Slides
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Q3 & First 9M 2026 Presentation d’Amico International Shipping November 5th, 2026
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2 There shall be no offering or sale of any securities of d’Amico International Shipping S.A. in the United States of America, Switzerland, Canada, Australia, Japan, the United Kingdom or any jurisdiction in which such offer, solicitation or sale would be unlawful prior to its registration or qualification under the laws of such jurisdiction or to or for the benefit of any person to whom it is unlawful to make such offer, solicitation or sale. No steps have been taken or will be taken regarding the offering of securities of d’Amico International Shipping S.A. outside Luxembourg and Italy in any jurisdiction where such steps would be required. The issuance, exercise, orsale of securities of d’Amico International Shipping S.A. and the subscription to or purchase of such securities are subject to specific legal or regulatory restrictions in certain jurisdictions. d’Amico International Shipping S.A. is not liable in case these restrictions are infringed by any person. This communication is not for distribution, directly or indirectly, in or into the United States (including its territories and dependencies, any State of the United States and the District of Columbia). This communication does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, andwill not be, registered under the United States Securities Act of 1933 (the “Securities Act”). Accordingly, unless an exemption under relevant securities laws is applicable, any such securities may not be offered, sold, resold, taken up, exercised, renounced, transferred, delivered or distributed, directly or indirectly, in or into the United States or any other jurisdiction if to do so would constitute aviolation of the relevant laws of, or require registration of such securities in, the relevant jurisdiction. The securities may not be offeredor sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States. If you are not permitted to view the documents on this website or are in any doubt as to whether you are permitted to view these documents, please exit this webpage. The information contained herein does not constitute an offer of securities for sale in the United States, Switzerland, Canada, Japan, Australia, the United Kingdom or any jurisdiction in which such offers or sales are unlawful, and these documents must not be released or otherwise forwarded, distributed or sent in or into the United States, Switzerland, Canada, Japan, Australia, the United Kingdom or any jurisdiction in which such offers or sales are unlawful. Persons receiving these documents (including custodians, nominees and trustees) must not distribute or send it in, into or from the United States, Switzerland,Canada, Japan, Australia, the United Kingdom or any other jurisdiction in which accessing such documents is unlawful. Confirmation of understanding and acceptance of disclaimer I warrant that I am not located in the United States and am not resident or located in Switzerland, Canada, Japan, Australia,the United Kingdom or any other jurisdiction where accessing these materials is unlawful, and I agree that I will not transmit or otherwise send any materials contained in this website to any person in the United States, Switzerland, Canada, Japan, Australia, the UnitedKingdom or any other territory where to do so would breach applicable local law or regulation. I have read and understood the disclaimer set out above. I understand that it may affect my rights and I agree to be bound by its terms. I confirm that I am permitted to proceed to electronic versions of the materials. Disclaimer.
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AGENDA. ▪ Executive summary ▪ DIS’ overview and key financials ▪ Strategic priorities and market overview ▪ Why invest in DIS ▪ DIS’ ESG ▪ Appendix
