d'Amico International Shipping S.A.

Investor Presentation • Jul 31, 2025

Q2 & H1 2025 Presentation d'Amico International Shipping

July 31st, 2025

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AGENDA.

• Executive summary
• DIS' overview and key financials
• Strategic priorities and market overview
• Why invest in DIS
• DIS' ESG
• Appendix

Executive summary.

• Net profit – In H1'25, d'Amico International Shipping SA ("DIS" or "the Company") recorded ^a Net profit of US\$ 38.5m vs. a Net profit of US\$ 122.9m in H1'24. Although not as strong as in the previous year, the positive results for the current period continue to reflect the robust product tanker market experienced in the first six months of 2025. The adjusted net result (excluding non-recurring items) was US\$ 42.8m in H1'25, compared with US\$ 118.4m in the same period last year. In Q2'25, DIS posted a Net profit of US\$ 19.6m vs. US\$ 66.5m in Q2'24. The adjusted net result was US\$ 23.5m in Q2'25 vs. US\$ 61.7m in Q2'24.
• Robust market performance – DIS achieved ^a daily spot rate of US\$ 22,655 in H1'²⁵ vs. US\$ 41,404 in H1'²⁴ (Q2 2025: US\$ 24,497 vs Q2 2024: US\$ 44,949), due to a weaker freight market relative to the same period of last year. In H1'25, 45.2% of DIS' employment days were 'covered' through period contracts at an average daily rate of US\$ 23,892 (H1'24: 41.9% coverage at an average daily rate of US\$ 28,016). DIS achieved a total daily average rate of US\$ 23,214 in H1'25 vs. US\$ 35,798 achieved in H1'24 (Q2 2025: US\$ 23,922 vs Q2 2024: US\$ 37,698).
• Solid financial structure and comfortable liquidity position – achieved thanks to the strong freight markets of FY'²⁰ and FY'22-H1'25 as well as to the deleveraging plan implemented in the last few years, through vessel disposals and equity capital increases. DIS can now benefit from the strategic and operational flexibility deriving from a strong balance sheet and from a modern fleet. As at the end of H1'25, DIS had a Net Financial Position (NFP) of US\$ (144.3)m and Cash and cash equivalents of US\$ 124.1m vs. a NFP of US\$ (121.0)m at the end of FY'24. DIS' NFP (excluding IFRS16) to FMV ratio was of 13.0% at the end of H1'25 (9.7% at YE'24, 18.0% at YE'23, 36.0% at YE'22, 60.4% at YE'21, 65.9% at YE'20, 64.0% at YE'19 and 72.9% at YE'18).
• Exercised purchase options to secure high-quality, young tonnage – In Oct'24, DIS exercised its purchase option for MT High Navigator, a 49,999 dwt MR vessel built in May'18 by Japan Marine United Corporation, Japan, for approximately US\$ 34.3m, with delivery occurring in Feb'25. In the same month, DIS also exercised its purchase option for the MT High Leader, a 49,999 dwt MR vessel built in June'18 by the same yard, for approximately US\$ 33.9m, with delivery occurring in Apr'25.
  • In Jan'25, DIS exercised its purchase option on MT Cielo di Houston, a 75,000 dwt LR1 vessel built in 2019 by Hyundai Mipo, South Korea, in their Vinashin facility in Vietnam, for a consideration of US\$ 25.6m, with delivery expected in Q3 2025.

Executive summary.

• Sale of two of DIS' oldest vessels – In June'25, DIS signed two memoranda of agreement for the sale of MT Glenda Melody and MT Glenda Melissa, two 47,200 dwt MR vessel built in 2011 by Hyundai Mipo, South Korea, for a total consideration of US\$ 36.3m, with delivery to their buyers before the end of July and 21 December 2025, respectively. These transactions allow DIS to sell two of the oldest vessels in its fleet. In addition, the Company will generate approximately US\$ 31.0m in cash upon the delivery of these two vessels.

• Generous dividends and growing payout ratio –

• ✓ '²³ Annual Dividend – In April'24, DIS' Annual General Shareholders meeting approved ^a gross dividend of US\$ 0.2487 (US\$ 0.2114 net, after deducting the maximum applicable withholding tax of 15%) per issued and outstanding share. This corresponds to a gross distribution of approximately US\$ 30.0m. The payment of the abovementioned dividend was made to the Shareholders on May 2 nd , 2024.
• ✓ '²⁴ Interim Dividend – In Nov'24, the Board of Directors of DIS resolved to distribute an interim gross dividend of US\$ 0.2520 (US\$ 0.2142 net, after deducting the maximum applicable withholding tax of 15%) per issued and outstanding share. This corresponds to a gross distribution of approximately US\$ 30.0m. The payment of the above-mentioned interim dividend was made to Shareholders on November 20th , 2024.
• ✓ '²⁴ Annual Dividend – In Apr'25, DIS' Annual General Shareholders meeting approved ^a gross dividend of US\$ 0.2940 (US\$ 0.2499 net, after deducting the maximum applicable withholding tax of 15%) per issued and outstanding share. This corresponded to a gross distribution of approximately US\$ 35.0m. The payment of the abovementioned dividend was made to the Shareholders on May 7 th , 2025.
• ✓ Share buybacks DIS repurchased own shares for ^a total of US\$10.3m in FY'²⁴ and US\$ 0.7m in H1'25.
• Despite the uncertainties relating to ^a challenging and unusual economic and geopolitical environment, DIS is well positioned to benefit from the current robust freight markets, underpinned also by strong market fundamentals.

DIS' overview and key financials

A modern, high-quality and versatile fleet.

	June 30th, 2025
DIS Fleet1	LR1	MR	Handy	Total	%
Owned	5.0	18.0	6.0	29.0	90.6%
Bareboat chartered	1.0	2.0	0.0	3.0	9.4%
Time chartered-in short-term	0.0	0.0	0.0	0.0	0.0%
TOTAL	6.0	20.0	6.0	32.0	100.0%

• DIS controls ^a modern fleet of 32.0 product tankers.
• Flexible, young and efficient:
  • ✓ 81.3% IMO classed (industry average² : 50%);
  • ✓ An average age of the owned and bareboat fleet of 9.6 years (industry average² : 14.0 years for MRs (25,000 –54,999 dwt) and 15.7 years LR1s (55,000 –84,999 dwt));
  • ✓ 84% of owned and bareboat vessels and of the entire controlled fleet is 'Eco-design' (industry average² : 38%).
  • ✓ Fully in compliance with very stringent international industry rules and long-term vetting approvals from the main Oil Majors.
• ²² newbuildings ordered since ²⁰¹² (10 MRs, ⁶ Handys, ⁶ LR1s), all delivered between Q1'¹⁴ and Q4'¹⁹ and ⁴ additional vessels ordered in Q2'24 with expected delivery in FY'27.

DIS has a modern fleet of mostly owned vessels, and strong relationships with key market players.

1. Source: Clarkson Research Services as at the end of June'25.

Lighter bank debt repayments and low refinancing risk.

DIS refinanced all its debt maturing in '24 and '25, with the related balloons. Since '20, DIS also benefits from significantly lower bank debt repayments. The reduction in daily average repayments is also attributable to the purchase options exercised on leased vessels, most of which have been kept debt-free.

8

1. Based on the evolution of the current outstanding bank debt – with the exception of overdraft facilities.

2. Only balloon repayments are assumed to be refinanced. Some older vessels whose existing facilities' fully amortise during their respective terms (without balloons), are assumed to remain debt free thereafter.

3. Daily bank loan repayments is equal to bank loan repayments (excluding balloons), divided by owned vessel days.

Q3'25 estimated TCE earnings¹ .

• Contract coverage: DIS has fixed ~54% of its Q3'25 employment days at a daily average of US\$ 23,606.
• Fixed spot days: DIS has fixed ~25% of its Q3'25 employment days on spot voyages at an estimated daily average of US\$ 25,287.
• Blended fixed daily TCE: Therefore, DIS has fixed ~79% of its Q3'25 employment days at an estimated daily average of US\$ 24,139.
• Free days: DIS still has ~21% of free days (i.e. not yet fixed) in Q3'25, therefore:
  • ✓ Assuming a daily spot rate of US\$ 18,000 on the current free days, DIS would achieve a blended daily TCE for the quarter of US\$ 22,878;
  • ✓ Assuming a daily spot rate of US\$ 21,000 on the current free days, DIS would achieve a daily blended TCE for the quarter of US\$ 23,494;
  • ✓ Assuming a daily spot rate of US\$ 24,000 on the current free days, DIS would achieve a daily blended TCE for the quarter of US\$ 24,111.

Spot days already fixed for Q3'25 were at an estimated average daily rate of US\$ 25.3k, entailing a blended rate of US\$ 24.1k for 79% of the third quarter employment days.

Strong earnings outlook.

Estimated net results on fixed contract days³ US\$/mm

Potential upside to earnings²

US\$ 1,000/day higher spot rate US\$ 3,000/day higher spot rate

1. Average number of vessels in each period based on contracts in place as of today (i.e. total estimated 'available days') and subject to changes.

2. Based on estimated spot 'employment days' (i.e. net of estimated off-hire days) and assuming the exercise of DIS' TC-IN options.

3. Based on all estimated fixed days (i.e. contract coverage and fixed spot days) as of today and subject to changes. Costs are estimated based on an assumed daily breakeven of US\$ 15,000/day applied to the assumed cost days of the period (calculated as total days excluding 1.3% statistical off-hire ratio).

