D'amico International Shipping S.a. · MIL:DIS
D'amico International Shipping — Q3 2024 Earnings Presentation
66 slides from D'amico International Shipping's earnings presentation, Nov 7, 2024
Slide 1: Q3 & 9M 2024 Presentation
Q3 & 9M 2024 Presentation d’Amico International Shipping November 7th, 2024
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 result – In the first 9M’24, d’Amico International Shipping SA (“DIS” or “the Company”) recorded a strong Net profit of US$ 163.1m vs. a Net profit of US$ 148.7m in the same period of last year (US$ 40.2m in Q3’24 vs. US$ 48.9m in Q3’23). The adjusted net result (excluding n
Slide 5: Executive summary
Executive summary. • Exercise of purchase options – In June’24, DIS exercised its purchase option for the M/T Crimson Jade, a 50,000 dwt MR vessel, built in June 2017 by Minaminippon Shipbuilding Co., Ltd., Japan, for a consideration of approximately US$ 31.0m with delivery having occurred in July 2
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, 2024 DIS Fleet1 LR1 MR Handy Total % Owned 5.0 15.0 6.0 26.0 78.8% Bareboat chartered 1.0 2.0 0.0 3.0 9.0% Time chartered-in long-term 0.0 2.0 0.0 2.0 6.1% Time chartered-in short-term 0.0 2.0 0.0 2.0 6.1% TOTAL 6.0 21.0 6.0 33.0 100.0% • D
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 80 40 60 6,147 6,500 60 30 6,000 50 40 20 66.3 5,500 20
Slide 9: Q4'24 estimated TCE earnings
Q4’24 estimated TCE earnings1. Q4’24 fixed days Q4’24 potential blended TCE TCE US$/day % of ‘fixed days’ TCE US$/day 27,200 80% 28,000 27,000 68% 70% 26,800 27,000 60% 26,600 50% 26,000 26,400 39% 26,200 40% 25,000 29% 26,000 30% 25,800 24,000 20% 25,600 23,000 10% 25,400 27,100 25,937 26,601 24,47
Slide 10: Large potential upside to future earnings
Large potential upside to future earnings. Estimated fleet evolution (avg. n. of vessels)1 Potential upside to earnings2 N. of ships (based on ‘available days’) US$/mm 40 40 33.7 35 35 32.1 32.0 3.0 30 30 2.7 2.0 4.7 1.0 25 25 20 20 15 30.0 15 28.3 28.4 25.6 26.0 10 10 5 5 8.5 9.4 2.9 0 0 1.0 FY 202
Slide 11: Moderating cost pressure
Moderating cost pressure. Daily operating costs – owned and General & administrative costs – total fleet bareboat vessels1 US$/day US$/m 7,800 20.0 7,600 18.0 16.0 7,400 14.0 7,200 12.0 7,000 10.0 7,705 18.4 6,800 7,458 8.0 16.2 7,280 6.0 12.1 11.3 6,600 9.1 9.3 10.2 4.0 6,716 6,732 6,706 6,718 6,40
Slide 12: Financial results. First 9M'24 Net financial position
Financial results. First 9M’24 Net financial position (US$ million) Dec. 31st, 2023 Sep. 30th, 2024 Gross debt (314.3) (309.6) IFRS 16 – additional liabilities (25.6) (6.1) Cash and cash equivalents 111.2 228.7 Other current financial assets1 4.5 4.0 Net financial position (NFP) (224.3) (83.0) Net f
Slide 13: Financial results. First 9M'24 Results
Financial results. First 9M’24 Results (US$ million) Q3’23 Q3’24 9M’23 9M’24 Non-recurring items: TCE Earnings 98.3 83.9 301.8 294.5 (US$ million) Q3’23 Q3’24 9M’23 9M’24 Total net revenue 99.5 85.2 305.4 298.1 Result on disposal of vessels (0.6) (0.3) (4.4) 4.3 Result on disposal of vessels (0.6) (
Slide 14: Financial results. First 9M'24 Key operating measures
Financial results. First 9M’24 Key operating measures Key Operating Q1 2023 Q2 2023 Q3 2023 9M 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 9M 2024 Measures Avg. n. of vessels 36.0 36.0 36.0 36.0 36.0 36.0 35.5 33.5 33.0 34.0 Fleet contact 25.2% 27.2% 31.2% 27.9% 35.6% 29.8% 41.3% 42.5% 43.5% 42.4%
Slide 15: Strategic priorities and market overview
Strategic priorities and market overview
Slide 16: DIS' CAPEX commitments
DIS’ CAPEX1 commitments. Investment plan US$/mm 250.0 194.6 200.0 3.9 164.4 172.8 151.1 6.0 12.8 0.7 150.0 101.2 83.7 79.0 1.0 100.0 85.3 83.2 190.7 76.6 8.1 2.5 1.4 65.2 166.8 151.6 150.3 63.3 7.5 9.2 5.2 5.5 41.5 50.0 100.2 32.1 30.4 77.1 81.2 77.7 27.4 11.7 75.7 67.3 60.0 12.0 1.1 8.1 6.8 30.4 29
