Equita SIM S.p.A., an independent equity broker, to execute the buy-back program. This initiative was authorized by the company’s Board of Directors on June 14, 2023, following approval from shareholders at an extraordinary meeting held on June 13, 2023. The recent buy-back transactions were executed as follows:
- October 21, 2024: 47,500 shares purchased at €5.6335 per share for a total consideration of €267,591.25.
- October 22, 2024: 9,700 shares purchased at €5.5948 per share for a total consideration of €54,269.56.
- October 23, 2024: 31,800 shares purchased at €5.4748 per share for a total consideration of €174,098.64.
As of October 23, 2024, d’Amico International Shipping holds a total of 4,743,152 treasury shares, representing approximately 3.82% of its outstanding share capital.
The execution of this buy-back program is part of d’Amico’s broader strategy to enhance shareholder returns while maintaining financial flexibility amid fluctuating market conditions. By reducing the number of outstanding shares in circulation, DIS aims to improve earnings per share and bolster investor confidence. The maritime industry has faced numerous challenges in recent years due to geopolitical tensions and changes in global trade patterns. However, d’Amico International Shipping’s commitment to operational excellence and strategic financial management positions it well to navigate these complexities. d’Amico International Shipping’s recent share repurchase initiative reflects its proactive approach to managing capital and enhancing shareholder value while continuing to operate as a leader in the marine transportation sector.