4. Calculated as total days (i.e. including free or unfixed days) as of today and subject to changes x three different free rate assumptions (\$/d 18,000, \$/d 21,000, \$/d 24,000). Costs are estimated based on an assumed daily breakeven of US\$ 15,000/day applied to the assumed cost days of the period (according to DIS' internal projections).

Temporary cost pressure.

Daily operating costs – owned and bareboat vessels¹

General & administrative costs – total fleet

• Following the successful efforts between FY'18 and FY'22 to first reduce and then control both operating and G&A costs, an increase was expected starting in FY'23. This was driven by strong inflationary pressures and in the case of G&A also by the higher variable personnel compensation linked to DIS' strong financial performance, a trend that continued into the first six months of 2025.
• After the sharp increase in operating costs in FY'23 compared to FY'22 mainly due to higher crew and insurance expenses the rise in FY'24 was more moderate. In H1'25, OPEX was approximately 5.7% higher than in the same period last year, again driven by higher crew and insurance costs.

Operating cost growth eased in FY'24 after peaking in FY'23, with a 5.7% increase in H1'25 vs. the same period last year, driven by crew and insurance.

Financial results. H1'25 Net financial position

(US\$ million)	Dec. 31st, 2024	Jun. 30th, 2025
Gross debt	(285.5)	(269.1)
IFRS 16 – additional liabilities	(3.4)	(2.3)
Cash and cash equivalents	164.9	124.1
Other current financial assets1	3.0	3.0
Net financial position (NFP)	(121.0)	(144.3)
Net financial position (NFP) excl. IFR16	(117.6)	(142.0)
Fleet market value (FMV)	1,214.1	1,093.5
NFP (excluding IFRS 16) / FMV	9.7%	13.0%

• Net Financial Position (NFP) of US\$(144.3)m and Cash and cash equivalent of US\$124.1m as at the end of June'²⁵ vs. NFP of US\$(121.0)m and Cash and cash equivalent of US\$164.9m as at the end of Dec'24 (NFP of US\$ (224.3)m at YE'23, US\$ (409.9)m at YE'22, US\$ (520.3)m at YE'21, of US\$ (561.5)m at YE'20, and of US\$ (682.8)m at YE'19). In addition, at the end of June'25, DIS had approximately US\$21.1m in undrawn and available short-term credit lines.

• The NFP (excluding IFRS16) to FMV ratio was of 13.0% at the end of June'²⁵ vs. 9.7% at the end of Dec'²⁴ (18.0% at YE'23, 36.0% at YE'22, 60.4% at YE'21, 65.9% at YE'20, 64.0% at YE'19 and 72.9% at YE'18). This substantial improvement over the years, is attributable to DIS' equity capital increase in FY'19, its strong operating cash flow generation in FY'20 and from FY'22 to H1'25, as well as vessel sales over the past few years. In addition, given the healthy market conditions and a still positive medium-term outlook for our industry, vessel values have risen markedly since the end of 2021, despite a slight decline in the early months of 2025 compared to the previous year.

DIS maintained a very strong financial structure in H1'25, with robust liquidity and a low NFP/FMV ratio of 13.0% vs. 72.9% at the end of FY'18.

Financial results. H1'25 Results

(US\$ million)	Q2'24	Q2'25	H1'24	H1'25
TCE Earnings	106.5	67.0	210.5	129.8
Total net revenue	107.7	68.1	213.0	132.2
Result on disposal of vessels	4.9	(0.3)	4.6	(0.5)
EBITDA	85.0	39.0	161.1	73.4
Asset impairment	-	(3.8)	-	(3.8)
EBIT	70.5	22.6	131.0	44.4
Net Result	66.5	19.6	122.9	38.5

• TCE Earnings US\$ 129.8m in H1'²⁵ vs. US\$ 210.5m in H1'²⁴ (US\$ 67.0m in Q2'²⁵ vs. US\$ 106.5m in Q2'24). DIS' total daily average TCE was of US\$ 23,214 in H1'25 vs. US\$ 35,798 in H1'24 (US\$ 23,922 in Q2'25 vs. US\$ 37,698 in Q2'24) – see next slide for further details.
• EBITDA US\$ 73.4m in H1'²⁵ vs. US\$ 161.1m in H1'²⁴ (Q2'25: US\$ 39.0m vs. US\$ 85.0m in Q2'24). DIS' EBITDA margin stood at 55.5%, and operating cash flow was positive at US\$ 86.2m in H1'25.
• Asset impairment –In June 2025, DIS agreed to sell two of its oldest vessels, MT Glenda Melody and MT Glenda Melissa. The Company will generate approximately US\$31.0m in cash upon their delivery. In accordance with IFRS 5, the vessels were reclassified as assets held for sale, and their carrying amounts adjusted to the agreed sale prices, resulting in an impairment loss of US\$ (3.8) million.
• Net Result Net profit of US\$ 38.5m in H1'²⁵ vs. US\$ 122.9m in H1'²⁴ (US\$ 19.6m in Q2'²⁵ vs. US\$ 66.5m in Q2'24). Excluding the result on disposals and non-recurring financial items, as well as the asset impairment, DIS' Net result would have been of US\$ 42.8m in H1'25 vs.US\$ 118.4m in H1'24 (US\$ 23.5m in Q2'25 vs. US\$ 61.7m in Q2'24).

DIS delivered positive H1'25 results, though lower than last year, reflecting a still strong product tanker market.

Financial results. H1'25 Key operating measures

Key Operating Measures	Q1 2024	Q2 2024	H1 2024	Q3 2024	Q4 2024	FY 2024	Q1 2025	Q2 2025	H1 2025
Avg. n. of vessels	35.5	33.5	34.5	33.0	33.0	33.7	32.7	32.0	32.4
Fleet contact coverage	41.3%	42.5%	41.9%	43.5%	38.7%	41.5%	39.6%	50.8%	45.2%
Daily TCE Spot (US\$/d)	38,201	44,949	41,404	29,679	23,547	33,871	21,154	24,497	22,655
Daily TCE Covered (US\$/d)	28,123	27,903	28,016	27,204	26,381	27,420	24,567	23,365	23,892

• DIS' daily average spot TCE was US\$ 22,655 in H1'25, compared to US\$ 41,404 in H1'24, reflecting ^a still very profitable freight market, albeit softer relative to the exceptionally high levels recorded in the same period last year. In Q2'25, DIS achieved a daily average spot TCE of US\$ 24,497 (Q2'24: US\$ 44,949), marking a 15.8% quarter-on-quarter improvement.

• At the same time and in line with its strategy, DIS maintained ^a good level of coverage (fixed-rate period contracts) in H1'25, securing through period contracts an average of 45.2% of its available vessel days at a daily average TCE rate of US\$ 23,892 (H1'24: 41.9% coverage at US\$ 28,016/day).
• DIS' total daily average TCE (Spot and Time charter¹ ) was US\$ 23,214 in H1'25 vs. US\$ 35,798 in H1'24 (Q2'25: US\$ 23,922 vs. Q2'24: US\$ 37,698/)

14 DIS achieved a daily average spot rate of US\$ 22,655 in H1'25 and US\$ 24,497 in Q2'25. This, combined with the Company's period coverage, resulted in a very profitable total daily TCE of US\$ 23,214 in H1'25 and US\$ 23,922 in Q2'25.

Strategic priorities and market overview

DIS' CAPEX¹ commitments.

• DIS invested US\$ 924.4m¹ from FY'12 to FY'19, mostly related to 22 newbuildings ordered since 2012.
• DIS invested US\$263.5 million since '22 on vessel acquisitions, including the exercise of purchase options on 6 modern Japanese MR2 vessels previously time-chartered-in, the acquisition of the remaining 50% of a JV which owned 4 MR2 vessels and the first instalment of 20% on 4 LR1 vessels ordered at Jiangsu New Yangzi Shipbuilding Co., China for delivery in '27.
• The total investment for these newbuildings is of approximately US\$ 235.4m¹ , with the remaining instalments for these vessels due between FY'26 and FY'27.

In H1'25, DIS' investment relates to the exercise of purchase options on two time-chartedin vessels.

• 1. In addition to yard Instalments, total CAPEX from FY'12 to FY'19 includes also cost of supervision, first supply and the installation of one scrubber, costing US\$ 2.2 million on the last LR1 delivered in Oct'19. The total amount shown for FY'27 includes the cost of supervision, first supply, extras, and the installation of scrubbers on all four vessels.
• 1. US\$ 30.4m in FY'22, US\$ 29.8m in FY'23, US\$ 31.0m in Q3'24, US\$ 31.0m in Q4'24, and US\$ 34.3m in Q1'25, US\$34.7m in Q2 '25 to exercise its purchase options on High Adventurer, High Explorer, Crimson Jade, Crimson Pearl, High Navigator and High Leader, respectively.

DIS' purchase options on leased vessels.

