Disclosure Of Material Accounting Policy Information [Text Block]

d'Amico International Shipping S.A. - Filing #4403575

Concept	2022-01-01 to 2022-12-31
Disclosure of material accounting policy information [text block]	—
Description of accounting policy for borrowing costs [text block]	Borrowing costs
Description of accounting policy for borrowings [text block]	Banks and other lenders
Description of accounting policy for construction in progress [text block]	Vessels in the course of construction (new buildings) are shown at cost less any identified impairment losses. Costs relating to new buildings include instalment payments made to date, and other vessel costs incurred during the construction period including capitalized interest
Description of accounting policy for customer acquisition costs [text block]	Cost includes the acquisition cost of the vessels as well as other costs which are directly attributable to the acquisition or construction of the vessel, including interest expenses incurred during the period of construction based on the loans obtained for the vessels
Description of accounting policy for depreciation expense [text block]	Depreciation is calculated on a straight-line basis to the estimated residual value over the estimated useful life of the major components of the vessels. The vessels contracted by the DIS Group are estimated to have a useful economic life normally of 25 years, depending on the specifications and expected type of employment. Residual value is estimated as the lightweight tonnage of each vessel multiplied by the current market scrap value per ton, which is reassessed every year. The vessel tank coatings are depreciated over ten years and the dry dock element is depreciated over the period to the expected next dry dock (see below). The remaining useful economic life is estimated at the date of acquisition or delivery from the shipyard and is periodically reassessed.
Description of accounting policy for derivative financial instruments [text block]	Derivative instruments
Description of accounting policy for determining components of cash and cash equivalents [text block]	Cash and cash equivalents
Description of accounting policy for dividends [text block]	Dividends
Description of accounting policy for employee benefits [text block]	Long Term Incentive Plan including Equity Compensation (Share Based Payments and Employee benefits)
Description of accounting policy for fair value measurement [text block]	Measurement of Fair Values.
Description of accounting policy for finance income and costs [text block]	Financial income and charges
Description of accounting policy for financial assets [text block]	Financial assets and liabilities
Description of accounting policy for foreign currency translation [text block]	Foreign currencies
Description of accounting policy for impairment of financial assets [text block]	The impairment model in IFRS 9 is based on expected credit losses, rather than on incurred losses under IAS 39.  The impairment requirements apply to financial assets measured at amortised cost and fair value through other comprehensive income, with losses initially recognised based on expected credit losses over the next 12 months; or, if there has been a significant increase in the credit risk of the financial asset then the impairment is based on lifetime expected losses. A three-stage approach is considered for impairment: in the first instance (12 months expected credit losses) if there is no significant increase in credit risk, expected credit losses are recognised and updated at each reporting date and the asset continues to be presented on a gross basis; in the second stage due to the significant increase in credit risk, a lifetime credit loss is expected and recognised, with the asset continuing to be presented on a gross basis; in the last stage a lifetime expected credit loss is recognised, and following the impairment the asset is presented on a net basis.
Description of accounting policy for impairment of non-financial assets [text block]	Impairment of assets
Description of accounting policy for income tax [text block]	Taxation
Description of accounting policy for leases [text block]	When contracts include optional periods for the charterer, DIS has estimated the remaining term, assuming such options will be exercised, only if at the date of initial application, it is reasonably certain to exercise the renewal option and including a termination penalty in the lease liability only if at date of initial application, it is reasonably certain to exercise the termination option.
Description of accounting policy for measuring inventories [text block]	Inventories
Description of accounting policy for non-current assets or disposal groups classified as held for sale [text block]	Result from disposal of vessels
Description of accounting policy for investment in associates and joint ventures [text block]	Joint Arrangements
Description of accounting policy for property, plant and equipment [text block]	Fixed assets (Fleet)
Description of accounting policy for provisions [text block]	Provisions for risks and charges
Description of accounting policy for recognition of revenue [text block]	Revenue recognition
Description of accounting policy for repairs and maintenance [text block]	To comply with industry certification or governmental requirements, the vessels are required to undergo planned major inspections from classification societies for major repairs and maintenance, which cannot be carried out while the vessels are operating; these therefore occur during dry-docks. For vessels younger than 15 years, dry-docking takes place approximately every 5 years depending on the nature of work and external requirements, with an Intermediate in-water survey (IWS) every 2.5 years. For vessels older than 15 years dry-docking takes place every 2.5 years
Description of accounting policy for research and development expense [text block]	R&D,
Description of accounting policy for share-based payment transactions [text block]	The obligations are presented as current liabilities in the balance sheet, if DIS does not have an unconditional right to defer settlement for at least 12 months after the reporting period, regardless of when the actual settlement is expected to occur.
Description of accounting policy for subsidiaries [text block]	Subsidiaries
Description of accounting policy for trade and other payables [text block]	Trade and other payables
Description of accounting policy for trade and other receivables [text block]	Trade and other receivables
Description of accounting policy for treasury shares [text block]	Treasury shares