Slide 17: DIS' purchase options on leased vessels
DIS’ purchase options on leased vessels. Exercised purchase options: Unexercised purchase options: Build Purch. Option Purch. Vessel Name Build Purch. Option First Ex. Option (In/Out of Date Delivery Date Vessel Name Obligation 7 1 Date First Ex. Date the money) High Priority Mar-05 Feb-21 Date 2 Hi
Slide 18: DIS' purchase options on time-chartered-in vessels
DIS’ purchase options on time-chartered-in vessels. • DIS has also exercised its six purchase options on its time-chartered-in vessels, which were all well in the money relative to their current market value. Exercised purchase options (US$ mm)1: Est. Market Est. Market • Two of these options, relat
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$/day 70% 35,000 • For Q4’24, DIS has covered ~39% of its available vessel days 29,350 29,705 29,206 28,677 28,470 at an average TC equivalent rate of ~US$ 27.1 thousand. 60% 27,6
Slide 20: Potential upside to asset values
Potential upside to asset values. Historical MR TC and spot rates1 Historical MR asset values1 US$/day US$/m 50,000 1 YR TC is currently ~12% 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 are currently ~
Slide 21: Cannibalization of CPP voyages by uncoated ships
Cannibalization of CPP voyages by uncoated ships. Uncoated share of long haul CPP trade1 Gasoil around the Cape of Good Hope2 Million tonnes Uncoated share Thousand of tonnes 70 14% 60 12% 50 10% 40 8% 30 6% 20 4% 10 2% - 0% Q1-04 Q4-04 Q3-05 Q2-06 Q1-07 Q4-07 Q3-08 Q2-09 Q1-10 Q4-10 Q3-11 Q2-12 Q1-
Slide 22: 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 Jan-21 Mar-21 Jun-21 Jul-21 Jan-22 Mar-22 Jun-22 Jul-22
Slide 23: Trade disruptions. Red Sea attacks
Trade disruptions. Red Sea attacks Voyage duration increase on key trades (sea-days)2 Voyage duration increase on key trades (%)2 60 50 Ventspils - Singapore +32.4% 50 45 43 42 40 41 Singapore - Amsterdam +35.5% 38 40 34 30 30 31 30 28 Sikka - New York +37.3% 24 23 20 Ventspils - Jubail +53.6% 10 Si
Slide 24: Oil demand and refining throughputs recovering
Oil demand and refining throughputs recovering. Global oil demand1 Global refinery throughputs1 Million barrels per day Million barrels per day 104.0 103.6 103.6 102.6 103.0 102.0 101.5 102.9 102.4 101.0 102.0 100.0 100.5 100.6 100.7 99.0 99.8 98.0 98.9 97.0 96.0 Q1 Q2 Q3 Q4 2022 2023 2024 • The IEA
Slide 25: Healthy oil supply growth
Healthy oil supply growth. World oil production1 Million barrels per day ‘ n • In FY’24 world oil supply is projected to expand by 0.7 mb/d, averaging 102.9 mb/d. o Non-OPEC+ production is expected to rise by 1.5 mb/d, while OPEC+ output is forecast to fall by 0.8 mb/d, assuming existing voluntary c
Slide 26: Refined product inventories at low levels
Refined product inventories at low levels. Crude oil price (Brent, US$ bbl), forward curve1 CPP vs DPP and crude oil floating storage2 72 71.7 Million barrels 71.3 350 71.1 325 71.0 300 70.9 70.8 275 71 70.7 70.6 250 70.5 225 70.4 70.3 200 175 150 70 125 100 75 50 25 69 0 DPP CPP OECD industry refin
Slide 27: Gasoline and Jet Fuel to lead demand growth in '24
Gasoline and Jet Fuel to lead demand growth in ‘24. % Change in number of commercial Jet fuel & Kerosene demand 2021-2023 Global demand growth by product flights vs. 20191 (kbpd)2 2024 (kbpd)2 Thousand barrels/day Y-O-Y growth Thousand barrels 15% 8,000 25% 0% 20.1% Motor Gasoline +401 7,000 Jul-20
Slide 28: Support expected also from crude tanker market
Support expected also from crude tanker market1. Coated LR2 fleet: clean vs. dirty trading1 Crude tankers’ orderbook % Fleet (dwt)2 100% 1% 1% 1% 0% 0% 0% 0% 0% 0% 0% 0% 45.0% 90% 40.0% 80% 37% 40% 38% 39% 36% 40% 37% 38% 46% 44% 43% 35.0% 70% 30.0% 60% 50% 25.0% 41.2% 40% 20.0% 36.9% 63% 62% 64% 63
