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d'Amico INTERNATIONAL SHIPPING S.A. PRESS RELEASE The Board of Directors of d'Amico International Shipping S.A. approves Q1 2021 Results : ' DIS MANAGED TO LIMIT THE EFFECTS OF THE CHALLENGING MARKET OF Q1'21 THANKS TO ITS SOLID FINANCIAL STRUCTURE AND ITS PRUDENT COMMERCIAL STRATEGY : NET RESULT OF US $ ( 9.8 ) M AND EBITDA OF US $ 14.2M IN Q1'21 ( 33.1 % MARGIN ) ; POSITIVE OPERATING CASH FLOW OF US $ 6.6M IN Q1'21 ; CASH RESOURCES OF US $ 56.1M AT THE END OF THE PERIOD . ' FIRST QUARTER 2021 RESULTS Time charter equivalent earnings ( TCE ) of US $ 42.8 million ( US $ 71.4 million in Q1'20 ) • Gross operating profit / EBITDA of US $ 14.2 million ( 33.1 % on TCE ) ( US $ 33.0 million in Q1'20 ) • Net result of US $ ( 9.8 ) million ( US $ 1.5 million in Q1'20 ) • Cash flow from operating activities of US $ 6.6 million ( US $ 25.7 million in Q1'20 ) Net debt of US $ 562.0 million ( US $ 463.5 million excluding IFRS16 ) as at 31 March 2021 ( US $ 561.5 million and US $ 465.1 million excluding IFRS 16 , as at 31 December 2020 ) Luxembourg May 6th , 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 first quarter 2021 statutory and consolidated financial results MANAGEMENT COMMENTARY Paolo d'Amico , Chairman and Chief Executive Officer of d'Amico International Shipping commented : ' In the first quarter of 2021 , DIS posted a Net loss of US $ ( 9.8 ) million compared with a Net profit of US $ 1.5 million achieved in the same period of last year . This was due to the very challenging product tanker market we experienced at the beginning of the year . In fact , the ongoing pandemic , regional surges in COVID contagions and the related lockdown measures weighed down on oil demand . In particular , the tightening of social distancing measures in Europe triggered reduced mobility and fuel demand in one of the main consuming regions . In this difficult market , DIS achieved a daily spot rate of US $ 9,923 in Q1 2021 compared with US $ 17,354 obtained in Q1 2020. Once again , our long - term commercial strategy of maintaining a high proportion of fixed - rate contract coverage , proved to be successful . In fact , 49.5 % of DIS ' total employment days in Q1 2021 were fixed through ' time - charter ' contracts at an average daily rate of US $ 15,842 . Thus , we managed to achieve a total blended daily TCE ( spot and time - charter ) of US $ 12,853 in Q1 2021 , significantly outperforming the current weak market . The outlook for the remainder of the year appears to be brighter , mainly thanks to unprecedented levels of monetary and fiscal support which are expected to stimulate the global economic and oil demand recovery . The IMF has recently raised its forecast for 2021 and 2022 global GDP growth to 6.0 % and 4.4 % respectively but with significant uncertainties and divergences amongst different countries , mainly depending on their access to vaccines . In particular , positive news on the vaccine front in the US , the world's biggest oil products consumer , in addition to large government fiscal packages , should be very beneficial for our industry . Given the improved macroecomic outlook , the IEA has recently increased its 1