D'amico International Shipping S.a. · MIL:DIS
D'amico International Shipping — Q3 2025 Earnings Presentation
72 slides from D'amico International Shipping's earnings presentation, Nov 6, 2025
Slide 1: Q3 & 9M 2025 Presentation
Q3 & 9M 2025 Presentation d’Amico International Shipping November 6th, 2025
Slide 2: Disclaimer
DISCLAIMER. There shall be no offering or sale of any securities of d’Amico International Shipping S.A. in the United States of America, Switzerland, Canada, Australia, Japan, the United Kingdom or any jurisdiction in which such offer, solicitation or sale would be unlawful prior to its registration
Slide 3: Agenda
AGENDA. ▪ Executive summary ▪ DIS’ overview and key financials ▪ Strategic priorities and market overview ▪ Why invest in DIS ▪ DIS’ ESG ▪ Appendix
Slide 4: Executive summary
Executive summary. • Net profit – In the first 9M’25, d’Amico International Shipping SA (“DIS” or “the Company”) recorded a Net profit of US$ 62.8m vs. a Net profit of US$ 163.1m in the same period of ’24. Although not as strong as in the previous year, the positive results for the current period co
Slide 5: Executive summary
Executive summary. • Sale of two of DIS’ oldest vessels – In June’25, DIS signed two memoranda of agreement for the sale of MT Glenda Melody and MT Glenda Melissa, two MR vessels built in 2011, for a total consideration of US$ 36.3m. The first vessel was delivered to her buyers in July, while the se
Slide 6: DIS' overview and key financials
DIS’ overview and key financials
Slide 7: A modern, high-quality and versatile fleet
A modern, high-quality and versatile fleet. September 30th, 2025 DIS Fleet 1 LR1 MR Handy Total % Owned 6.0 17.0 6.0 29.0 93.5% Bareboat chartered 0.0 2.0 0.0 2.0 6.5% Time chartered-in short-term 0.0 0.0 0.0 0.0 0.0% TOTAL 6.0 19.0 6.0 31.0 100.0% • DIS controls a modern fleet of 31.0 product tanke
Slide 8: Lighter bank debt repayments and low refinancing risk
Lighter bank debt repayments and low refinancing risk. Forecasted bank debt financing cash-flow Daily bank loan repayment on owned vessels (Excluding overdraft facilities)1,2,3 (Excluding overdraft facilities)1,2,3 US$/mm US$/mm US$/mm US$/day DIS refinanced all its debt maturing in ’24 and ‘25, wit
Slide 9: Q4'25 estimated TCE earnings
Q4’25 estimated TCE earnings1. Q4’25 fixed days Q4’25 potential blended TCE TCE US$/day % of ‘fixed days’ TCE US$/day 30,000 90% 25,000 77% 80% 25,000 70% 24,500 20,000 54% 60% 50% 24,000 15,000 40% 23,500 10,000 23% 30% 20% 23,000 5,000 10% 23,492 28,262 24,930 23,355 24,037 24,719 - 0% 22,500 Fixe
Slide 10: Strong earnings outlook
Strong earnings outlook. Estimated fleet evolution (avg. n. of vessels)1 Potential upside to earnings2 N. of ships (based on ‘available days’) US$/mm 35 30 31.6 30.8 30.0 30 2.7 2.0 0.5 2.0 25 25 20 20 15 30.0 15 28.3 28.8 28.0 21.7 10 10 5 5 10.0 7.2 0.6 1.9 0 0 FY 2025 FY 2026 FY 2027 FY 2025 FY 2
Slide 11: Temporary cost pressure
Temporary cost pressure. Daily operating costs – owned and General & administrative costs – total fleet bareboat vessels1 US$/day US$/m 9,000 25.0 8,000 7,000 20.0 6,000 15.0 5,000 4,000 7,705 8,148 7,280 7,458 10.0 6,716 6,732 6,706 6,718 18.4 19.2 3,000 16.2 2,000 12.1 11.3 5.0 9.1 9.3 10.2 1,000
Slide 12: Financial results. First 9M'25 Net financial position