Vessel Name	Build Date	Purch. Option Delivery Date
1 High Priority	Mar-05	Feb-21
2 High Voyager	Nov-14	Jan-23
3 High Freedom	Jan-14	Apr-23
High Fidelity	Aug-14	Sep-22
High Discovery	Feb-14	Sep-22
4 High Trust	Jan-16	Jul-23
5 High Trader	Oct-15	Jul-23
6 High Loyalty	Feb-15	Jun-23
Cielo di Houston	7 Jan-19	Sep-25

Exercised purchase options: Unexercised purchase options:

Vessel Name	Build Date	Purch Option First Ex Date	Purch Obligation Date	First Ex Option (In/Out money)7 of the
High Fidelity	Aug-14	Sep-25	Sep-32	In the money
High Discovery	Feb-14	Sep-24	Sep-32	In the money

• DIS has flexible purchase options on all its bareboat chartered-in vessels, allowing it to acquire them with three months' notic^e from the first exercise date. Based on today's depreciated market values and their respective exercise prices, all the remaining options are either in the money or, for those still not exercisable, theoretically in the money.
• Starting from Sep'22, the previous leasing arrangements on the High Discovery and the High Fidelity were replaced with new ones, with ten-year terms, at a substantially lower cost and similar terms to the previous contracts, also in relation to early reimbursement. In addition, DIS exercised the following purchase options: High Voyager on Dec'22, High Freedom in Jan'23, High Trader, High Trust and High Loyalty in May'23, and Cielo di Houston in Jan'25. Currently, DIS has another 2 options that it plans to exercise in the future.

DIS plans to lower its break-even costs by gradually exercising the remaining purchase options on leased vessels.

• 1. In Feb 2021, DIS announced the exercise of its purchase option on the MT High Priority for a consideration of US\$ 9.7m.
• 1. In Dec 2022, DIS announced the exercise of its purchase option on the MT High Voyager for a consideration of US\$ 20.8m.
• 1. In Jan 2023, DIS announced the exercise of its purchase option on the MT High Freedom for a consideration of US\$ 20.1m.
• 1. In May 2023, DIS announced the exercise of its purchase option on the MT High Trust for a consideration of US\$ 22.2m.
• 1. In May 2023, DIS announced the exercise of its purchase option on the MT High Trader for a consideration of US\$ 21.6m.
• 1. In May 2023, DIS announced the exercise of its purchase option on the MT High Loyalty for a consideration of US\$ 21.4m.
• 1. In Jan 2025, DIS announced the exercise of its purchase option on the MT Cielo di Houston for a consideration of US\$ 26.6m.
• 1. Market values as at Mar 31, 2025 depreciated linearly up to first exercise date (based on 25 years vessels' useful life less scrap value), less first exercise price.

DIS' purchase options on time-chartered-in vessels.

Exercised purchase options (US\$ mm)¹ :

Vessel Name	Build	Purch. Option	Est. Market Value less	Est Market Value less Book Value
	Date	Delivery	Ex. Price at
		Date	Ex. Date	at June'25
High Adventurer	Nov-17	Dec-22	8.6	9.5
High Explorer	May-18	May-23	12.0	11.1
High Transporter	Jun-17	Jul-24	13.5	6.1
High Mariner	Aug-17	Oct-24	13.5	5.8
High Navigator	May-18	Feb-25	4.5	4.2
High Leader	Jun-18	Apr-25	4.6	3.8
			56.7	40.3

• 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.
• Two of these options, relating to the High Adventurer and High Explorer, were in Yen and were particularly attractive due to the currency's strong depreciation relative to the US\$. These options were exercised with delivery of the High Adventurer and of the High Explorer in Dec'22 and in May'23, respectively.
• In Q2'24 DIS exercised its purchase option on Crimson Jade (renamed High Transporter), delivered in July'24.
• In Q3'24, DIS exercised its purchase option on Crimson Pearl (renamed High Mariner), delivered in Oct'24.
• Additionally, in Q4'24 DIS exercised its purchase options also on High Navigator delivered in Feb'25 and High Leader, delivered in Apr'25.

Through the exercise of these options, DIS has taken ownership of six young and efficient MR vessels, all built by some of the most renowned Japanese shipyards, at purchase prices significantly below their current market value, creating substantial value for our Company and Shareholders.

Contracts and modern fleet to drive future results.

Average TC and TC equivalent covered rates¹

DIS' increasing % of 'Eco' fleet (based on all controlled vessels)

% Eco vessels on total fleet at period-end

• For FY'25, DIS has covered ~49% of its available vessel days at an average TC equivalent rate of ~US\$ 23.8 thousand.

• TC contracts allow DIS to:

• ✓ consolidate strategic relationships with Oil Majors (Chevron, Exxon, Total, Saudi Aramco) and leading trading houses;
• ✓ hedge against spot market volatility allowing DIS to secure TCE Earnings (FY'25 US\$ 132.4m; FY'26 US\$ 59.3m; FY'27 US\$ 17.6m are already secured as of today);
• ✓ improve its operating cash flow (TC Hires are paid monthly in advance).
• DIS aims usually for a period contract coverage of between 40% and 60% in the following 12 months.
• DIS' percentage of 'Eco' vessels was of only 38% in Q1'18, increasing to 78% in FY'22 and is expected to reach 91% by the end of FY'27.
• The eco percentage should rise even higher than indicated on the chart on the left, as during the next two years DIS is likely to sell some of its older vessels in a still strong market.
• An increasing percentage of 'Eco' vessels will increase DIS' earnings potential, given the premium rates achieved by these ships.

1. Situation based on covered 'employment days' (net of estimated off-hire days), and on current contracts in place, which are always subject to changes and assuming the exercise of DIS' TC-IN options.

2. 'Daily average TC rate' refers to TC contracts only, whilst 'Daily average TC equivalent covered rate' includes also bareboat-out contracts., based on an assumed daily operating expenses in line with DIS' average actual cost.

Strong freight rates and resilient asset values.

• According to Clarksons, the one-year time-charter rate for an Eco MR vessel is currently of US\$ 20,500 per day and the one-year time-charter rate for an Eco LR1 vessel is of US\$ 24,500 per day¹ .

Asset values and freight rates have surged since the onset of the war in Ukraine. Freight rates have softened in the last few months but are still at historically high levels; asset values, especially for young tonnage and newbuildings, have been more resilient.

Trade disruptions. Russian refined product exports¹

• According to Vortexa, in the first half of 2025, Russian exports of refined product amounted on average to 2.3 mb/d, 12.7% lower than the average of FY'21. In the same period Russian exports to the EU fell by 1.24 mb/d (-97%), whilst their exports rose to China by 0.14 mb/d (+272%), to India by 0.15 mb/d (+260%), to Turkey by 0.28 mb/d (+184%), to the Middle East by 0.12 mb/d (+137%), to Latin America by 0.16 mb/d (+222%), and to Africa by 0.35 mb/d (+485%).

• Disruptions to trade flows due to the rerouting of Russian oil to new more distant locations have significantly increased sailing times. In fact, shipments from Western Russia (Baltic) to Northwest Europe took around 10 days, while voyages from the same loading ports to India and China take approximately 30 to 40 days, respectively.

Since the European sanctions and associated price cap on exports of Russian refined products came into force on 5 February '23, Russian exports to Europe have collapsed and those to Asia (India and China), Africa, Turkey, Brazil, and the Middle East, have surged .

21

Trade disruptions. Red Sea attacks

Estimated Suez Canal sea-days Estimated Cape of Good Hope sea-days East to West CPP ton-days (million) and % via Suez¹

East to West and West to East CPP ton-days (million)¹

120% • Around 12-14% of all refined products volumes transited through the Red Sea prior to the Houthi attacks.

• According to our estimates, voyage duration for the main routes typically crossing Suez increase by between 32% and 67% if vessels have instead to sail through the Cape of Good Hope.
• Following a big surge in the first 9 months of '24, total CPP tonmiles on the East to West and West to East routes declined, as lower refining margins and higher transportation costs around Cape of Good Hope, closed arbitrages.
  • Volumes crossing Suez Canal have recently risen slightly but are still well below 2023 levels.

22

The closure of Suez was positive for the product tankers in the first 9 months of last year but thereafter potentially negative as arbitrages closed and ton-day volumes declined markedly.

1. Source: d'Amico International Shipping management's estimates, assuming ships steaming at 13 knots with 10% weather. Routes via Suez assume 1 day canal transit.

Trade disruptions. CPP Cannibalization

• In Q3'24, coated ships transporting dirty petroleum products (DPP), have increasingly switched to clean trading. This shift has led to a record number of clean-trading Aframax vessels in August.
• As DPP earnings declined and VLCCs, in particular, were impacted by lower Chinese crude demand, larger vessels have also been drawn to the comparatively more lucrative clean markets.
• Several Suezmax and VLCCs have cleaned up in Q3'24, lifting large volumes from the Middle East and Far East destined for the UKC or West Africa.
• According to Steem 1960, in Q3'24, approximately 12% of the long-haul volumes headed east of Suez were transported by uncoated vessels, reaching a 25-year peak. This figure decreased markedly since and in Q2'25 was of around 7%.

Crude markets are expected to be strong in 2025, likely leading to a reduction in the number of uncoated ships cannibalizing clean petroleum product (CPP) cargoes.

US Gulf Coast refining margins¹

High and rising refining margins.

Refining margins are again at very high levels and have been recently improving, in particular for diesel and in the US Gulf, driven by the recent steep drop in oil prices and refinery closures in the US and Europe.

East to West arbitrages are again wide open

ARA gasoil stocks (m tonnes)¹

ARA jet fuel stocks (m tonnes)¹

US Gulf gasoil stocks¹ Gasoil east to west discount¹

High refining margins and tight gasoil and jet fuel stocks in the US and Europe, have widened the east to west discount for gasoil, opening arbitrage trades on this route.