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• Net profit – In the first 9M’26, d’Amico International Shipping S.A. (“DIS” or “the Company”) reported a net profit of US$107.2m, compared with US$62.8m in the first 9M’25, and a net profit of US$27.8m in Q3’26, compared with US$24.3m in Q3’25. The positive results reflect the robust product tanker market experienced during the period. Excluding non-recurring items, DIS reported an adjusted net profit of US$101.6m in the first 9M’26, compared with US$67.1m in the first 9M’25, and US$26.9m in Q3’26, compared with US$24.3m in Q3’25. • Strong market performance– DIS achieved a daily average spot TCE of US$41,094 in the first 9M’26 (+75% y-o-y) and US$34,940 in Q3’26 (+37% y-o-y). In the first 9M’26, 63.2% of DIS’ employment days were ‘covered’ through period contracts at an average daily rate of US$23,402 (first 9M’25: 48.4% coverage at US$23,700/day). DIS achieved a total daily average TCE of US$29,911 in the first 9M’26, compared with US$23,583 in the first 9M’25, and US$27,446 in Q3’26, compared with US$24,335 in Q3’25. • Solid financial structure and very comfortable liquidity position – achieved thanks to the strong freight markets of FY’20 and fromFY’22 onwards, as well as to the deleveraging plan implemented in recent 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. At the end of Q3’26, DIS had a net cash position of US$56.6m and cash and cash equivalents of US$265.4m, compared with net debt positions of US$ (27.4)m at YE’25 and US$ (121.0)m at YE’24. DIS’ NFP excluding IFRS 16 to FMV ratio stood at (4.3%) at the end of Q3’26, reflecting a net cash position (2.4% at YE’25 and 72.9% atYE’18). • Sale of DIS’ last two non-eco vessels – DIS sold MT High Seas for US$27.6m and MT High Tide for US$28.5m. The vessels were delivered in Apr’26 and early Nov’26, generating approximately US$27.0m and US$28.0m in cash, respectively. Following these transactions,DIS’ fleet is fully eco-design. • Two newbuilding MR1 vessels ordered – In Dec’25, DIS signed a shipbuilding contract with Guangzhou Shipyard International Company Limited (China)(”GSI”) for two MR1 (40,000 dwt) product tanker newbuildings, at a contract price of US$43.2 million each. The vessels are expected to be delivered in Apr’29 and Jul’29, respectively. The new MR1s are expected to consume approximately 20% less fuel and offer approximately 8% more cargo capacity than DIS’ existing eco-design MR1s. 4 Executive summary.
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• Order of two newbuilding MR2 vessels – In Jan’26, DIS ordered two MR2 (50,000 dwt) product tanker newbuildings from Jiangsu New Yangzi Shipbuilding Co., Ltd. (China) (“YZJ”) for US$45.4m each, with delivery expected in Mar’29 and Jun’29. The contract included options for two additional vessels. The new MR2s are expected to consume approximately 17% less fuel thanDIS’ existing eco-design MR2s. • Order of two additional newbuilding MR2 vessels – In Mar’26, DIS exercised its options for two additional MR2 newbuildings from YZJ for US$45.4m each, with delivery expected inAug’29 andOct’29. • Exercise of purchase options on the last two bareboat-chartered-in vessels – DIS exercised the purchase options on its last two bareboat-chartered-in vessels, both 50,000 dwt Eco-MRs built in 2014: MT High Discovery in Aug’26 for approximately US$15.3m, with delivery expected in early Nov’26, and MT High Fidelity in Oct’26 for approximately US$14.0m, with delivery expected in mid-Jan’27. Upon completion, DIS will operate a fully owned fleet and will have repaid its remaining lease liabilities in full. • Increasing dividends and payout ratio– ✓ ‘25 Interim Dividend – In Nov’25, DIS’ Board of Directors approved an interim dividend of US$0.1340 gross per issued and outstanding share, equivalent to US$0.1139 net after the maximum 15% withholding tax, for a total gross distribution of approximately US$15.9m, paid on Nov 19, 2025. ✓ ‘25 Annual Dividend – In Apr’26, DIS’ Annual General Meeting approved a dividend of US$0.2700 gross per issued and outstanding share, equivalent to US$0.2295 net after the maximum 15% withholding tax, for a total gross distribution of approximately US$32.1m, paid on May 6, 2026. ✓ ‘26 Interim Dividend – In Nov’26, DIS’ Board of Directors approved an interim dividend of US$0.3360 gross per issued and outstanding share, equivalent to US$0.2856 net after the maximum 15% withholding tax, for a total gross distribution of approximately US$40.0m, to be paid on Nov 18, 2026. • Despite continued economic and geopolitical uncertainty, DIS is well positioned to benefit from robust freight markets, supported by strong industry fundamentals. 5 Executive summary (continued).
