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d'Amico INTERNATIONAL SHIPPING S.A. PRESS RELEASE The Board of Directors of d'Amico International Shipping S.A. approves Q2 and H1 ‘21 Results : ' IN Q2'21 , DIS IMPROVES ITS RESULTS RELATIVE TO THE PREVIOUS QUARTER AND MAINTAINS A SOLID FINANCIAL STRUCTURE DESPITE A CHALLENGING MARKET . IN H1'21 : NET RESULT OF US $ ( 15.2 ) M AND EBITDA OF US $ 33.0M ( 37.1 % MARGIN ) ; POSITIVE OPERATING CASH FLOW OF US $ 18.5M ; LIQUIDITY POSITION OF US $ 48.7M AND NET DEBT ( EXCLUDING IFRS16 ) TO FLEET MARKET VALUE RATIO OF 64.9 % AT THE END OF THE PERIOD . ' FIRST HALF 2021 RESULTS • Time charter equivalent earnings ( TCE ) of US $ 88.9 million ( US $ 150.1 million in H1'20 ) • Gross operating profit / EBITDA of US $ 33.1 million ( 37.1 % on TCE ) ( US $ 79.5 million in H1'20 ) • Net result of US $ ( 15.2 ) million ( US $ 17.1 million in H1'20 ) • Cash flow from operating activities of US $ 18.5 million ( US $ 59.1 million in H1'20 ) • Net debt of US $ 545.9 million ( US $ 453.2 million excluding IFRS16 ) as at 30 June 2021 ( US $ 561.5 million and US $ 465.2 million excluding IFRS 16 , as at 31 December 2020 ) SECOND QUARTER 2021 RESULTS Time charter equivalent earnings ( TCE ) of US $ 46.1 million ( US $ 78.7 million in Q2'20 ) • • Gross operating profit / EBITDA of US $ 18.9 million ( US $ 46.5 million in Q2'20 ) • Net result of US $ ( 5.4 ) million ( US $ 15.6 million in Q2'20 ) • Cash flow from operating activities of US $ 11.9 million ( US $ 33.4 million in Q2'20 ) Luxembourg - July 29th , 2021 - The Board of Directors of d'Amico International Shipping S.A. ( Borsa Italiana : " DIS " ) ( hereinafter " the Company " , " d'Amico International Shipping " or the " Group " ) , a leading international marine transportation company operating in the product tanker market , today examined and approved the Company's half - year and second quarter 2021 consolidated financial results . MANAGEMENT COMMENTARY Paolo d'Amico , Chairman and Chief Executive Officer of d'Amico International Shipping commented : ' In the first six months of 2021 we confronted a challenging product tanker market and this explains DIS ' Net loss of US $ ( 15.2 ) million in the period and the variance relative to the first half of last year ( profit of US $ 17.1 million ) . However , we were able to significantly improve our results in Q2 relative to the previous quarter of the year , mainly thanks to a sound chartering strategy , which consisted both of a good level of time - charter coverage and favourable positioning of our spot trading vessels . In fact , DIS ' Net result was of US $ ( 5.4 ) million in Q2 2021 , compared with US $ ( 9.8 ) million in the first quarter of the year . Looking at our TCE performance , DIS achieved a daily spot rate of US $ 11,355 in H1 2021 ( US $ 21,238 in H1 2020 ) and of US $ 12,720 in Q2 2021 , 28.2 % ( or US $ 2,796 / day ) higher than the average obtained in the previous quarter . As usual , we maintained a high level of time - charter coverage throughout the period and we even extended it when possible . In fact , 48.1 % of DIS ' total employment days in H1 2021 were fixed through ' time - charter ' contracts at an average daily rate of US $ 15,546 . Thus , we managed to achieve a total blended daily TCE ( spot and time - charter ) of US $ 13,371 in H1 2021 , significantly outperforming the current weak market . 1