\$/mt

Trade disruptions. Sanctions

• Under Donald Trump, the US has imposed tougher sanctions on oil exports from Venezuela and Iran. Iran in particular, has sharply increased its exports in recent years, averaging 1.6 mbpd in 2024, compared to only 0.3 mbpd in 2019, when Trump was last in office. These flows could be curtailed and replaced by oil from non-sanctioned countries on compliant vessels.

• Since October 2023, the US, UK and EU have sanctioned tankers involved in illicit trades. On Jan 10, 2025, just before leaving office, the Biden administration sanctioned 161 more tankers. Shangdong Port Group, which serves many of the teapot refineries, announced it will no longer accept US-sanctioned ships. These latest OFAC sanctions are expected to significantly tighten the supply-demand balance, as affected tankers either cease operating or resort to inefficient practices like ship-to-ship transfers.

• On July 18 2025, the EU approved one of its toughest sanctions packages against Russia, introducing a dynamic oil price cap and expanded financial restrictions. The revised cap, will be initially set at US\$47.6/bl, and will be reviewed twice a year. Twenty-two additional Russian banks will be banned from SWIFT, and there is ban on refined products made from Russian crude from January 2026. The measures also target 105 additional shadow fleet vessels and enablers, raising the EU total above 400.

Tougher sanctions could significantly reduce fleet availability and productivity, leading to markedly higher freight rates.

Trade disruptions. US Port fees on Chinese built vessels

Tankers on order¹

27

• On April 20, the office of the US Trade Representative (USTR) released ^a revised proposal for US port fees targeting Chinese maritime interests. Compared to the earlier, broader draft, the updated framework significantly reduces the impact on non-Chinese operators. It eliminates fees based on fleet composition or orderbook and exempts Chinese-built vessels arriving in ballast.
• DIS Should Be Exempt: As an operator of MR and LR1 tankers, DIS is unlikely to be affected by the revised fee structure due to several exemptions. The company does not own or operate Chinese vessels, aside from four newbuilding orders expected for delivery in 2027. Furthermore, most of our tankers fall within the exemption thresholds since they are smaller than 55,000 dwt. An exemption also applies to vessels with an individual bulk capacity of up to 80,000 dwt; it is currently not clear if this exemption applies also to tankers, potentially excluding also our LR1 newbuilding orders.
• The fees will not take effect until October 14, 2025, following ^a 180-day grace period. They will increase gradually and are noncumulative, with each vessel subject to fees for a maximum of five US port calls per year. This transition period allows owners time to optimize fleet deployment and mitigate exposure.
• The overarching aim of the legislation is to penalize Chinese shipyards. Over time, this could benefit the product tanker market by reducing new orders at Chinese yards—where the bulk of global capacity resides—with limited alternative production capacity available elsewhere.

Fees on Chinese built vessels could be positive for the product tanker sector.

Oil demand and refining throughputs rising tepidly.

• Following ^a growth of 0.8 mb/d in FY'24, the IEA expects oil demand to increase by 0.7 mb/d in both FY'²⁵ and FY'26.

• o Despite the recent slowdown in economic growth, non-OECD countries will continue to drive global oil consumption growth (+0.78 mb/d), led by China, India, and Brazil, each contributing around 90 kb/d. In FY'26, oil demand growth is projected to remain highly concentrated in emerging Asian economies.
• Global refinery throughputs increased by 0.5 mb/d in FY'²⁴ to 82.8 mb/d. Throughputs are forecast to rise by an additional 0.5 mb/d in FY'25 to 83.3 mb/d, and by 0.5 mb/d also in FY'26 to 83.8 mb/d.
  • o Growth in FY'25 is supported by stronger non-OECD crude volumes (+0.7 mb/d), while refinery closures in the Americas and Europe are expected to weigh on OECD runs (-0.2 mb/d).
  • o Significant increases in refining throughput in the Middle East and Africa are driven by new capacity that has recently come online.

Despite modest global economic growth, oil demand and refining throughputs continue rising.

Abundant oil supply growth.

• In FY'24, world oil supply expanded by 0.76 mb/d, averaging 103.0 mb/d. Non-OPEC+ production rose by 1.54 mb/d, while OPEC+ output fell by 0.78 mb/d. In FY'25, with higher OPEC+ targets from August, world oil supply is projected to increase by 2.1 mb/d to 105.1 mb/d, and by a further 1.3 mb/d to 106.4 mb/d in FY'26. Non-OPEC+ producers, led by the USA, are expected to add 1.4 mb/d this year and 940 kb/d next year, bringing their supply to 54.5 mb/d and 55.4 mb/d, respectively.

• The USA will account for around 24% of global supply growth in FY'25. Significant contributions are also expected from Brazil, Guyana, and Canada. These four countries are projected to reach record production, collectively adding nearly 1.1 mb/d—or 52% of this year's total increase. This additional supply should support the product tanker market by enabling consuming nations to rebuild depleted inventories.

• On ⁵ July, the group announced it would raise crude production targets by an additional ⁵⁴⁸ kb/d in August, up from 411 kb/d in previous months—effectively unwinding approximately 80% of the agreed voluntary cuts since April, nearly a year ahead of schedule. With the group already producing nearly 1.8 mb/d above target in June, and further modest declines expected in Venezuela, overall OPEC+ crude output is projected to remain broadly stable at 42.7 mb/d through August, despite the higher targets. OPEC+'s move to unwind cuts is also tied to the USA's tougher stance on Iranian and Venezuelan oil exports, with lower output from these countries forecast by the IEA.

A benign oil supply picture is expected for 2025 thanks to continued production growth from the USA, Brazil and other non-OPEC+ countries

Low inventories.

CPP vs DPP and crude oil floating storage² Million barrels

• Floating storage of clean petroleum products has come full circle and after peaking at 75 mb in May'20, has fallen sharply to 25 mb by the end of '20, holding at around the same level since.
• •In FY'24, OECD industry inventories of refined products reached a peak of 1.5 billion barrels in August and then declined back to 1.4 billion barrels in.

OECD industry refined product stocks are below their 5-year average, providing headroom for

1. Source: ICE Data Derivatives, Inc. (formerly known as Super Derivatives Inc.) as at 15 Jul'25. an expected buildup in the coming months.

• 1. Source: Various shipbrokers as at Jul'25.
• 1. Source: IEA Jul'25.

Naphtha and Jet Fuel to lead oil demand growth in '25.

• Since June 2020, the number of commercial flights has steadily increased, surpassing 2019 levels for the first time in early February 2023.
• Jet fuel demand growth has continued at a robust pace also in FY'24, with more modest gains expected in FY'25.
• The most important contributors to oil demand growth in '25 are expected to be Naphtha (+0.17 mb/d), and Jet Fuel (+0.15 mb/d).
• Gasoil/Diesel demand following a contraction in '24 due mainly to a slowdown in industrial activity in France and Germany, is expected to be flat in '25.

Naphtha and Jet Fuel are expected to drive oil demand growth in '25.

Growing Chinese Naphta imports.

Chinese Naphta imports¹

• According to Rystad Energy China will add around 6 m tons per year of ethylene capacity between now and H1 2026, and if LPG proves too costly, these petrochemical plants will turn to naphtha. Rystad predict that Chinese naphtha imports will hit an all-time high this year of 16 – 17 m tons, up from 12 m tons last year.

Chinese Naphta imports have been growing steadily as China develops its petrochemical industry. If recently approved Chinese import tariffs on US LPG were to stay in place, this trend could accelerate in the coming months, as Naphta replaces LPG as a feedstock in petrochemical production.

.

Support expected also from crude tanker market¹

Coated LR2 fleet: clean vs. dirty trading¹

Clean Dirty Unknown

US\$/day

Crude tankers' orderbook % Fleet (dwt)¹

• Historical crude tankers' TCE spot rates¹ Crude tankers can, as they have done in the summer of 2024, cleanup to transport clean product cargoes when dirty markets are relatively weak.
  • Crude tankers, however, will benefit over the coming years from a record low orderbook.
  • Albeit with significant volatility, since the onset of the Ukrainian war freight rates have been strong for crude tankers, particularly in Q4'22 and in Q1'23. As expected, rates for these vessels have been strengthening in the first months of '25.
  • As expected, the percentage of LR2s trading clean has been falling and should continue doing so as the expected strong crude markets draw more vessels into that trade.

Strong fundamentals for crude tankers over the next few years should provide further support for product tankers.

-30.0% • Global refinery crude distillation capacity should rise by 1.9m b/d in the '25-27 period, after having risen by 2.4m b-d in '23-24.

• Planned refinery net capacity additions in the '25-'²⁷ period are mainly in India (+0.78m b/d, 55.8% share), China (+0.66m b/d, 47.1% share), the Middle East (+0.39m b/d, 27.9% share), and Africa (+0.11m b/d, 7.8% share).
• The substantial increase in refining capacity in the Middle East is likely to be very beneficial for product tankers, since it should also entail long sailing distances, as a large portion of their output is likely to be exported to Asia and if Russian sanctions persist, also to Europe.
• Older refineries, in particular in Europe but also in other areas such Australia/New Zealand and the US, have been suffering from poor margins and were destined for closure due to the planned ramp-up in capacity from more modern refineries in the Middle East and Asia.
• In FY'25, more than 1.0m b/d of refinery capacity is expected to shut down, with the US accounting for over 400k b/d of closures, followed by Europe with 370k b/d. In contrast, FY'26 is projected to add nearly 1.5m b/d of gross capacity, largely driven by India, China, and the Middle East, while announced closures are limited to just 300k b/d. Over the next few years, imports by Europe and by all the regions of the southern hemisphere, from the Middle East, India and China, are likely to expand.

