d'Amico International Shipping (DIS) Small Cap Growth Virtual Investor Conference summary

Fleet overview and investment plans

• Operates 29 vessels with a young, eco-designed fleet averaging 9.6 years, below industry average.

• Eight new vessels ordered for delivery between 2027 and 2029 to maintain a modern fleet and replace older ships.

• Outstanding CapEx commitments of $374 million, mainly for newbuildings in 2027 and 2029.

• Two bareboat chartered vessels with attractive fixed-rate purchase options, potentially exercised if interest rates fall.

• Strong balance sheet with net financial position to fleet value ratio at 7% as of September 2024.

Financial performance and contract coverage

• Achieved nearly $63 million profit in the first nine months of last year, with improving quarterly trends.

• Spot market rates rose from $21,150 in Q1 to $25,500 in Q3, with Q4 rates fixed at $28,300 for half of available days.

• 42% of 2026 vessel days and 16% of 2027 days are covered at profitable rates above break-even.

• Value generated from exercised vessel options was around $57 million, with further improvement expected.

Market dynamics and industry trends

• Strong market driven by disruptions from the Ukraine war, rerouting Russian oil to distant markets, and increased ton-mile demand.

• Additional support from sanctions on Venezuela being lifted, increasing demand for compliant vessels.

• Sanctioned fleet now represents 16% of tanker capacity, tightening supply-demand balance.

• Oil demand expected to rise by 0.9 million barrels/day in 2026, mainly from non-OECD countries.

• Refinery additions in Asia and Middle East, closures in Americas and Europe, and aging fleet support long-term market strength.