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d'Amico INTERNATIONAL SHIPPING S.A. PRESS RELEASE The Board of Directors of d'Amico International Shipping S.A. approves Q3 and 9M '21 Results : ' IN THE FIRST 9 MONTHS OF 2021 , DIS LIMITED THE EFFECTS OF THE WEAK FREIGHT MARKETS THANKS TO ITS PRUDENT COMMERCIAL STRATEGY AND TO ITS SOLID FINANCIAL STRUCTURE : NET RESULT OF US $ ( 28.9 ) M AND ADJUSTED NET RESULT OF US $ ( 22.6 ) M IN 9M'21 ; EBITDA OF US $ 47.9M AND POSITIVE OPERATING CASH FLOW OF US $ 24.4M IN 9M'21 ; LIQUIDITY POSITION OF US $ 42.0M AND NET DEBT ( EXCLUDING IFRS16 ) TO FLEET MARKET VALUE RATIO OF 60.9 % AT THE END OF THE PERIOD . ' NINE MONTHS 2021 RESULTS • • Time charter equivalent earnings ( TCE ) of US $ 131.0 million ( US $ 204.2 million in 9M'20 ) Gross operating profit / EBITDA of US $ 47.9 million ( 36.6 % on TCE ) ( US $ 103.4 million in 9M'20 ) Net result of US $ ( 28.9 ) million ( US $ 15.4 million in 9M'20 ) • • • • Adjusted net result ( excluding IFRS 16 and non - recurring ) of US $ ( 22.6 ) million ( US $ 26.1 million in 9M'20 ) Cash flow from operating activities of US $ 24.4 million ( US $ 70.5 million in 9M'20 ) Net debt of US $ 539.2 million ( US $ 452.3 million excluding IFRS16 ) as at 30 September 2021 ( US $ 561.5 million and US $ 465.2 million excluding IFRS 16 , as at 31 December 2020 ) THIRD QUARTER 2021 RESULTS • Time charter equivalent earnings ( TCE ) of US $ 42.1 million ( US $ 54.1 million in Q3'20 ) • Gross operating profit / EBITDA of US $ 14.9 million ( US $ 23.9 million in Q3'20 ) • Net result of US $ ( 13.8 ) million ( US $ ( 1.7 ) million in Q3'20 ) • Adjusted Net result ( excluding IFRS 16 and non - recurring ) of US $ ( 8.2 ) million ( US $ ( 0.4 ) million in Q3'20 ) Luxembourg - November 11th , 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 2021 Third Interim Management Statements as at September 30th , 2021 ( Q3 and 9M 2021 Financial Results ) . MANAGEMENT COMMENTARY Paolo d'Amico , Chairman and Chief Executive Officer of d'Amico International Shipping commented : ' In the first nine months of 2021 , DIS posted a Net loss of US $ ( 28.9 ) million and an Adjusted net loss of US $ ( 22.6 ) million , due the challenging freight markets we had to confront in the period . However , thanks to our prudent commercial strategy we were able to limit to a certain extent the negative effects of the current spot market , whilst maintaining a very solid financial position . Looking at our TCE performance , DIS achieved a daily spot rate of US $ 10,635 in the first 9 months of 2021 ( US $ 18,592 in the first 9 months of 2020 ) and of US $ 9,248 in Q3 2021 ( US $ 12,866 in Q3 2020 ) . As usual , we maintained a high level of time - charter coverage throughout the period and we even extended it when possible . In fact , 48.2 % of DIS ' total employment days in the first 9 months 2021 were fixed through ' time- charter ' contracts at an average daily rate of US $ 15,414 . Thus , we managed to achieve a total blended 1