Strong growth in refinery capacity in the Middle East and Asia from '25-'27, coupled with refinery closures in the US and Europe, to contribute to a further increase in ton-miles.

Growing pool of demolition candidates.

Vessels turning 25 years (MRs and LR1s)²

Vessels turning 25 years (All tankers)²

The rapidly ageing fleet, coupled with the many forces spurring demolition, should contribute to very limited fleet growth in the next few years.

1. Source: Dwt as at period-end based on Clarksons Research as at Jul'25 and management estimates, including that new vessels ordered each year are equivalent to 4.0% of the previous year-end fleet and that demolitions each are equivalent to 20% of the previous year's end fleet which is over 20 years-old. For all tankers series, it includes vessels above 10k dwt. 2. Based on the delivery dates of vessels, assuming they are not demolished earlier.

Low deliveries in the first nine months of '25.

Deliveries will continue at historically low levels in the Q3'25. The strong freight markets since FY'22, led to a sharp slowdown in demolitions from Q3'22. As the fleet ages rapidly, however, more demolitions are to be expected even in a strong market and an uptick in scrapping was already evident in H1 '25.

Demolition MR and LR1 Demolition all other tankers

Sharp drop in newbuild orders in '25 to date.

MR & LR1 orders²

• Shipbuilding capacity has fallen sharply over the last few years, as yards were confronted with a dearth of orders, although due to more robust ordering over the last two years some Chinese yards are planning to increase production capacity.
• Newbuild costs are rising due to inflation, regulations and higher steel prices.
• Due to the large number of containers and gas carriers ordered in the past few years, in some of the same yards that build product tankers, vessels ordered today are in most yards only for delivery at the end of '27 or even in '28, with only very few slots available for earlier deliveries.
• The threatened port fees on Chinese built vessels, high newbuilding prices and a more sizeable orderbook than a few years ago, has severely dampened interest in newbuild orders so far in '25.
• 1. Source: Vessel prices from Clarkson Research Services as at Jul'25. Newbuilding prices evolution based on 25 years depreciation, including US\$ 1m first supply and US\$ 4.6m scrap value.

• 'N. of vessels': from Clarksons Research, 'Orderbook/fleet ratio': from Clarksons' Oil & Tanker Trades Outlook reports (product tanker fleet 25,000 to 84,999 dwt from 2014 to 2023, product tanker fleet 25,000 to 79,999 dwt from 2010 to 2013, double-hull fleet 25,000 to 79,999 dwt from 2007 to 2009).

Accelerating but manageable fleet growth.

MR & LR1 deliveries and scrapping (m dwt) (lhs), and net fleet growth (%)¹(rhs)

Deliveries Removals Net Fleet Growth All tankers deliveries and scrapping (m dwt) (lhs), and net fleet growth (%)¹ (rhs)

Deliveries Removals Net Fleet Growth

MR & LR1 fleet age profile¹

Current orderbook MR & LR1 > 15 yrs MR & LR1 > 20 yrs

All tankers fleet age profile¹

Fleet expansion is expected to accelerate in the coming years, but even assuming limited scrapping, should stay low by historical standards.

1. Source: Clarkson Research Services as at Jul'25 and Clarksons Oil & Tanker Trades Outlook – Jul'25.

38

Why invest in DIS

Historical NAV evolution.

As at June 31st 2025, DIS' NAV1,2,3 was estimated at US\$ 966.8m, its fleet market value at US\$ 1,093.5m² and its closing stock price was around 50% below its NAV/share.

1. DIS' owned and bareboat fleet market value according to a primary broker, less Net Debt, excluding the impact of IFRS 16. It includes the market value of the leased assets for which DIS has a purchase obligation, less the discounted value of the financial payments on such leases.

2. Fleet valued as at June 30, 2025.

3. To achieve a more accurate view of DIS' NAV, the Company's Net Working Capital and the positive delta between the estimated market value of DIS' TC-IN vessels (for which there are exercisable purchase options) and their respective theoretical purchase option prices were added to the calculation.

Potential use of funds (excluding cash returned to shareholders).

Potential use of funds for investments and lease reimbursements

• DIS plans investments and lease reimbursements of US\$ 128.5 million from FY'25-'27, arising from the exercise of purchase options on its time-chartered-in and bareboat-chartered-in vessels.

• Furthermore, considering DIS' robust financial position and its strategic objective of managing a modern fleet while maintaining its current fleet size at a consistent level, in Q2'24 DIS ordered 4 newbuilding LR1s with estimated delivery in FY'27. The total residual investment for these newbuildings from FY'25-'27, including extras, first supply, scrubbers on all vessels, and supervision fees, should amount to US\$ 190.7 million.

DIS plans future investments and lease reimbursements of US\$ 128.5 million, to exercise its remaining purchase options. Additional investments on four newbuilds will lead to a total potential use of funds of US\$ 319.2 million between FY'25 and FY'27.

Increasing shareholder returns.

Financial Leverage (NFP to FMV)

Thanks to robust earnings and a very healthy financial structure (with a Net Financial Position to Fleet Market Value ratio of 13% as at the end of H1'25), DIS has been steadily increasing returns to its shareholders. The pay-out ratio for FY'24 was of 40% of its FY'24 Net Result, through a combination of share buybacks and dividends.

DIS' fleet. Focus on enhanced technical efficiency.

• DIS aims to increase the technical efficiency of its vessels through the adoption of several innovative solutions.
• The measures include the installation of propeller boss cap fins, ducts, fins, preswirl vane, led, eco nozzles, engine power limitations, onshore power supply, wake equalizing ducts, rudders with bulb and fins, speed/power control, propeller silicon paint, low friction paint, and propeller ultrasonic systems.
• These technologies have already been implemented across several ships in the fleet.

Adoption of innovative technical solutions to drive increase in vessel efficiency.

Approved for installation

Installed/ Newbuilding delivered with solution

DIS' fleet. Operational efficiency improvements.

Ships	Cutting of Users	Tekomar Health check for C02 reduction	CBM (Condition based maintenance)	Prop. cleaning	Biofouling Risk management	Hull full blasting age above 10Y
Glenda Melody
Glenda Meryl
Glenda Melissa
High Tide
High Seas
Cielo di Gaeta
Cielo di New York
High Freedom
High Discovery
High Voyager
High Loyalty
High Fidelity
High Trust
High Trader
High Challenge
High Wind
Cielo di Salerno
Cielo di Hanoi
Cielo di Capri
Cielo di Ulsan
High Explorer
High Adventurer
Cielo Bianco
Cielo Rosso
Cielo di Rotterdam
Cielo di Houston
Cielo di Cagliari
Cielo di Londra
NB 1
NB 2
NB 3
NB 4
High Leader
High Navigator
High Mariner
High Transporter

• On the operational side, DIS' Fleet has adopted measures such as cutting of users, Tekomar health check for CO2 reduction, condition based maintenance (CBM), propeller cleaning, biofouling risk management, and hull full blasting for ships older than 10 years.

• These operational efficiency measures have already been implemented across various ships in the fleet.

Planned operational improvements will also contribute to a lower environmental impact and stronger performance of DIS' fleet.

Installed/ Newbuilding delivered with solution

Approved for installation Installation not planned

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 (84% of owned and bareboat ships) and IMO classed (81% of owned and bareboat ships).
• First-class in-house technical management provides to DIS access to long-term charters with demanding oil majors and allows it to anticipate and benefit from regulatory changes.
• Invested mostly in the MR1 and MR2, and more recently in the LR1, segments these vessels are the workhorses of the industry, since they are the most flexible commercially, with the MRs also the most liquid on the S&P market.
• Good contract coverage to increase earnings visibility.
• International reach with chartering offices in ⁴ countries and ³ continents (New York, London, Singapore, and Dublin), allowing DIS to maintain close relationships with clients and brokers, increasing employment opportunities for vessels.
• Strong relationships with debt capital providers, including with the top European shipping banks and important Japanese banks and leasing investors.
• Attractive valuation of DIS in absolute terms – NAV discount of 50% as at the end of June ²⁰²⁵ – and relative to peers.
• Strong market fundamentals driven by several factors, including an aging tanker fleet, ^a changing refining landscape, and many trade disruptions which have increased average sailing distances and reduced fleet productivity.

DIS' PURPOSE and VALUES.

Long-term vision, Family tradition and Innovation

Inspired by the values of our family, we build our business with a long-term view, focusing on innovative solutions and adequate risk management.

Business Ethics

Our sustainable business model pursues the goal of creating value and generating a positive impact on the communities we work with. Integrity, transparency and an open dialogue are the foundations of our relations with stakeholders.

Strong commitment to Sustainability

Respect for the environment is a priority. Safeguarding the planet and a strong focus on future generations guide our investment choices, without compromises. At all times, we take care of our seas and promote a sustainable lifestyle for our people.

People Care

We believe in the value of diversity and promote a multi-cultural, inclusive and motivating work environment where our people are part of a unique team. We offer our people an 'employee experience' that allows them to develop their skills, and to nurture their talent for their professional and personal fulfilment, while taking care of their well-being.

