D'amico International Shipping S.a. · MIL:DIS
D'amico International Shipping — FY 2024 Earnings Presentation
69 slides from D'amico International Shipping's earnings presentation, Mar 13, 2025
Slide 1: FY 2024 Presentation
FY 2024 Presentation d’Amico International Shipping March 13th, 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. • Strong Net result – In FY’24, d’Amico International Shipping SA (“DIS” or “the Company”) recorded a robust Net profit of US$ 188.5m vs. a Net profit of US$ 192.2m in FY’24 (US$ 25.4m in Q4’24 vs. US$ 43.5m in Q4’23). The adjusted net result (excluding non-recurring items) was US
Slide 5: Executive summary
Executive summary. • Exercised purchase options to secure high-quality young tonnage – In June’24, DIS exercised its purchase option for the M/T Crimson Jade, a 50,000 dwt MR vessel, built in Jun’17 by Minaminippon Shipbuilding Co., Ltd., Japan, for a consideration of approximately US$ 31.0m, delive
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. December 31st, 2024 DIS Fleet1 LR1 MR Handy Total % Owned 5.0 16.0 6.0 27.0 81.8% Bareboat chartered 1.0 2.0 0.0 3.0 9.1% Time chartered-in short-term 0.0 3.0 0.0 3.0 9.1% TOTAL 6.0 21.0 6.0 33.0 100.0% • DIS controls a modern fleet of 33.0 product tankers
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 200 61.2 70 60 7,000 6,147 60 150 6,000 50 50 66.2 100 4
Slide 9: Q1'25 estimated TCE earnings
Q1’25 estimated TCE earnings1. Q1’25 fixed days Q1’25 potential blended TCE TCE US$/day % of ‘fixed days’ TCE US$/day • Contract coverage: DIS has fixed ~36% of its Q1’25 employment days at a daily average of US$ 25,261. • Fixed spot days: DIS has fixed ~53% of its Q1’25 employment days on spot voya
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$/mm 35 32.2 32.0 32.8 2.7 2.0 2.0 30 0.7 25 20 15 30.0 30.8 28.8 10 5 0 FY 2025 FY 2026 FY 2027 Owned Firm TC Bareboat Estimated net res
Slide 11: Moderating cost pressure
Moderating cost pressure. Daily operating costs – owned and General & administrative costs – total fleet bareboat vessels1 US$/day US$/m 8,000 30.0 7,800 25.0 7,600 7,400 20.0 7,200 7,000 15.0 6,800 7,728 25.8 7,504 23.3 10.0 6,600 7,121 16.2 15.5 6,400 6,885 12.9 14.0 6,684 6,671 6,758 5.0 12.0 6,2
Slide 12: Financial results. FY'24 Net financial position
Financial results. FY’24 Net financial position (US$ million) Dec. 31st, 2023 Dec. 31st, 2024 Gross debt (314.3) (285.5) IFRS 16 – additional liabilities (25.6) (3.4) Cash and cash equivalents 111.2 164.9 Other current financial assets1 4.5 3.0 Net financial position (NFP) (224.3) (121.0) Net financ
Slide 13: Financial results. FY'24 Results
Financial results. FY’24 Results (US$ million) Q4’23 Q4’24 FY’23 FY’24 Non-recurring items: TCE Earnings 95.2 72.5 397.0 367.0 (US$ million) Q4’23 Q4’24 FY’23 FY’24 Total net revenue 96.4 73.7 401.8 371.9 Result on disposal of vessels (0.3) (0.3) (4.7) 4.1 Result on disposal of vessels (0.3) (0.3) (
Slide 14: Financial results. FY'24 Key operating measures
Financial results. FY’24 Key operating measures Key Operating Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Measures Avg. n. of vessels 36.0 36.0 36.0 36.0 36.0 35.5 33.5 33.0 33.0 33.7 Fleet contact 25.2% 27.2% 31.2% 35.6% 29.8% 41.3% 42.5% 43.5% 38.7% 41.5% covera
Slide 15: Strategic priorities and market overview
Strategic priorities and market overview
Slide 16: DIS' CAPEX commitments
DIS’ CAPEX1 commitments. Investment plan US$/mm • DIS invested US$ 924.4m1 from FY’12 to FY‘19, mostly related to 22 newbuildings ordered since 2012. • DIS invested US$ 30.4m in FY’22, US$ 29.8m in FY’23, US$ 31.0m in Q3’24, and US$ 31.0m in Q4’24 to exercise its purchase options on High Adventurer,
Slide 17: DIS' purchase options on leased vessels
DIS’ purchase options on leased vessels. Exercised purchase options: Unexercised purchase options: Build Purch. Option Build Purch. Option Purch. First Ex. Option (In/Out Vessel Name Vessel Name Date Delivery Date Date First Ex. Date Obligation Date of the money)7 High Priority 1 Mar-05 Feb-21 High