Financial results. First 9M’25 Net financial position (US$ million) Dec. 31st, 2024 Sep. 30th, 2025 Gross debt (285.5) (231.1) IFRS 16 – additional liabilities (3.4) (2.2) Cash and cash equivalents 164.9 148.9 Other current financial assets1 3.0 2.0 Net financial position (NFP) (121.0) (82.4) Net fi
Slide 13: Financial results. First 9M'25 Results
Financial results. First 9M’25 Results (US$ million) Q3’24 Q3’25 9M’24 9M’25 Non-recurring items: TCE Earnings 83.9 66.8 294.5 196.6 (US$ million) Q3’24 Q3’25 9M’24 9M’25 Total net revenue 85.2 68.0 298.1 200.2 Result on disposal of vessels (0.3) (0.3) 4.3 (0.8) Result on disposal of vessels (0.3) (
Slide 14: Financial results. First 9M'25 Key operating measures
Financial results. First 9M’25 Key operating measures Key Operating Q1 2024 Q2 2024 Q3 2024 9M 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 9M 2025 Measures Avg. n. of vessels 35.5 33.5 33.0 34.0 33.0 33.7 32.7 32.0 31.1 31.9 Fleet contact 41.3% 42.5% 43.5% 42.4% 38.7% 41.5% 39.6% 50.8% 54.9% 48.4%
Slide 15: Strategic priorities and market overview
Strategic priorities and market overview
Slide 16: DIS' CAPEX commitments
DIS’ CAPEX1 commitments. Investment plan US$/mm 250.0 194.6 200.0 3.9 180.8 164.4 6.8 151.1 12.8 0.7 150.0 101.2 115.6 9.0 100.0 85.3 83.7 79.0 1.0 190.7 74.7 8.1 2.5 1.4 65.2 63.3 174.0 151.6 150.3 5.5 5.2 5.5 41.5 50.0 100.2 106.6 77.1 81.2 77.7 27.4 24.4 60.0 12.0 11.7 69.2 6.8 4.1 7.7 30.4 29.8
Slide 17: DIS' purchase options on leased vessels
DIS’ purchase options on leased vessels. Exercised purchase options: Unexercised purchase options: Build Purch. Option Purch. Option Purch. First Ex. Option Vessel Name Vessel Name Build Date Date Delivery Date Next Ex. Date Obligation Date (In/Out of the money) High Priority 1 Mar-05 Feb-21 High Fi
Slide 18: DIS' purchase options on time-chartered-in vessels
DIS’ purchase options on time-chartered-in vessels. • DIS has also exercised six purchase options on its time-chartered-in vessels, which were all well in the money relative to their current market value. Exercised purchase options (US$ mm): Purch. Est. Market Est Market • Two of these options, rela
Slide 19: Contracts and modern fleet to drive future results
Contracts and modern fleet to drive future results. Average TC and TC equivalent covered rates1 % of ‘employment days’ US$/day 60% 35,000 • For FY’25, DIS has covered ~50% of its available vessel days 28,936 27,940 at an average TC equivalent rate of ~US$ 23.6 thousand. 50% 30,000 28,107 27,420 24,8
Slide 20: Strong freight rates and resilient asset values
Strong freight rates and resilient asset values. Historical MR TC and spot rates1 Historical MR asset values1 US$/day US$/m 50,000 1 YR TC is currently ~30% below the last cycle 45,000 peak, whilst spot rates reached an all-time 60 NB, 5yr old and 10yr old vessels are 40,000 high in Dec’22 and they
Slide 21: Trade disruptions. Russian refined product exports
Trade disruptions. Russian refined product exports1 Russia’s refined product exports by destination Russia’s refined product exports Million barrels per day Million barrels per day 3.5 3.5 3.0 3.0 2.5 2.5 2.0 2.0 1.5 1.5 1.0 1.0 0.5 0.5 0.0 0.0 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Feb-21 Dec-21 Feb-22
Slide 22: Trade disruptions. Red Sea attacks