Our purpose is connecting the world by sea, our responsibility is to create economic and social value, respecting the environment and guaranteeing reliable and transparent relationships for our stakeholders

DIS' ESG. Key figures

ENVIRONMENTAL VALUE	2024
year-end)1 (as Compliant ships EEXI at	0% 100
CII	6 31
year-end)2 (as classed fleet % IMO at	8% 81
Fleet age (years)	9 2
(%) (as year-end) Fleet certified for the use of Biofuel blends B30 up to at	100%
Fleet with installed ballast (%) (owned (as year-end) water treatment system at	100%
(tCO2/ Mile) emissions per nautical mile Nautical CO2	0 3163
per nautical mile SOx emissions	0 00087
emissions per nautical mile NOx	0 00576
(market based) Scope 1&2 GHG emission intensity	0 0023
spills Accident and	-
Number of casualties marine	-
SOCIAL VALUE	2024
Onshore personnel (as year-end) at	26
personnel (as year-end) Seagoing at	657
personnel (overall during the year) Seagoing	1 380 ,
Seafarers under years old (%) 30	28 60%
between managers and managers (%) Women top	30 80%
(onshore personnel) (%) Retention rate	100%
(seagoing personnel) (%) Retention rate	88%
hours of for personnel Average training seagoing	22 5
(US\$) for onshore and personnel Expenses on training seagoing	US\$ 335 000 ,
Work-related injuries	-
GOVERNANCE	2024
of bribery behavior Cases corruption or anti-competitive ,	-
for which fines were incurred Instances	-
Calls in countries that have the lowest rankings in Corruption Perception Index 20 at ports	-

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 vessel efficiency.
• Health and safety goal reached on board: ⁰ injuries in 2023.
• Environmental goal reached: ⁰ accidents and spills in 2023.
• Digitalization of onboard record books.
• Implementation of condition based maintenance, enabling it to achieve the highest level required by the TMSA 3.
• Environmental certification ISO 14001.
• Energy efficiency certification ISO 50001.
• Occupational Health and Safety certification ISO 45001.
• Quality certification ISO 9001.

• First in Italy to obtain the prestigious RINA Best ⁴ Plus: compliance certification for main maritime standards in force.
• Selection of suppliers according to quality and environmental certifications.
• Approved by the main oil-majors for long-term period contracts, of up to 5 years.
• Participation with leading roles in international organizations, such as INTERTANKO.
• US\$ 755m invested between ²⁰¹² and ²⁰¹⁹ in ²² newbuilding Eco product tanker vessels (10 MRs, 6 Handys, 6 LR1s) all delivered between Q1'14 and Q4'19. US\$ 235.4m shipbuilding contract signed in Q2'24, for the purchase of 4 LR1s for a total investment of approximately US\$ 235.4m.
• 83% of DIS' owned and bareboat fleet is 'ECO' (industry average: 37%), as at December 31, 2024.

49

DIS' ESG. Environmental KPIs

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 B30 (%)	100.0%
Fleet with installed water ballast treatment system at year-end (%)	100.0%

CO2 Emissions (owned and bareboat)	2024
CO2 Emission Scope 1 [tCO2]	524.957
[tCO2/ CO2 per nautical mile Nautical Mile]	0.3163
CO2 per transport unit [tCO2/tons]	0.0358

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 B30 (%)	100.0%
Fleet with installed water ballast treatment system at year-end (%)	100.0%
(owned and bareboat) CO2 Emissions				2024
CO2 Emission Scope 1 [tCO2]				524.957
CO2 per nautical mile [tCO2/ Nautical Mile]				0.3163
CO2 per transport unit [tCO2/tons]				0.0358
(owned and bareboat) Scope 1 emission				2024	Scope 2 emission ([tCO2e])
Carbon dioxide [tCO2]				344,072.0	Market-based method
Nitrous oxide [tN2O]				5,295.0
Methane [tCH4]				219.0	Location-based method
Total Scope 1 emissions from the fleet (owned and TC-IN employed	via spot contracts)			349,586.0
Scope 1 emissions from F-gas consumption				5,413.0
Total Scope 1 emissions from offices				11.5
Total Scope 1 GHG emissions				355,010.5
SOx emissions (owned and bareboat)				2021
SOx Emission Scope 1 [tSOx]				1.442
SOx per nautical mile [tSOx/ Nautical Mile]				0.00087
SOx per transport unit [tSOx/tons]				0.00010
(owned and bareboat) NOx emissions				2024
NOx Emission Scope 1 [tNOx]				9.560
NOx per nautical mile [tNOx/ Nautical Mile]				0.00576
					2023.

([tCO2e]) Scope 2 emission	2024
Market-based method	24.85
instruments (Guarantees Of which linked to purchased electricity bundled with	11% of
Location-based method	18.18

(owned and bareboat) SOx emissions	2021
SOx Emission Scope 1 [tSOx]	1.442
SOx per nautical mile [tSOx/ Nautical Mile]	0.00087
SOx per transport unit [tSOx/tons]	0.00010

(owned and bareboat) NOx emissions	2024
NOx Emission Scope 1 [tNOx]	9.560
[tNOx/ NOx per nautical mile Nautical Mile]	0.00576
NOx per transport unit [tNOx/tons]	0.00065

DIS' fleet modernisation and constant focus on efficient fuel management has led to a significant improvement in CO2 emissions in 2022 and

2024

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 STAR segment of the Italian Stock Exchange (Euronext Milan) since ²⁰⁰⁷ and compliant with the principles and recommendations of the Borsa Italiana Corporate Governance Code
• DIS' high corporate governance standards include:
  • Internal committees entirely composed by independent directors with a major influence on the Board of Directors' decisions.
  • Constantly updated Code of Ethics and Organizational and Control Model;
  • Regulation of important and significant transactions and of transactions with related parties
  • Regulation of the Board of Directors
  • Regulation of Shareholders' meetings
  • Nomination and Remuneration Committee regulation
  • Control and Risk Committee regulation
  • Supervisory Committee regulation
  • Internal Dealing Code
  • Internal regulation governing inside information and the set-up of a list of persons who have access to insider information
• General Remuneration Policy
• Internal Control Guidelines
• Internal Auditor Mandate
• Organizational Management and Control Model pursuant to Decree 231
• Code of Ethics
• Privacy regulation
• Diversity policy
• Assignment of Powers and Delegations Regulation
• Whistleblowing policy and respective procedure
• Sanctions Policy.
• Long-term incentive based remuneration scheme;

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% retention rate for onshore personnel in 2024;
• 88% retention rate for seagoing personnel in 2024;
• 28.6% Seafarers under ³⁰ years old;
• 30.8% Women between managers and top managers;
• 22.5 Average hours of training for seagoing personnel;
• US\$ 335,000 Expense on training for onshore and seagoing personnel.

DIS' Sustainability Topics	Sustainable Development Goals	DIS' Sustainability Topics	Sustainable Development Goals	DIS' Sustainability Topics	Sustainable Development Goals
Vessel energy efficiency		Integrated management system for ongoing improvement		Ship recycling
Innovation: Fleet efficiency and safety		Occupational health and safety		Stakeholder engagement
High quality of services		People care		Waste reduction and material recycling
Business ethics		Value generated and distributed		Multicultural approach
Protection of marine biodiversity		Personnel training and development
Atmospheric emissions and climate change		Sustainable supply chain		Promoting public attention towards social, cultural and environmental topics
				Consumption of water and energy in offices

Our approach to sustainability starts with the United Nations Sustainable Development Goals. By aligning with these goals DIS has joined the movement towards a more peaceful and prosperous planet.

Appendix

DIS' Shareholdings Structure.

Key Information on DIS' shares

1. d'Amico International SA	60 66%
2. Others	35 20%
3. d'Amico International Shipping SA	14% 4
	100 00%

Listing market	Borsa Italiana, STAR
No. of shares issued	124,106,556
Market capitalisation1	€434.5 million
Shares repurchased / % of shares issued	5,138,533/4.14%

d'Amico Group Structure.

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 technical and operational approaches to improve the energy efficiency of ships and are in line with the ambition of the Initial IMO GHG Strategy, which aims to reduce carbon intensity of international shipping by 40% by 2030, compared to 2008.

The new measures will require all ships to calculate their Energy Efficiency Existing Ship Index (EEXI) following technical means to improve their energy efficiency and to establish their annual operational carbon intensity indicator (CII) and CII rating. Carbon intensity links the GHG emissions to the vessel deadweight over distance travelled. These amendments entered into force on 1 November 2022, with the requirements for EEXI and CII certification coming into effect from 1 January 2023. A review clause requires the IMO to review the effectiveness of the implementation of the CII and EEXI requirements, by Jan 1 '26 at the latest, and, if necessary, develop and adopt further amendments.

