D'amico International Shipping S.a. · MIL:DIS
D'amico International Shipping — Q1 2024 Earnings Presentation
68 slides from D'amico International Shipping's earnings presentation, May 8, 2024
Slide 1: Q1 2024 Results Presentation
Q1 2024 Results Presentation d’Amico International Shipping May 8th, 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 ▪ Market overview ▪ Why invest in DIS ▪ DIS’ ESG ▪ Appendix
Slide 4: Executive summary
Executive summary. • Net result – In Q1’24, d’Amico International Shipping SA (“DIS” or “the Company”) recorded a Net profit of US$ 56.3m vs. a Net profit of US$ 54.1m in the same period of last year. The adjusted net result (excluding non-recurring items) was of US$ 56.7m in Q1’24, compared with US
Slide 5: Executive summary
Executive summary. • Order of four LR1 newbuilding vessels – In Apr’24, DIS signed a shipbuilding contract with Jiangsu New Yangzi Shipbuilding Co., China, for the purchase of two new LR1 product tanker vessels at a contract price of US$ 55.4m each. These new very efficient vessels are expected to b
Slide 6: DIS' overview
L. Veritoo INTERNATIONAL SHIPPING 5.4 . ‘S ES
Slide 7: A modern, high-quality and versatile fleet
A modern, high-quality and versatile fleet. March 31st, 2024 DIS Fleet1 LR1 MR Handy Total % Owned 5.0 15.0 6.0 26.0 74.2% Bareboat chartered 1.0 2.0 0.0 3.0 8.6% Time chartered-in long-term 0.0 3.0 0.0 3.0 8.6% Time chartered-in short-term 0.0 3.0 0.0 3.0 8.6% TOTAL 6.0 23.0 6.0 35.0 100.0% • DIS c
Slide 8: DIS' CAPEX commitments
DIS’ CAPEX1 commitments. Investment plan US$/mm 250.0 194.6 200.0 3.9 178.4 164.4 151.1 7.2 12.8 0.7 150.0 101.2 83.7 79.0 1.0 91.3 100.0 85.3 190.7 4.3 8.1 2.5 1.4 65.2 63.3 171.2 151.6 150.3 5.2 5.5 41.5 43.5 50.0 100.2 27.4 29.8 77.1 81.2 77.7 11.7 60.0 12.0 6.8 9.2 8.1 4.9 43.4 30.4 29.8 21.7 0.
Slide 9: Lighter bank debt repayments and low refinancing risk
Lighter bank debt repayments and low refinancing risk. Forecasted bank debt financing cash-flow Daily bank loan repayment on owned vessels (Excluding overdraft facilities)1,2,3 (Excluding overdraft facilities)1,2,3 US$/mm US$/mm US$/mm US$/day 30 20 60 6,500 6,147 20 - 6,000 10 50 10 19.4 5,500 0 --
Slide 10: DIS' purchase options on leased vessels
DIS’ purchase options on leased vessels. Exercised purchase options: Unexercised purchase options: Build Purch. Option Purch. Vessel Name Build Purch. Option First Ex. Option (In/Out of Date Delivery Date Vessel Name Obligation 7 1 Date First Ex. Date the money) High Priority Mar-05 Feb-21 Date 2 Hi
Slide 11: DIS' purchase options on time-chartered-in vessels
DIS’ purchase options on time-chartered-in vessels Exercised purchase options: Unexercised purchase options: Build Purch. Option Build Purch. Option Purch. Option First Ex. Option (In/Out of Vessel Name Vessel Name Date Delivery Date Date First Ex. Date Last Ex. Date the money) High Adventurer Nov-1
Slide 12: Contracts and modern fleet to drive future results
Contracts and modern fleet to drive future results. Average TC and TC equivalent covered rates1 % of ‘employment days’ US$/day 70% 35,000 • For FY’24, DIS has covered ~34% of its available vessel days 29,350 29,705 29,206 28,677 28,546 28,675 at an average TC equivalent rate of ~US$27.9 thousand. 28