Trade disruptions. Red Sea attacks Voyage duration increase on key trades (sea-days)2 East to West and West to East CPP ton-days (million)1 420 60 50 370 50 45 43 42 40 41 38 320 40 34 30 30 31 28 30 270 24 23 20 220 10 170 - Jubail - Malta - Sikka - Ventspils - Sikka - New Singapore - Ventspils - 1
Slide 23: Trade disruptions. CPP Cannibalization
Trade disruptions. CPP Cannibalization Uncoated share of long haul CPP trade1 Gasoil around the Cape of Good Hope2 Million tonnes Uncoated share Thousand of tonnes 7,000 80 14% 6,000 70 12% 60 5,000 10% 50 8% 4,000 40 6% 3,000 30 4% 2,000 20 10 2% 1,000 - 0% - Q3-07 Q2-08 Q4-18 Q3-19 Q2-05 Q1-06 Q4-
Slide 24: High and rising refining margins
High and rising refining margins. Refining cracks, Rotterdam CIF or Barge FOB vs US Gulf Coast refining margins1 Brent1 $/barrel $/barrel 40 35 30 30 25 20 20 15 10 10 0 5 Feb-25 Feb-24 Jul-24 Jul-25 Jan-24 Jun-24 Jan-25 Jun-25 Mar-24 Mar-25 Nov-24 Dec-24 Aug-24 Sep-24 Aug-25 Sep-25 Apr-24 May-24 Oc
Slide 25: Trade disruptions. Sanctions
Trade disruptions. Sanctions Sanctioned oil on water1 Total sanctioned tankers2 Million barrels Number of vessels % on total tankers (dwt) 450 900 18% 400 800 16% 350 700 14% 300 600 12% 250 500 10% 200 400 15.5% 8% 150 300 6% 100 200 4% 50 100 2% - 0 0% Nov-24 Dec-24 Jun-24 Jul-24 Jan-25 Mar-25 Jun
Slide 26: Trade disruptions. US and Chinese Port Fees
Trade disruptions. US and Chinese Port Fees Tankers on water1 Tankers on order1 100% 100% 90% 90% 23% 18% 19% 29% 80% 80% 38% 50% 70% 61% 70% 69% 74% 73% 72% 60% 78% 60% 50% 50% 40% 40% 77% 82% 81% 71% 30% 30% 62% 50% 20% 39% 20% 31% 26% 27% 28% 10% 22% 10% 0% 0% VLCC Suez/LR3 Afra/LR2 Pana/LR1 MR/H
Slide 27: Oil demand and refining throughputs rising tepidly
Oil demand and refining throughputs rising tepidly. Global oil demand1 Global refinery throughputs1 Million barrels per day Million barrels per day 106.0 86.0 85.4 104.8 85.2 104.5 84.9 105.0 85.0 83.8 84.0 104.0 103.4 83.6 84.0 83.3 83.2 83.3 83.1 104.1 104.1 82.9 103.0 102.5 82.5 83.3 83.0 82.4 83
Slide 28: Abundant oil supply growth
Abundant oil supply growth. World oil production1 ‘25 average changes Million barrels per day 107.0 0.3 106.2 0.4 0.1 0.6 0.2 105.0 1.5 103.1 103.0 102.3 -0.1 101.0 99.0 97.0 95.0 FY'23 avg FY'24 avg Russia OPEC+ USA Canada Brazil Guyana Others FY'25 avg excl Russia • In FY’24, world oil supply expa
Slide 29: Rising oil inventories, especially on water
Rising oil inventories, especially on water. Crude oil price (Brent, US$ bbl), forward curve1 CPP vs DPP and crude oil floating storage2 Million barrels 65 64.5 350 325 64.0 300 64 275 250 63.5 225 63.3 63.2 63.2 63.2 63.2 200 63.2 63.2 175 150 63 125 100 75 50 25 62 0 Oct'20 Apr'21 Oct'21 Apr'22 Ap
Slide 30: Gasoil and Jet Fuel leading oil demand growth in '25
Gasoil and Jet Fuel leading oil demand growth in ‘25. % Change in number of commercial Jet fuel & Kerosene demand 2021-2025 Global demand growth by product flights vs. 20191 (kbpd)2 2025 (kbpd)2 Thousand barrels/day Y-O-Y growth Thousand barrels 30% 8,000 25% 15% 7,000 20.1% Gas/Diesel Oil +271 20%
Slide 31: Growing Chinese naphtha imports
Growing Chinese naphtha imports. Chinese naphtha imports1 Thousand barrels/day 500 450 400 350 300 250 200 150 100 50 0 Mar-20 Mar-17 Dec-17 Mar-18 Dec-18 Mar-19 Dec-19 Dec-20 Mar-21 Dec-21 Mar-22 Sep-22 Dec-22 Mar-23 Dec-23 Mar-24 Dec-24 Mar-25 Jun-17 Sep-17 Jun-18 Sep-18 Jun-19 Sep-19 Jun-20 Sep-2
