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

Fleet overview and investment plans

• Operates 29 product tankers with an average age of 9.6 years, younger than industry average.

• 93% of vessels are eco-designed; eight new vessels ordered for delivery between 2027 and 2029.

• $374 million in CapEx commitments for newbuilds, mainly in 2027 and 2029.

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

• Fleet renewal strategy includes replacing older vessels to maintain competitiveness.

Financial performance and contract coverage

• Net financial position to fleet market value ratio at 7% as of September, reflecting strong cash generation and asset appreciation.

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

• Spot market rates increased 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.

• Exercised time charter options generated $57 million in value, with further improvement expected.

Market dynamics and industry trends

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

• Sanctions on Russia and Venezuela, and increased use of compliant vessels, have tightened supply.

• Fleet aging is accelerating, with more vessels reaching 20-25 years, likely leading to increased demolitions.

• Order book for new vessels declined sharply from 214 in 2024 to 74 in 2025.

• Fleet growth for sub-20-year-old vessels is under 1%, supporting strong market conditions for 2026.