• Attained Energy Efficiency Existing Ship Index (EEXI) indicates the energy efficiency of the ship compared to ^a baseline. Ships are required to meet a specific required EEXI, which is based on a required reduction factor (expressed as a percentage relative to the EEDI baseline). EEXI will be applicable from the first annual, intermediate or renewal IAPP survey after Jan 1 '23. Ships which do not have (PRE-EEDI) or have an insufficient attained EEDI to respect the new limits (20% compared with the baseline), will have to derate engines or improve their efficiency.
• Annual operational carbon intensity indicator (CII) and CII rating. The CII determines the annual reduction factor needed to ensure continuous improvement of the ship's operational carbon intensity within a specific rating level. The actual annual operational CII achieved would be required to be documented and verified against the required annual operational CII. The rating would be given on a scale - operational carbon intensity rating A, B, C, D or E - indicating a major superior, minor superior, moderate, minor inferior, or inferior performance level. The performance level would be recorded in the Ship Energy Efficiency Management Plan (SEEMP). A ship rated D for three consecutive years or a ship rated E for one year, would have to submit a corrective action plan, to show how the required index (C or above) would be achieved. To reduce CII of international shipping by 40% by 2030, compared to 2008, the IMO has set the following reduction path for the entire world fleet up to 2026: 5% by 2023, 7% by 2024, 9% by 2025 and 11% by 2026.

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 addressed in the Guidelines on lifecycle GHG intensity of marine fuels (LCA Guidelines) with the overall objective of reducing GHG emissions of international shipping without a shift to other sectors. Targets of the 2023 IMO GHG Strategy are as follows:

• 1. Carbon intensity of the ship to decline through further improvement of the energy efficiency for new ships;
• 1. To reduce CO2 emissions per transport work, as an average across international shipping, by at least 40% by 2030, compared with 2008;
• 1. Uptake of zero or near-zero GHG emission technologies, fuels and/or energy sources to increase uptake of zero or nearzero GHG emission technologies, fuels and/or energy sources to represent at least 5%, striving for 10%, of the energy used by international shipping by 2030;
• 1. To peak GHG emissions from international shipping as soon as possible and to reach net-zero GHG emissions by or around, i.e., close to, 2050, considering different national circumstances whilst pursuing efforts towards phasing them out as called for in the Vision consistent with the long-term temperature goal set out in Article 2 of the Paris Agreement.
• 1. In addition, the Committee established two indicative checkpoints to reach net-zero GHG emissions from international shipping:
  2. To reduce the total annual GHG emissions from international shipping by at least 20%, striving for 30% in 2030, compared with 2008;
  3. To reduce the total annual GHG emissions from international shipping by at least 70%, striving for 80% by 2040, compared with 2008
• 1. The Committee agreed on the following timelines for the candidate measures set out in the 2023 IMO GHG Strategy:
  2. The review of the short-term mandatory goal-based technical and operational measures shall be completed by ¹ January 2026.
  3. The basket of mid-term GHG reduction measures shall be finalized and agreed by the Committee by 2025.

Other candidate mid-term GHG reduction measures could be finalized and agreed between 2023 and 2030.

Long-term measures could be finalized and agreed by the Committee beyond 2030, to be developed as part of the 2028 review of the IMO GHG Strategy.

IMO (MEPC 83): Approval of Net-Zero Framework

The 83rd session of the International Maritime Organization's Marine Environment Protection Committee (MEPC 83), held from 7 to 11 April 2025, marked a pivotal advancement in maritime environmental regulation. Key decisions were made to align international shipping with the 2023 IMO GHG Strategy, aiming for net-zero greenhouse gas (GHG) emissions by or around 2050. The following are the major Outcomes from MEPC 83:

Approval of the IMO Net-Zero Framework (Mid-Term GHG Measures)

MEPC 83 approved draft amendments to MARPOL Annex VI, introducing a new Chapter 5 focused on mid-term GHG reduction measures. These include:

• Global Fuel Standard (GFS): mandates a progressive reduction in the GHG intensity of marine fuels, measured on a well-to-wake basis.
• Economic Measure: implements a pricing mechanism where ships exceeding GHG intensity thresholds must acquire remedial units, while those using zero or near-zero GHG technologies may earn surplus units.

These measures are slated for adoption at an extraordinary MEPC session in October 2025, with an expected entry into force on 1 March 2027.

Completion of Phase 1 Review of Short-Term GHG Measures

The committee finalized Phase 1 of the review of short-term GHG reduction measures, which include the Energy Efficiency Existing Ship Index (EEXI), Ship Energy Efficiency Management Plan (SEEMP), and Carbon Intensity Indicator (CII). Notably, annual CII reduction factors were set for 2027–2030, culminating in a 21.5% reduction relative to the 2019 baseline by 2030.

Designation of New Emission Control Areas

MEPC 83 approved the designation of the North-East Atlantic Ocean as an Emission Control Area (ECA) for sulphur oxides (SOx), nitrogen oxides (NOx), and particulate matter. The SOx control measures are expected to enter into force on 1 January 2028.

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 shipping in the EU Emissions Trading Scheme (ETS), the EU carbon market, and imposed greenhouse gas intensity requirements on shipping fuels, through the Fuel EU Maritime.

• The Emission Trading System (ETS), was extended to maritime transport. The ETS is applied from ²⁰²⁴ to all vessels over 5,000 gross tonnes regardless of flag and to all voyages between ports in the European Economic Area (EEA) and which either commence or terminate in a EEA port. For voyages between EEA ports 100% of emissions are considered, whilst for voyages only commencing or terminating in an EEA port 50% of emissions are accounted for. According to the latest agreement reached in December 2023 by the European institutions (Parliament, Council, Commission), shipowners will have to buy emissions allowances for 40% of their emissions reported and verified in 2024, 70% of emissions reported and verified in 2025, and 100% of emissions reported and verified in 2026. According to the latest agreement, the directive will cover not only CO2 from 1 January 2024 but also Methane (CH4) and Nitrous oxide (N2O) from 1 January 2026. The regulations require the shipowner or the entity managing the vessel on behalf of the shipowner to be liable. It also states that any polluter pays, therefore the shipowner could pass the cost to the charterer who is responsible for deciding route, fuel and consumption through a contractual agreement between the parties. The monitoring tool will be the EU MRV (Monitoring, Reporting and Verification), which will have to be partially modified, but for which DIS' fleet is already compliant since 2017.
• Fuel EU will come into effect in 2025, with the goal of improving the GHG intensity of the marine fuels, promoting the use of natural, biofuel or low-carbon/emission fuels. The requirements will consider the GHG emissions a fuel generates throughout its lifecycle, from its production to its final consumption by the ship, not just its use by the ship. A baseline will be established, with an improvement relative to that baseline of 2% in 2025, which grow gradually every 5 years to reach 80 % in 2050. The proposal also allows owners of different ships to pool vessels together to help each other with compliance (if one ship is over-compliant with the requirements of the previous year, while another is not, the first can transfer its excess credits to the second). Companies that are not compliant with the rules by May 1 of the following year will have to pay a penalty and the money would go into a green fuel fund.

.

DIS' estimated sensitivity to interest rates¹

(US\$ million)	FY'25	FY'26	FY'27
Estimated average bank debt	(203.4)	(175.6)	(194.4)
Estimated average hedged bank debt	59.6	24.1	-
Estimated average unhedged bank debt	(143.9)	(151.5)	(194.4)
Assumed average cash & equivalents	100.0	100.0	100.0
Estimated average unhedged bank debt net of assumed cash	(43.9)	(51.5)	(94.4)
% of bank debt hedged	29%	14%	-
% of bank debt hedged net of assumed cash	78%	71%	51%
Average all-in interest rate on hedged bank debt	3.19%	3.55%	-
Average spread on SOFR on unhedged bank debt	1.93%	1.91%	1.91%

• Assuming only a refinancing of balloons and no prepayments of existing facilities, DIS is expected to have an average bank debt of US\$ 203.4m in FY'25, US\$ 175.6m in FY'26, and US\$ 194.4m in FY'27.
• DIS has already hedged the following percentages of its bank debt through interest rate swap agreements: 29% in FY'25 and 14% in FY'26.
• Therefore, DIS has a sensitivity for every +/- 1% change in the USD interest rate of: US\$ 0.7m in FY'25, US\$ 1.5m in FY'26 and US\$ 1.9m in FY'27.
• However, taking into consideration an assumed average cash balance of US\$ 100m, DIS percentage of hedged bank debt rises to 78% in FY'25, 71% in FY'26 and 51% in FY'27.
• Therefore, including the above cash assumption, DIS has a net sensitivity for every +/- 1% change in the USD interest rate of: US\$ 0.2m in FY'25, US\$ 0.5m in FY'26, and US\$ 0.9m in FY'27.

DIS has a significant percentage of its bank debt hedged and a limited interest rate sensitivity.