Slide 29: Longer-term demand. Changes in the refinery landscape
Longer-term demand. Changes in the refinery landscape Net refinery capacity additions by year ‘23-’261 % of net refinery capacity additions ‘23-’261 Thousand barrels/day 1,500 35.0% 1,300 30.0% 1,100 25.0% 900 20.0% 700 37.3% 15.0% 28.7% 500 25.5% 10.0% 300 16.0% 5.0% 100 6.1% 4.1% 0.0% -100 2026 20
Slide 30: Growing pool of demolition candidates
Growing pool of demolition candidates. Historical and forecasted fleet composition by age (MRs and LR1s)1 70% 60.1% 60% 55.8% 49.5% • The proportion of vessels which have 50% 42.2% 40% 34.6% 28.4% more than 15 and 20 years has been 30% 20.8% 25.0% rising rapidly and this trend is 20% 15.9% 16.0% 15.
Slide 31: Planned deliveries to stay at low levels in '24 and H1'25
Planned deliveries to stay at low levels in ’24 and H1’25. MR & LR1 deliveries, 2024-20251 40 35 30 N. Of vessels 25 20 36 15 25 10 19 17 14 5 6 5 0 2 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Actual deliveries Estimated deliveries MR & LR1 demolitions, 2018-20241 20 18 16 N. Of vessels 14 12
Slide 32: Newbuild orders rising
Newbuild orders rising. MR newbuilding parity curve vs MR & LR1 orders2 second-hand values1 Period end US$ Million N. of vessels orderbook/fleet ratio 60.0 250 70% 55.0 53.0 61% 60% 50.0 200 45.0 43.4 47% 47.0 50% 40.0 35.0 33.8 150 37.0 40% 30.0 31% 25.0 24.2 30% 26.0 100 21% 20.0 17% 16% 16% 15% 2
Slide 33: Slow fleet growth
Slow fleet growth. MR & LR1 deliveries and scrapping (m dwt) (lhs), and net Current MR & LR1 fleet age fleet growth (%)1 (rhs) profile1 49.5% of current fleet Million Dwt Million Dwt 12 14% 15.6% of current fleet 15.1% of current fleet 12.7% 70 10 11.9% 12.0% 12% 63.9 8 10.0% 9.7% 10% 60 9.2% 8% 6 5
Slide 34: Why invest in DIS
Why invest in DIS
Slide 35: Historical NAV evolution
Historical NAV evolution. DIS’ Historical NAV evolution1,2,3 US$/m US$/share 1400 14.00 1226 1170 38 1200 50 12.00 39 10.24 9.81 9.76 30 993 9.70 1000 10.00 8.92 8.23 7.84 767 7.90 800 7.55 8.00 6.94 6.24 6.40 6.27 600 5.58 5.54 6.00 4.44 4.21 406 3.98 400 348 327 3.51 3.56 340 4.00 3.12 309 246 262
Slide 36: 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$/mm n n n n n n n • DIS currently plans investments and lease reimbursements of US$ 189.8 million (US$ 158.8 million excluding the first 9M’24), arising from the exerc
Slide 37: Increasing shareholder returns
Increasing shareholder returns. Cash returned to shareholders Financial Leverage (NFP to FMV) US$/mm % 200.0 70.0% 60.4% 60.0% 150.0 50.0% 100.0 192.2 40.0% 36.0% 163.1 134.9 50.0 30.0% 50.0 18.0% 22.0 7.1 6.5 20.0% - -37.3 FY'21 FY'22 FY'23 9M'24 10.0% 6.2% -50.0 0.0% Net result Dividends Buyback Y
Slide 38: DIS' fleet. Focus on enhanced technical efficiency
DIS’ fleet. Focus on enhanced technical efficiency. Propeller OPS (Onshore Speed/ Prop. Low Mewis Preswirl Eco EPL (Engine Ships boss cap Fins Led power power silicon friction Duct vane nozzles Power Limit) fins supply) control paint paint Glenda Melody Glenda Meryl Glenda Melissa High Tide High Sea
Slide 39: 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 for C02 reduction Glenda Melody Glenda Meryl Glenda Melissa High Tide High Seas Cielo di Gaeta Cie
Slide 40: 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 (83% of owned and bareboat ships) and IMO classed (79% of owned and bareboat ships). • First-class in-house technical management provides
Slide 41: DIS' ESG
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Slide 42: 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 43: DIS' ESG. Key figures
DIS’ ESG. Key figures GOVERNANCE RESPONSIBILITY 2023 Cases of corruption, bribery or anti-competitive behavior - Instances for which fines were incurred - ENVIRONMENTAL RESPONSIBILITY (owned and bareboat vessels) 1 2023 EEXI Compliant ships (as at year-end) 100.0% EEDI - Pre-EEDI (%) (as at year-end