Slide 13: Q2'24 estimated TCE earnings
Q2’24 estimated TCE earnings1. Q2’24 fixed days Q2’24 potential blended TCE TCE US$/day % of ‘fixed days’ TCE US$/day 45,000 80% 71% 33,000 40,000 70% 35,000 32,500 60% 30,000 50% 25,000 40% 32,000 40% 20,000 31% 30% 31,500 15,000 20% 10,000 31,000 5,000 10% 27,932 39,441 32,967 31,361 32,095 32,830
Slide 14: Large potential upside to future earnings
Large potential upside to future earnings. Estimated fleet evolution (avg. n. of vessels)1 Potential upside to earnings2 N. of ships (based on ‘available days’) US$/mm 40 40 34.2 35 33.0 0.4 31.8 35 3.0 1.6 30 2.7 1.9 30 5.0 2.0 2.4 0.9 25 25 20 20 15 15 30.8 32.0 25.9 26.3 27.0 10 10 15.8 5 5 10.3
Slide 15: Temporary upward pressure on costs
Temporary upward pressure on costs. Daily operating costs – owned and General & administrative costs – total fleet bareboat vessels1 US$/day US$/m 8,000 6.0 7,800 5.0 7,600 7,400 4.0 7,200 7,000 3.0 7,841 5.2 6,800 7,697 7,465 4.2 2.0 4.0 6,600 7,172 7,224 3.4 3.4 3.3 3.3 6,949 6,973 6,400 1.0 6,200
Slide 16: Financial results. Q1'24 Net financial position
Financial results. Q1’24 Net financial position (US$ million) Dec. 31st, 2023 Mar. 31st, 2024 Gross debt (314.3) (306.1) IFRS 16 – additional liabilities (25.6) (20.9) Cash and cash equivalents 111.2 170.1 Other current financial assets1 4.5 4.4 Net financial position (NFP) (224.3) (152.5) Net finan
Slide 17: Financial results. Q1'24 Results
Financial results. Q1’24 Results (US$ million) Q1’23 Q1’24 Non-recurring items: TCE Earnings 106.3 104.1 (US$ million) Q1’23 Q1’24 Total net revenue 107.5 105.3 Result on disposal of vessels (2.4) (0.3) Result on disposal of vessels (2.4) (0.3) Non-recurring financial items - (0.1) EBITDA 76.4 76.1
Slide 18: Financial results. Q1'24 Key operating measures
Financial results. Q1’24 Key operating measures Key Operating Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Measures Avg. n. of vessels 36.0 36.0 36.0 36.0 36.0 35.5 Fleet contact 25.2% 27.2% 31.2% 35.6% 29.8% 41.3% coverage Daily TCE Spot 36,652 31,746 31,782 30,999 32,873 38,201 (US$/d) Daily TC
Slide 19: Market overview – market fundamentals
Market overview – market fundamentals
Slide 20: Potential upside to asset values
Potential upside to asset values. Historical MR TC and spot rates1 Historical MR asset values1 US$/day US$/m 1 YR TC is currently ~1% below the last cycle 50,000 peak, whilst spot rates reached an all-time high 60 NB, 5yr old and 10yr old vessels are 45,000 in Dec’22 and they are currently ~34% belo
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 Feb-21 Feb-22 Feb-23 Feb-24 Aug-21 Sep-21 Aug-22 Sep-
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 50 Ventspils - Singapore +32.4% 45 43 42 40 41 38 40 34 Singapore - Amsterdam +35.5% 30 30 31 28 30 24 Sikka - New York +37.3% 23 20 Ventspils - Jubail +53.6% 10
Slide 23: Trade disruptions – Panama Canal restrictions
Trade disruptions – Panama Canal restrictions. Product tankers’ Panama canal crossings1 Product tankers’ Panama canal crossings1 Number of product tankers % change vs same month in prior year 250 15% 209 208 208 8.1% 10% 200 179 180 182 180 185 180 179 173 176 176 168 5% 158 160 163 0.0% 150 156 151