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)1,2,3: Purch. Est. Market Est Market • Two of these options,
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$/day • For FY’25, DIS has covered ~35% of its available vessel days at an average TC equivalent rate of ~US$ 24.9 thousand. • TC contracts allow DIS to: ✓ consolidate strategic r
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 ~36% below the last cycle 45,000 peak, whilst spot rates reached an all-time NB, 5yr old and 10yr old vessels are respectively ~3%, ~24% and ~31% 60
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 Jan-21 Jun-21 Jul-21 Jan-22 Jun-22 Jul-22 Jan-23 Jun-23
Slide 22: 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 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% 5,000 60 10% 4,000 50 8% 40 3,000 6% 30 2,000 4% 20 2% 1,000 10 - 0% - Q3-05 Q2-12 Q3-20 Q4-04 Q2-06 Q1-07 Q4-
Slide 24: Trade disruptions. Sanctions
Trade disruptions. Sanctions US sanctioned tankers1 Total sanctioned tankers1 Number of vessels Number of vessels % on total tankers (dwt) 300 278 281 350 320 9% 300 8% 250 257 7% 186 250 200 193 209 6% 154 164 200 5% 150 121 123 124 129 134 137 147 159 110 114 8.4% 4% 96 150 114 118 125 125 125 100
Slide 25: Trade disruptions. US Port fees on Chinese built vessels
Trade disruptions. US Port fees on Chinese built vessels Tankers on water1 Tankers on order1 Free to trade vs. encumbered tankers1 100% 3,500 30% 100% 26% 90% 25% 90% 23% 18% 19% 3,000 29% 23% 23% 25% 80% 80% 38% 634 50% 2,500 70% 61% 70% 20% 69% 74% 73% 72% 60% 78% 60% 2,000 50% 50% 12% 15% 1,500 4
Slide 26: Trade disruptions. US Tariffs
Trade disruptions. US Tariffs Mexico – US, possible 25% US tariff Canada – US, possible 10% US tariff Mexico to US US to Mexico Canada to US, Seaborne US to Canada, Seaborne 480kbpd crude oil 600kbpd CPP 340kbpd crude oil 600kbpd CPP 130kbpd DPP 55kbpd DPP Key ’ 240kbpd CPP Stats Canada to US, Total
Slide 27: 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 106.0 85.0 104.9 83.8 84.0 105.0 104.6 84.0 83.3 83.3 103.8 103.7 82.9 82.9 83.1 104.0 103.8 82.6 82.6 83.3 83.0 82.5 83.6 102.7 102.8 83.4 103.0 81.9 83.1
Slide 28: Healthy oil supply growth
Healthy oil supply growth. World oil production1 ‘ Million barrels per day 106.0 105.0 0.4 104.5 0.2 0.2 0.1 104.0 0.6 102.9 0.2 103.0 102.3 0.0 102.0 101.0 100.0 99.0 98.0 97.0 96.0 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 supp
Slide 29: 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 Million barrels 76 75.0 75 350 325 74 300 72.9 73 72.4 275 71.9 250 72 71.5 225 71.1 70.6 200 71 70.3 175 70.0 69.7 69.4 150 70 69.2 125 69 100 75 68 50 25 67 0 DPP
Slide 30: Naphta and Jet Fuel to lead demand growth in '25
Naphta and Jet Fuel to lead 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 15% 8,000 25% 0% 7,000 20.1% Naphtha +273 20% Feb-23 Feb-2
Slide 31: 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 50.0% 100% 1% 1% 1% 0% 0% 0% 0% 0% 0% 0% 0% 0% 45.0% 90% 40.0% 80% 37% 40% 38% 39% 36% 40% 37% 39% 40% 46% 44% 43% 35.0% 70% 60% 30.0% 50% 25.0% 40% 44.1% 20.0% 63% 62%
Slide 32: 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 60.0% 1,300 50.0% 1,100 900 40.0% 700 30.0% 57.4% 500 20.0% 300 31.6% 10.0% 19.4% 100 4.1% 3.2% 3.5% 0.0% 2023 2024 2025 202
Slide 33: 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 47.2% 60% 54.4% 56.0% 50% 44.7% 50.2% 51.0% 45% 40.3% 41.3% 50% 40% 42.2% 34.0% 35% 40% 34.6% 29.7% 30% 25.7% 27.0% 28.4% 22.9% 30% 25.0% 25% 19.8% 18.8% 19.5% 18.3% 20.8% 19.6% 20
Slide 34: Planned deliveries at low levels in H1'25
Planned deliveries at low levels in H1’25. All tankers deliveries, 2024-20251 80 70 60 N. Of vessels 30 50 40 18 18 30 25 20 41 24 28 10 17 0 Q1'25 Q2'25 Q3'25 Q4'25 Estimated deliveries MR and LR1 Estimated deliveries all other tankers All tankers demolitions, 2018-20241 60 50 N. Of vessels 40 30 3