Slide 32: Support expected also from the crude tanker market
Support expected also from the crude tanker market1. Coated LR2 fleet: clean vs. dirty trading1 Crude tankers’ orderbook % Fleet (dwt)1 50.0% 100% 1% 1% 1% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 90% 45.0% 80% 37% 40% 38% 39% 36% 43% 40% 37% 39% 41% 43% 40.0% 46% 44% 70% 35.0% 60% 30.0% 50% 25.0% 40% 44.1% 20
Slide 33: Longer-term demand. Changes in the refinery landscape
Longer-term demand. Changes in the refinery landscape Net refinery capacity additions by year ‘23-’271 % of net refinery capacity Thousand barrels/day 1,500 additions ‘25-’271 1,300 60.0% 1,100 50.0% 900 40.0% 700 30.0% 55.8% 500 47.1% 20.0% 300 27.9% 10.0% 100 7.8% 13.7% 0.0% -100 2023 2024 2025 20
Slide 34: Growing pool of demolition candidates
Growing pool of demolition candidates. Fleet composition by age (MRs and LR1s)1 Fleet composition by age (All tankers)1 70% 60% 54.5% 62.5% 59.0% 50.2% 60% 53.3% 50% 44.1% 50.2% 40.3% 50% 42.2% 40% 34.0% 40% 34.6% 29.7% 30% 25.7% 27.0% 28.4% 22.9% 22.1% 30% 25.0% 23.1% 19.8% 18.8% 19.5% 19.3% 20.9%
Slide 35: Accelerating deliveries and rising scrapping potential
Accelerating deliveries and rising scrapping potential. All tankers deliveries, 2024-20251 90 80 70 N. Of vessels 60 38 40 50 30 19 45 31 40 23 18 30 20 38 43 36 37 27 30 26 10 24 0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Estimated deliveries MR and LR1 Estimated deliveries all other tankers
Slide 36: Sharp drop in newbuild orders in '25 to date
Sharp drop in newbuild orders in ‘25 to date. MR newbuilding parity curve vs MR & LR1 orders2 second-hand values1 Period end US$ Million N. of vessels orderbook/fleet ratio 55.0 49.5 250 70% 50.0 61% 45.0 60% 40.5 200 40.0 43.0 47% 50% 35.0 31.4 150 30.0 33.0 40% 31% 25.0 22.4 30% 20.0 100 21.0 21%
Slide 37: Accelerating but manageable fleet growth
Accelerating but manageable fleet growth. MR & LR1 deliveries and scrapping (m dwt) (lhs), and net MR & LR1 fleet age profile1 fleet growth (%)1 (rhs) Million Dwt Million Dwt and % of current fleet 12 14% 80 53.3% 12.7% 10 11.9% 12.0% 12% 70 8 9.9% 9.7% 10% 60 9.1% 8% 6 50 6% 4 4.8% 4.5% 4.7% 40 4.4
Slide 38: Why invest in DIS
Why invest in DIS
Slide 39: Historical NAV evolution
Historical NAV evolution. DIS’ Historical NAV evolution1,2,3 US$/m US$/share 1400 14.00 20 1200 1150 12.00 39 30 993 1011 9.81 9.76 9.65 1000 10.00 8.92 8.50 8.23 7.84 767 800 7.55 8.00 6.94 6.27 6.24 600 5.58 5.54 6.00 5.09 4.21 4.44 406 3.98 4.19 400 348 3.51 3.56 340 4.00 327 3.12 309 286 2.75 24
Slide 40: Potential use of funds (excluding cash returned to shareholders)
Potential use of funds (excluding cash returned to shareholders). Potential use of funds for investments and lease reimbursements US$/mm 500.0 450.0 25.6 423.7 69.3 400.0 350.0 62.0 300.0 44.7 250.0 174.0 222.2 200.0 150.0 100.0 31.5 16.7 48.2 50.0 - FY'26 FY'26 FY'26 FY'27 FY'26-'27 FY'24 FY'24 9M'
Slide 41: Increasing shareholder returns
Increasing shareholder returns. Cash returned to shareholders Financial Leverage (NFP to FMV) US$/mm % 250.0 70.0% 60.4% 60.0% 200.0 50.0% 150.0 40.0% 36.0% 100.0 40% 192.2 30% 188.5 30.0% 50.0 134.9 16% 65.1 18.0% 50.0 20.0% 22.0 7.1 10.3 - 9.7% 7.4% -37.3 FY'21 FY'22 FY'23 FY'24 10.0% -50.0 0.0% N