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 105.0 85.0 84.2 103.9 103.8 104.0 84.0 83.1 83.1 83.3 103.0 82.7 103.0 102.0 83.0 82.2 82.0 81.4 83.4 83.6 103.1 81.3 81.4 81.9 102.0 82.0 102.0 102.3 80.0
Slide 25: Healthy oil supply growth
Healthy oil supply growth. World oil production1 Million barrels per day ‘24 average changes • Due to the pronounced supply cuts by OPEC, oil output in FY’23 averaged 102.1 mb/d, representing only a 0.7 mb/d increase compared to Q4’22. • OPEC+ announced an extension and deepening of cuts in Q1’24. T
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 Million barrels 84 83.5 82.8 83 82.2 350 81.6 325 82 81.0 300 80.5 275 81 250 79.9 79.4 225 80 79.0 200 78.6 175 79 78.2 77.9 150 78 125 100 77 75 76 50 25 75 0 OECD
Slide 27: Strong refining margins
Strong refining margins. Refining cracks, Rotterdam CIF or Barge FOB vs Brent1 60 50 40 30 20 10 0 -10 -20 -30 -40 Diesel Crack HSFO 3.5% Crack Jet Fuel Crack Gasoline Crack • Overall refining margins are at very attractive levels: o Gasoline margins, in particular, are very strong, having rebounded
Slide 28: Naphtha to lead demand growth in '24
Naphtha 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% 7,000 20.1% Naphtha +259 0% 20% 17.3% Jan-20 Jan-22 Ja
Slide 29: Support also from a strong crude tanker market
Support also from a strong 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% 45.0% 90% 40.0% 80% 37% 40% 38% 39% 36% 40% 38% 46% 44% 43% 35.0% 70% 30.0% 60% 50% 25.0% 41.1% 40% 20.0% 36.9% 63% 64% 35.8% 30% 60%
Slide 30: Longer-term demand – healthy and resilient growth
Longer-term demand – healthy and resilient growth. World seaborne refined products trade1 Billion Tonne-miles ‘21-’25 CAGR: 5.2% 4,000 ‘00-’19 CAGR: 3.6% 3,500 • Seaborne demand for the 3,000 transportation of refined products contracted sharply in 2020 before 2,500 a strong rebound in 2021, 2,000 e
Slide 31: 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 34.3% 15.0% 500 26.3% 10.0% 19.4% 20.5% 300 5.0% 100 6.3% 5.8% 0.0% 2023 2024
Slide 32: Longer-term demand – US shale oil
Longer-term demand – US shale oil. EIA’s US oil production (mbd)1 US horizontal oil rigs (lhs) vs WTI (US$ bl, rhs)2 14.0 13.9 13.6 13.5 13.3 13.0 1500 130 13.0 120 12.8 1300 110 12.5 100 1100 90 12.0 11.7 80 12.1 900 11.5 70 60 700 11.0 50 500 40 10.5 10.9 30 10.0 300 20 9.7 9.9 10 9.5 100 0 Aug-18
Slide 33: Several forces spurring demolition
Several forces spurring demolition. Scrap steel price1 US$/ldt 800 22-Apr-2022, 680 700 10-Oct-2014, 510 600 500 400 26-Apr-2024, 525 19-Aug-2011, 445 300 200 17-Jul-2020, 270 04-Mar-2016, 240 100 0 Jul-2011 Jul-2012 Jul-2015 Jul-2021 Jul-2013 Jul-2014 Jul-2016 Jul-2017 Jul-2018 Jul-2019 Jul-2020 Ju
Slide 34: Growing pool of demolition candidates
Growing pool of demolition candidates. Historical and forecasted fleet composition by age (MRs and LR1s)1 60% 55.9% 50% 51.3% • The proportion of vessels which have 42.2% 44.6% more than 15 and 20 years has been 40% 34.6% rising rapidly and this trend is 28.4% expected to accelerate over the 30% 25.