Slide 44: 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 45: 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 (%) 20.7% 0.0% 62.1% 17.2% EEXI compliance (owned and bareboat) - at year-end 2021 2022 2023 EEXI compliant ships (%) 70.0% 89.3% 100.0% Fleet certified for the use o
Slide 46: 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 47: 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. • 25 onshore personnel as at 31 December 2023; • 626 seagoing personnel as at 31 December 2023; • 100% retenti
Slide 48: 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 49: 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 50: 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 51: 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 52: Appendix
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Slide 53: DIS' Shareholdings Structure
DIS’ Shareholdings Structure. Key Information on DIS’ shares 3 1. d'Amico International SA 60.66% 2. Others 35.49% 2 3. d'Amico International Shipping SA 3.85% 100.00% 1 Listing market Borsa Italiana, STAR No. of shares issued 124,106,556 Market capitalisation1 €580.8 million Shares repurchased / %
Slide 54: 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 55: DIS' estimated sensitivity to interest rates
DIS’ estimated sensitivity to interest rates1. (US$ million) FY’24 FY’25 FY’26 Estimated average bank debt (229.9) (198.7) (170.8) Estimated average hedged bank debt 100.0 63.8 23.3 Estimated average unhedged bank debt (129.9) (134.9) (147.4) Assumed average cash & equivalents 100.0 100.0 100.0 Esti
Slide 56: IMO (MEPC 76): CII and EEXI. 1/2
IMO (MEPC 76): CII and EEXI. 1/2 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 co
Slide 57: IMO (MEPC 76): CII and EEXI. 2/2
IMO (MEPC 76): CII and EEXI. 2/2 In July 2023, IMO's Marine Environment Protection Committee (MEPC 78) 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 add
Slide 58: 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 59: Financial results. Consolidated Income Statement
Financial results. Consolidated Income Statement Q3 2024 Q3 2023 9 MONTHS 9 MONTHS US$ Thousand 2024 2023 115,671 136,947 Revenue 384,936 407,779 (31,732) (38,646) Voyage costs (90,456) (105,984) 83,939 98,301 Time charter equivalent earnings* 294,480 301,795 1,228 1,228 Bareboat charter revenue * 3
Slide 60: Financial results. Consolidated Balance Sheet
Financial results. Consolidated Balance Sheet As at As at US$ Thousand 30 September 2024 31 December 2023 ASSETS Property, plant and equipment and Right-of-use assets 802,905 794,259 Other non-current financial assets 255 2,434 Total non-current assets 803,160 796,693 Inventories 13,256 13,727 Recei
Slide 61: Financial results. Consolidated Cash Flow Statement
Financial results. Consolidated Cash Flow Statement Q3 2024 Q3 2023 9 MONTHS 9 MONTHS US$ Thousand 2024 2023 40,201 48,886 Profit for the period 163,084 148,719 14,381 15,869 Depreciation and amortisation 44,538 46,358 484 178 Current and deferred income tax 1,283 775 1,080 1,485 Lease cost 3,547 6,
Slide 62: 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 63: DIS' Current Fleet Overview. MR Fleet
DIS’CURRENT FLEET OVERVIEW. MR Fleet TC - IN Long Term with purchase option Tonnage (dwt) Year Built Builder, Country Interest1 IMO Classified 2 High Leader 50,000 2018 Japan Marine United Co., Japan 100% IMO II/IMO III High Navigator3 50,000 2018 Japan Marine United Co., Japan 100% IMO II/IMO III T
Slide 64: 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 65: 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 66: Thank you!
Thank you!
d'Amico International Shipping — Q3 2024 Earnings Presentation on 6ix