Slide 42: DIS' fleet. Focus on enhanced technical efficiency
DIS’ fleet. Focus on enhanced technical efficiency. Propeller Rudder Wake OPS (Onshore Speed/ Prop. Propeller Low Preswirl Eco EPL (Engine • Ships boss cap Duct Fins with Bulb Equal. Led power power silicon ultrasonic friction DIS aims to increase the vane nozzles Power Limit) fins and fins Duct sup
Slide 43: DIS' fleet. Operational efficiency improvements
DIS’ fleet. Operational efficiency improvements. Tekomar Cutting of CBM (Condition Biofouling Hull full blasting Ships Health check Prop. cleaning Users based maintenance) Risk management age above 10Y Glenda Melody for C02 reduction • On the operational side, DIS' Fleet Glenda Meryl has adopted mea
Slide 44: Why invest in DIS today
Why invest in DIS today. • Young-fleet, most of which acquired at historically attractive prices and at top-tier yards. Furthermore, vessels are mostly eco-design (87% of the fleet) and IMO classed (80.6% of the fleet). • First-class in-house technical management provides to DIS access to long-term
Slide 45: DIS' ESG
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Slide 46: DIS' Purpose and Values
DIS’ PURPOSE and VALUES. Long-term vision, Family tradition and Business Ethics Innovation Our sustainable business model pursues the goal of Inspired by the values of our family, we build our creating value and generating a positive impact on the business with a long-term view, focusing on innovati
Slide 47: DIS' ESG. Key figures
DIS’ ESG. Key figures ENVIRONMENTAL VALUE 2024 1 EEXI Compliant ships (as at year-end) 100.0% CII 6.31 IMO classed fleet % (as at year-end)2 81.8% Fleet age (years) 9.2 Fleet certified for the use of Biofuel blends up to B30 (%) (as at year-end) 100% Fleet with installed water ballast treatment syst
Slide 48: DIS' ESG. Environment and Safety
DIS’ ESG. Environment and Safety DIS seeks to be an industry leader on environmental and safety issues: • Among the first fleets worldwide compliant with Monitoring Reporting and Verification criteria for CO2 emissions. • Since 2011 DIS has a fleet performance monitoring department to optimize vesse
Slide 49: DIS' ESG. Environmental KPIs
DIS’ ESG. Environmental KPIs EEDI compliance (owned and bareboat) – at year-end Pre-EEDI Phase 1 Phase 2 Phase 3 EEDI compliant ships (%) 16.7% 0.0% 66.7% 16.7% EEXI compliance (owned and bareboat) - at year-end 2024 EEXI compliant ships (%) 100.0% Fleet certified for the use of Biofuel blends up to
Slide 50: DIS' ESG. Corporate Governance
DIS’ ESG. Corporate Governance DIS is listed on the most demanding segment of the Milan stock exchange (the Star), and has therefore adopted a first-class corporate governance framework: • Incorporated in Luxembourg, it is organized and governed in compliance with Luxembourg laws • Listed on the STA
Slide 51: DIS' ESG. Social responsibility
DIS’ ESG. Social responsibility DIS seeks a diverse and inclusive work environment, where teamwork is highly valued. The high levels of employee satisfaction result in high retention rates. • 26 onshore personnel as at 31 December 2024; • 657 seagoing personnel as at 31 December 2024; • 100% retenti
Slide 52: UN's Sustainable Development Goals