Slide 35: 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 55.0 53.0 250 70% 61% 50.0 60% 45.0 43.3 200 40.0 47% 50% 41.0 35.0 33.6 150 40% 30.0 31% 31.0 25.0 24.0 30% 100 20.0 22.5 21% 17% 16% 16% 15% 1
Slide 36: 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 12.7% 51.0% 10 11.9% 12.0% 12% 70 8 10.0% 9.7% 10% 9.2% 60 8% 6 6% 50 4 4.8% 4.5% 4.1% 4.5%
Slide 37: Why invest in DIS
Why invest in DIS
Slide 38: 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 9.81 9.76 9.65 1000 10.00 8.92 8.23 7.84 767 800 7.55 8.00 6.94 6.27 6.24 600 5.58 5.54 6.00 4.21 4.44 406 3.98 4.19 400 348 3.51 3.56 340 4.00 327 3.12 309 286 2.75 262 246 233 230 2
Slide 39: 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$/mm • DIS plans investments and lease reimbursements of US$ 127.0 million from FY’25-’27, arising from the exercise of purchase options on its time-chartered-in and ba
Slide 40: Increasing shareholder returns
Increasing shareholder returns. Cash returned to shareholders Financial Leverage (NFP to FMV) US$/mm % 70.0% 200.0 60.4% 60.0% 150.0 50.0% 100.0 192.2 188.5 40% 40.0% 36.0% 30% 134.9 30.0% 50.0 16% 35.0 50.0 18.0% 7.1 30.1 10.3 20.0% 22.0 - 9.7% -37.3 FY'21 FY'22 FY'23 FY'24 10.0% -50.0 0.0% Net res
Slide 41: DIS' fleet. Focus on enhanced technical efficiency
DIS’ fleet. Focus on enhanced technical efficiency. Ships Propeller boss cap fins Duct Fins Rudder with Bulb and fins Preswirl vane Wake Equal. Duct Led Eco nozzles EPL (Engine Power Limit) OPS (Onshore power supply) Speed/ power control Prop. silicon paint Propeller ultrasonic system Low friction p
Slide 42: 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 43: 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 (80% of owned and bareboat ships). • First-class in-house technical management provides
Slide 44: DIS' ESG
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Slide 45: 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 46: 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 47: 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 48: 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 49: 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 50: 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 51: 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 52: 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 53: 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 54: 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 55: Appendix
J <brie INTERNATIONAL SHIPPING SA.
Slide 56: DIS' Shareholdings Structure
DIS’ Shareholdings Structure. Key Information on DIS’ shares 3 1. d'Amico International SA 60.66% 2. Others 35.29% 2 3. d'Amico International Shipping SA 4.05% 100.00% 1 Listing market Borsa Italiana, STAR No. of shares issued 124,106,556 Market capitalisation1 €413.2 million Shares repurchased / %
Slide 57: 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 58: DIS' estimated sensitivity to interest rates
DIS’ estimated sensitivity to interest rates1. (US$ million) FY’25 FY’26 FY’27 Estimated average bank debt (205.4) (178.8) (196.0) Estimated average hedged bank debt 56.5 23.3 - Estimated average unhedged bank debt (149.0) (155.4) (196.0) Assumed average cash & equivalents 100.0 100.0 100.0 Estimate
Slide 59: 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 60: 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 61: 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 62: Financial results. Consolidated Income Statement
Financial results. Consolidated Income Statement 62
Slide 63: Financial results. Consolidated Balance Sheet
Financial results. Consolidated Balance Sheet 63
Slide 64: Financial results. Consolidated Cash Flow Statement
Financial results. Consolidated Cash Flow Statement 64
Slide 65: 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 66: 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 67: 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 68: 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 69: Thank you!
Thank you!
d'Amico International Shipping — FY 2024 Earnings Presentation on 6ix