Slide 35: Planned deliveries to slow sharply in coming months
Planned deliveries to slow sharply in coming months. MR & LR1 deliveries, 2023-20241 25 20 N. Of vessels 15 10 20 14 13 14 5 10 11 11 11 8 8 7 8 4 0 Q1'23 Q1'24 Q2'23 Q2'24 Q3'23 Q3'24 Q4'23 Q4'24 Estimated deliveries Actual deliveries MR & LR1 demolitions, 2018-20231 20 18 16 N. Of vessels 14 12 10
Slide 36: Newbuild orders rising but still limited
Newbuild orders rising but still limited. MR newbuilding parity curve vs MR & LR1 orders2 second-hand values1 Period end US$ Million N. of vessels orderbook/fleet ratio 250 70% 55.0 50.5 61% 50.0 60% 45.0 200 45.5 41.5 47% 40.0 50% 35.0 38.0 32.4 150 40% 30.0 31% 25.0 23.4 30% 26.0 100 20.0 21% 17%
Slide 37: Slowing fleet growth
Slowing fleet growth. MR & LR1 deliveries and scrapping (m dwt) (lhs), and net Current MR & LR1 fleet age fleet growth (%)1 (rhs) profile1 44.6% of current fleet Million Dwt Million Dwt 12 14% 12.1% of current fleet 12.7% 70 10 11.9% 12.0% 12% 8.9% of current fleet 60 57.4 8 10.0% 9.7% 10% 9.2% 8% 5
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 1200 12.00 45 39 30 993 1098 9.81 9.76 1000 10.00 9.10 8.92 8.23 7.84 767 800 7.55 8.00 6.94 6.89 6.27 6.24 600 5.58 5.54 6.00 4.44 4.21 406 3.98 400 348 3.51 3.56 340 4.00 327 309 286 246 2.75 262 233 230
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$/mm • DIS currently plans investments and lease reimbursements of US$ 191.0 million, arising from the exercise of purchase options on its time-chartered-in and bareboa
Slide 41: 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% 134.9 50.0 30.0% 50.0 56.3 18.0% 22.0 7.1 20.0% - 11.5% -37.3 FY'21 FY'22 FY'23 Q1'24 10.0% -50.0 0.0% Net result Dividends Buyback YE'21
Slide 42: 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 (79% of owned and bareboat ships) and IMO classed (79% of owned and bareboat ships). • First-class in-house technical management provides
Slide 43: DIS' ESG
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Slide 44: 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 45: 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 46: 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 vess
Slide 47: 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
Slide 48: 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 ST
Slide 49: 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% retent
Slide 50: 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 51: 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 52: 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 53: 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 54: Appendix
INTERNATIONAL SHIPPING SA
Slide 55: DIS' Shareholdings Structure
DIS’ Shareholdings Structure. Key Information on DIS’ shares 3 1. d'Amico International SA 65.65% 2. Others 31.57% 2 3. d'Amico International Shipping SA 2.78% 100.00% 1 Listing market Borsa Italiana, STAR No. of shares issued 124,106,556 Market capitalisation1 €836.1 million Shares repurchased / %
Slide 56: d'Amico Group Structure
d’Amico Group Structure. 100% d’Amico Società di Navigazione Spa d’Amico International S.A. 100% 100% d’Amico Shipping Ishima Pte Ltd Italia SpA 51% 85% Mida Maritime Rudder S.A.M. Company d.a.c 76.9% 100% Sirius Ship d’Amico Dry d.a.c. Management S.r.l. 65.65% d’Amico International Shipping S.A. 10
Slide 57: DIS' estimated sensitivity to interest rates
DIS’ estimated sensitivity to interest rates1. (US$ million) FY’24 FY’25 FY’26 Estimated average bank debt (228.6) (197.7) (160.9) Estimated average hedged bank debt 102.3 67.3 25.6 Estimated average unhedged bank debt (126.3) (130.4) (135.3) Assumed average cash & equivalents 100.0 100.0 100.0 Esti
Slide 58: 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 59: 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 60: 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 61: Financial results. Consolidated Income Statement
Financial results. Consolidated Income Statement US$ Thousand Q1 2024 Q1 2023 Revenue 132,161 140,233 Voyage costs (28,096) (33,967) Time charter equivalent earnings 104,065 106,266 Bareboat charter revenue 1,215 1,197 Total net revenue 105,280 107,463 Time charter hire costs - (27) Other direct ope
Slide 62: Financial results. Consolidated Balance Sheet
Financial results. Consolidated Balance Sheet As at As at US$ Thousand 31 March 2024 31 December 2023 ASSETS Property, plant and equipment (PPE) and Right-of-use assets (RoU) 761,450 794,259 Other non-current financial assets 2,272 2,434 Total non-current assets 763,722 796,693 Inventories 13,227 13
Slide 63: Financial results. Consolidated Cash Flow Statement
Financial results. Consolidated Cash Flow Statement Q1 2024 Q1 2023 US$ Thousand Result for the period 56,340 54,116 Depreciation and amortisation PPE and RoU 15,662 15,807 Current and deferred income tax 365 277 Net lease cost 1,285 2,916 Other net financial charges (income) 2,452 3,294 Movement in
Slide 64: 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 65: 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 High Leader 50,000 2018 Japan Marine United Co., Japan 100% IMO II/IMO III High Navigator 50,000 2018 Japan Marine United Co., Japan 100% IMO II/IMO III Crim
Slide 66: 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 67: 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 Q3-2027 Jiangsu New Yangzi Shipbuilding, China 100% LR1 YZJ2024-1644
Slide 68: Thank you!
Thank you!
d'Amico International Shipping — Q1 2024 Earnings Presentation on 6ix