UN’s SUSTAINABLE DEVELOPMENT GOALS. DIS’ Sustainable DIS’ Sustainable DIS’ Sustainable Sustainability Development Sustainability Development Sustainability Development Topics Goals Topics Goals Topics Goals Vessel energy Integrated Ship recycling efficiency management system for ongoing improvement
Slide 53: UN's Sustainable Development Goals
UN’s SUSTAINABLE DEVELOPMENT GOALS. DIS’ Sustainable Activity performed by DIS Sustainability Topics Development Goals Vessel energy efficiency • Renewal of the fleet with “Eco” vessels, in line with IMO directives, thanks to the implementation of innovative technologies. Innovation: • Projects aime
Slide 54: UN's Sustainable Development Goals
UN’s SUSTAINABLE DEVELOPMENT GOALS. DIS’ Sustainable Activity performed by DIS Sustainability Topics Development Goals Integrated management • Transparent statement of policies governing operations on board managed ships - in system for ongoing order to ensure safety and efficiency - and of the meth
Slide 55: UN's Sustainable Development Goals
UN’s SUSTAINABLE DEVELOPMENT GOALS. DIS’ Sustainable Activity performed by DIS Sustainability Topics Development Goals Ship recycling • Preparation of hazardous material inventories on all new buildings and on the existing fleet. Stakeholder engagement • Stakeholder mapping and detection of needs an
Slide 56: Appendix
J <brie INTERNATIONAL SHIPPING SA.
Slide 57: IMO (MEPC 76): CII and EEXI
IMO (MEPC 76): CII and EEXI In June 2021, IMO's Marine Environment Protection Committee (MEPC 76) adopted amendments to the International Convention for the Prevention of Pollution from Ships (MARPOL) Annex VI that will require ships to reduce their greenhouse gas emissions. These amendments combine
Slide 58: IMO (MEPC 80): Net zero by 2050
IMO (MEPC 80): Net zero by 2050 In July 2023, IMO's Marine Environment Protection Committee (MEPC 80) has set more ambitious targets compared with the Initial IMO Strategy on Reduction of GHG Emissions from Ships. The new targets consider the Well-to-Wake (WtW) GHG emissions of marine fuels, as addr
Slide 59: IMO (MEPC 83): Approval of Net-Zero Framework
IMO (MEPC 83): Approval of Net-Zero Framework The 83rd session of the International Maritime Organization’s Marine Environment Protection Committee (MEPC 83), held from 7 to 11 April 2025, marked a pivotal advancement in maritime environmental regulation. Key decisions were made to align internation
Slide 60: IMO (MEPC 83): Approval of Net-Zero Framework
IMO (MEPC 83): Approval of Net-Zero Framework The 83rd session of the International Maritime Organization’s Marine Environment Protection Committee (MEPC 83), held from 7 to 11 April 2025, marked a pivotal advancement in maritime environmental regulation. Key decisions were made to align internation
Slide 61: (MEPC/ES.2), October 2025
(MEPC/ES.2), October 2025 The International Maritime Organization (IMO) has agreed to adjourn the extraordinary session of the Marine Environment Protection Committee (MEPC), which was convened from 14 to 17 October 2025 to consider the adoption of draft amendments to MARPOL Annex VI, including the
Slide 62: EU Emission Trading System (ETS) and Fuel EU
EU Emission Trading System (ETS) and Fuel EU. The European Commission has recently published a set of legislative proposals to enable the EU to attain its 2030 target of reducing its greenhouse gas emissions by at least 55% by 2030 compared with 1990 levels. In particular, the EU Commission included