Financial results. Consolidated Income Statement

Q2 2025 UNREVIEWED	Q2 2024 UNREVIEWED	US\$ thousand	H1 2025	H1 2024
87,853	137,104	Revenue	176,428	269,265
(20,931)	(30,628)	Voyage costs	(46,619)	(58,724)
66,922	106,476	Time charter equivalent earnings	129,809	210,541
1,214	1,215	Bareboat charter revenue	2,416	2,430
68,136	107,691	Total net revenue	132,225	212,971
(21,873)	(21,704)	Other direct operating costs	(45,264)	(45,370)
(7,038)	(5,827)	General and administrative costs	(13,047)	(11,068)
(269)	4,862	Result on disposal of fixed assets	(534)	4,593
38,956	85,022	EBITDA	73,380	161,126
(16,339)	(14,495)	Depreciation and impairment	(29,014)	(30,157)
22,617	70,527	EBIT	44,366	130,969
1,135	1,764	Finance income	2,816	3,500
(3,790)	(5,314)	Finance charges	(7,945)	(10,787)
19,962	66,977	Profit before tax	39,237	123,682
(318)	(434)	Income tax expense	(727)	(799)
19,644	66,543	Profit for the period	38,510	122,883
0.165	0.552	Basic and diluted earnings per share in US\$	0.323	1.018

Financial results. Consolidated Balance Sheet

US\$ thousand	As at 30 June 2025	As at 31 December 2024
ASSETS
Property, plant and equipment and Right-of-use assets	831,356	801,767
Other non-current financial assets	225	675
Total non-current assets	831,581	802,442
Inventories	15,261	14,880
Receivables and other current assets	35,303	49,648
Other current financial assets	3,005	3,030
Cash and cash equivalents	124,067	164,892
Current assets	177,636	232,450
Assets held-for-sale	35,535	19,676
Total current assets	213,171	252,126
TOTAL ASSETS	1,044,752	1,054,568

US\$ thousand	As at	As at
	30 June 2025	31 December 2024
SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital	62,053	62,053
Retained earnings	375,096	371,922
Share Premium	326,658	326,658
Other reserves	(26,041)	(27,342)
Total shareholders' equity	737,766	733,291
Banks and other lenders	174,161	190,429
Non-current lease liabilities	32,938	33,535
Other non-current financial liabilities	3,375	3,578
Total non-current liabilities	210,474	227,542
Banks and other lenders	29,381	26,231
Current lease liabilities	29,809	32,772
Payables and other current liabilities	35,261	31,258
Other current financial liabilities	1,921	3,083
Current tax payable	140	391
Total current liabilities	96,512	93,735
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	1,044,752	1,054,568

Financial results. Consolidated Cash Flow Statement

Q2 2025 UNREVIEWED	Q2 2024 UNREVIEWED	US\$ thousand	H1 2025	H1 2024	Q2 2025 UNREVIEWED	Q2 2024 UNREVIEWED	US\$ thousand	H1 2025	H1 2024
19,644	66,543	Profit for the period	38,510	122,883	(36,379)	(46,395)	Acquisition of Property, plant and equipment	(73,855)	(51,268)
16,339	14,495	Depreciation and impairment	29,014	30,157	-	26,926	Proceeds from disposal of fixed assets	-	26,926
318	434	Income tax expense	727	799	(36,379)	(19,469)	Net cash flow from investing activities	(73,855)	(24,342)
892	1,182	Lease cost	1,804	2,467	(683)	(721)	Purchase of Treasury shares	(683)	(721)
1,764	2,367	Other financial charges (income)	3,326	4,819	(34,949)	(30,007)	Dividends paid	(34,949)	(30,007)
269	(4,862)	Result on disposal of fixed assets	534	(4,593)	(6,696)	(43,635)	Bank loan repayments	(13,391)	(50,951)
178	(5)	Other non-cash changes	176	(75)	-	32,000	Bank loans drawdowns	-	32,000
108	146	Share-based allotment accruals LTI Plan	297	304	(1,338)	(4,633)	Repayments of principal portion of lease liability	(4,155)	(10,466)
39,512	80,300	Cash flow from operating activities before changes in working capital	74,388	156,761	(43,666)	(46,996)	Net cash flow from financing activities	(53,178)	(60,145)
(1,453)	(345)	Movement in inventories	(381)	155	(39,012)	11,286	Net (decrease) increase in cash and cash equivalents	(40,825)	70,732
11,292	4,932	Movement in amounts receivable	14,195	13,375	163,079	170,060	Cash and cash equivalents at the beginning	164,892	111,154
(4,956)	(3,141)	Movement in amounts payable	3,565	(7,888)			of the period
(969)	(82)	Tax paid	(978)	(119)	124,067	181,886	Cash and cash equivalents at the end of the period	124,067	181,886
(892)	(1,182)	Payment for interest portion of lease liability	(1,804)	(2,467)
(1,501)	(2,191)	Net interest paid	(2,777)	(4,598)
41,033	78,291	Net cash flow from operating activities	86,208	155,219

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 MIPO, South Korea (Vinashin)	100%	-
Cielo di Rotterdam	75,000	2018	Hyundai MIPO, South Korea (Vinashin)	100%	-
Cielo Bianco	75,000	2017	Hyundai MIPO, South Korea (Vinashin)	100%	-
Bare-Boat – LR1	Tonnage (dwt)	Year Built	Builder, Country	Interest1	IMO Classified
Cielo di Houston	75,000	2019	Hyundai MIPO, South Korea (Vinashin)	100%	-
Owned – MR	Tonnage (dwt)	Year Built	Builder, Country	Interest1	IMO Classified
High Navigator3	50,000	2018	Japan Marine United Co., Japan	100%	IMO II/IMO III
High Leader4	50,000	2018	Japan Marine United Co., Japan	100%	IMO II/IMO III
High Explorer5	50,000	2018	Onomichi, Japan	100%	IMO II/IMO III
High Adventurer6	50,000	2017	Onomichi, Japan	100%	IMO II/IMO III
High Mariner7	50,000	2017	Minaminippon Shipbuilding (Japan)	100%	IMO II/IMO III
High Transporter8	50,000	2017	Minaminippon Shipbuilding (Japan)	100%	IMO II/IMO III
High Challenge	50,000	2017	Hyundai MIPO, South Korea (Vinashin)	100%	IMO II/IMO III
High Wind	50,000	2016	Hyundai MIPO, South Korea (Vinashin)	100%	IMO II/IMO III
High Trust9	49,990	2016	Hyundai MIPO, South Korea (Vinashin)	100%	IMO II/IMO III
High Trader10	49,990	2015	Hyundai MIPO, South Korea (Vinashin)	100%	IMO II/IMO III
High Loyalty11	49,990	2015	Hyundai MIPO, South Korea	100%	IMO II/IMO III
High Voyager12	45,999	2014	Hyundai MIPO, South Korea	100%	IMO II/IMO III
High Freedom13	49,990	2014	Hyundai MIPO, South Korea	100%	IMO II/IMO III
High Tide	51,768	2012	Hyundai MIPO, South Korea	100%	IMO II/IMO III
High Seas	51,678	2012	Hyundai MIPO, South Korea	100%	IMO II/IMO III
GLENDA Melissa	47,203	2011	Hyundai MIPO, South Korea	100%	IMO III
GLENDA Meryl	47,251	2011	Hyundai MIPO, South Korea	100%	IMO III
GLENDA Melody	47,238	2011	Hyundai MIPO, South Korea	100%	IMO III
Bare-Boat with purchase option/obligation	Tonnage (dwt)	Year Built	Builder, Country	Interest1	IMO Classified
High Discovery	50,036	2014	Hyundai MIPO, South Korea	100%	IMO II/IMO III
High Fidelity	49,990	2014	Hyundai MIPO, South Korea (Vinashin)	100%	IMO II/IMO III

1. DIS' economic interest.

2. Ex-Cielo di Londra.

3. 1. In October 2024, d'Amico Tankers d.a.c, exercised its purchase option on M/T High Navigator, with delivered occurred in Feb'25.
4. 1. In October 2024, d'Amico Tankers d.a.c, exercised its purchase option on M/T High Leader, with delivery occurred in Apr'25.
5. 1. In January 2023, d'Amico Tankers d.a.c. exercised its purchase option on the MT High Explorer, with delivery occurred in May'23.
6. 1. In September 2022, d'Amico Tankers d.a.c. exercised its purchase option on the MT High Adventurer, with delivery occurred in Dec'23.
7. 1. In August 2024, d'Amico Tankers d.a.c. exercised its purchase option on the ex-Crimson Pearl, with delivery occurred in Oct'24.
8. 1. In June 2024, d'Amico Tankers d.a.c. exercised its purchase option on the ex-Crimson Jade, with delivery occurred in Jul'24.
9. 1. In May 2023, d'Amico Tankers d.a.c. exercised its purchase option on the MT High Trust, with delivery occurred in Jul'23.
10. 1. In May 2023, d'Amico Tankers d.a.c. exercised its purchase option on the MT High Trader, with delivery occurred in Jul'23.
11. 1. d'Amico Tankers d.a.c. exercised its purchase option on the MT High Loyalty, with delivery occurred in Jun'23.
12. 1. In December 2022, d'Amico Tankers d.a.c. exercised its purchase option on the MT High Voyager, with delivery occurred in Jan'23.
13. 1. In January 2023, d'Amico Tankers d.a.c. exercised its purchase option on the MT High Freedom, with delivery occurred in May'23.

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	39,043	2016	Hyundai MIPO, South Korea (Vinashin)	100%	IMO II/IMO III
Cielo di Ulsan	39,060	2015	Hyundai MIPO, South Korea (Vinashin)	100%	IMO II/IMO III
Cielo di New York	39,990	2014	Hyundai MIPO, South Korea	100%	IMO II/IMO III
Cielo di Gaeta	39,990	2014	Hyundai MIPO, South Korea	100%	IMO II/IMO III

Interest	IMO Classified
100%	IMO II/IMO III
100%	IMO II/IMO III
100%	IMO II/IMO III
100%	IMO II/IMO III
100%	IMO II/IMO III
100%	IMO II/IMO III

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 – Tbn	75,000	Q3-2027	Jiangsu New Yangzi Shipbuilding, China	100%	LR1
YZJ2024-1645 – Tbn	75,000	Q4-2027	Jiangsu New Yangzi Shipbuilding, China	100%	LR1

Thank you!