Slide 63: DIS' Shareholdings Structure
DIS’ Shareholdings Structure. Key Information on DIS’ shares 3 1. d'Amico International SA 60.66% 2. Others 35.20% 2 3. d'Amico International Shipping SA 4.14% 100.00% 1 Listing market Borsa Italiana, STAR No. of shares issued 124,106,556 Market capitalisation1 €535.4 million Shares repurchased / %
Slide 64: d'Amico Group Structure
d’Amico Group Structure. 100% d’Amico Società di Navigazione Spa d’Amico International S.A. 100% 100% d’Amico Ship Ishima Pte Ltd Management S.r.l. 85% 76.9% Rudder S.A.M. Sirius Ship Management S.r.l. 100% d’Amico Dry d.a.c. 60.66% d’Amico International Shipping S.A. 100% d’Amico Tankers d.a.c. 100
Slide 65: DIS' estimated sensitivity to interest rates
DIS’ estimated sensitivity to interest rates1. (US$ million) FY’25 FY’26 FY’27 Estimated average bank debt (203.4) (175.6) (206.6) Estimated average hedged bank debt 59.6 24.1 - Estimated average unhedged bank debt (143.9) (151.5) (206.6) Assumed average cash & equivalents 100.0 100.0 100.0 Estimate
Slide 66: Financial results. Consolidated Income Statement
Financial results. Consolidated Income Statement Q3 2025 Q3 2024 9 MONTHS 9 MONTHS US$ thousand 2025 2024 87,694 115,671 Revenue 264,122 384,936 (20,928) (31,732) Voyage costs (67,547) (90,456) 66,766 83,939 Time charter equivalent earnings* 196,575 294,480 1,229 1,228 Bareboat charter revenue 3,645
Slide 67: Financial results. Consolidated Balance Sheet
Financial results. Consolidated Balance Sheet As at As at As at As at US$ thousand 30 September 2025 31 December 2024 US$ thousand 30 September 2025 31 December 2024 ASSETS SHAREHOLDERS' EQUITY AND LIABILITIES Property, plant and equipment and Right-of-use assets 819,792 801,767 Share capital 62,053
Slide 68: Financial results. Consolidated Cash Flow Statement
Financial results. Consolidated Cash Flow Statement Q3 2025 Q3 2024 9 MONTHS 9 MONTHS Q3 2025 Q3 2024 9 MONTHS 9 MONTHS US$ thousand US$ Thousand 2025 2024 2025 2024 24,291 40,201 Profit for the period 62,801 163,084 (890) (31,893) Acquisition of property, plant and equipment (74,745) (83,161) 12,46
Slide 69: DIS' Current Fleet Overview. LR1 & MR Fleet
DIS’CURRENT FLEET OVERVIEW. LR1 & MR Fleet Owned - LR1 Tonnage (dwt) Year Built Builder, Country Interest1 IMO Classified Bright Future2 75,000 2019 Hyundai MIPO, South Korea (Vinashin) 100% - Cielo di Cagliari 75,000 2018 Hyundai MIPO, South Korea (Vinashin) 100% - Cielo Rosso 75,000 2018 Hyundai M
Slide 70: DIS' Current Fleet Overview. Handy Fleet
DIS’CURRENT FLEET OVERVIEW. Handy Fleet Owned Tonnage (dwt) Year Built Builder, Country Interest1 IMO Classified Cielo di Salerno 39,043 2016 Hyundai MIPO, South Korea (Vinashin) 100% IMO II/IMO III Cielo di Hanoi 39,043 2016 Hyundai MIPO, South Korea (Vinashin) 100% IMO II/IMO III Cielo di Capri 39
Slide 71: DIS' New Building Program
DIS’NEW BUILDING PROGRAM. Owned Estimated tonnage (dwt) Estimated delivery date Builder, Country Interest1 MR/Handysize/LR1 YZJ2024-1642 – Tbn 75,000 Q3-2027 Jiangsu New Yangzi Shipbuilding, China 100% LR1 YZJ2024-1643 – Tbn 75,000 Q4-2027 Jiangsu New Yangzi Shipbuilding, China 100% LR1 YZJ2024-1644
Slide 72: Thank you!
Thank you!
d'Amico International Shipping — Q3 2025 Earnings Presentation on 6ix