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DIS’ overview and key financials
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7 • DIS controls a modern fleet of 28.0 product tankers. • Flexible, young and efficient: ✓ 78.6% IMO classed (industry average2: 50%); ✓ An average age of 10.2 years (industry average2: 14.0 years for MRs (25,000 –54,999 dwt) and 15.6 years LR1s (55,000 – 84,999 dwt)); ✓ 96% of the fleet is ‘Eco-design’ (industry average2: 44%). ✓ Fully in compliance with very stringent international industry rules and long-term vetting approvals from the main Oil Majors. • 22 newbuildings ordered since 2012 (10 MRs, 6 Handys, 6 LR1s), all delivered between Q1’14 and Q4’19. In addition, 4 LR1s were ordered in Q2’24 (expected delivery in FY’27), 2 MR1s in Q4’25 (expected delivery in FY’29), and 4 MR2s in Q1’26 (expected delivery inFY’29). 1. Actual number of vessels as at the end ofSep’26. 2. Source: Clarkson Research Services as at the end ofSep’26. A modern, high-quality and versatile fleet. DIS has a modern fleet of mostly owned vessels, and strong relationships with key market players. September 30th, 2026 LR1 MR Handy Total % Owned 6.0 14.0 6.0 26.0 92.9% Bareboat chartered 0.0 2.0 0.0 2.0 7.1% TOTAL on water 6.0 16.0 6.0 28.0 100.0% Vessels under construction 4.0 4.0 2.0 10.0 n.a. TOTAL including newbuildings 10.0 20.0 8.0 38.0 DIS Fleet1
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8 US$/mm Lighter bank debt repayments and low refinancing risk. Forecasted bank debt financing cash-flow (Excluding overdraft facilities)1,2,3 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 existingfacilities’ 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. DIS’ substantial deleveraging has significantly reduced scheduled bank debt repayments. Furthermore, due to recent refinancings and voluntary prepayments, the Company does not have material balloon repayments until 2032.
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9 Q4’26 estimated TCE earnings1. Q4’26 fixed days Q4’26 potential blended TCE % of ‘fixed days’TCE US$/day TCE US$/day • Contract coverage: DIS has fixed ~59% of its Q4’26 employment days at a daily average of US$ 24,203. • Fixed spot days: DIS has fixed ~25% of its Q4’26 employment days on spot voyages at an estimated daily average of US$ 62,129. • Blended fixed daily TCE: Therefore, DIS has fixed ~84% of its Q4’26 employment days at an estimated daily average of US$ 35,542. • Free days: DIS still has ~16% of free days (i.e. not yet fixed) in Q4’26, therefore: ✓ Assuming a daily spot rate of US$ 40,000 on the current free days, DIS would achieve a daily blended TCE for the quarter of US$ 36,258. ✓ Assuming a daily spot rate of US$ 45,000 on the current free days, DIS would achieve a daily blended TCE for the quarter of US$ 37,060; ✓ Assuming a daily spot rate of US$ 50,000 on the current free days, DIS would achieve a daily blended TCE for the quarter of US$ 37,862. Spot days already fixed for Q4’26 were at an estimated average daily rate of US$ 62.1k, entailing a blended rate of US$ 35.5k for 84% of the lastquarter’s employment days. 1. All figures are based on estimated data and are subject to changes.
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10 1. Average number of vessels in each period based on contracts in place as of today (i.e. total estimated‘availabledays’) and subject to changes. 2. Based on estimated spot‘employmentdays’ (i.e. net of estimated off-hire days) and assuming the exercise ofDIS’ 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 20,000, $/d 30,000, $/d 40,000). Costs are estimated based on an assumed daily breakeven of US$ 15,000/day applied to the assumed cost days of the period (according toDIS’ internal projections). Strong earnings outlook. Estimated fleet evolution (avg. n. of vessels)1 N. of ships (based on ‘available days’) Potential upside to earnings2 US$/mm Estimated net results on fixed contract days3 US$/mm Potential net results4 US$/mm
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11 Temporary cost pressure. US$/day Daily operating costs – owned and bareboat vessels1 General & administrative costs – total fleet 1. Daily operating costs are equivalent to direct operating expenses (excluding costs related to TC-In vessels) divided by cost days of owned and bareboat-in ships. US$/m In the first 9M’26, operating costs were about 2.4% higher year-on-year, mainly due to increased technical expenses, while G&A costs were impacted by higher variable personnel compensation, reflectingDIS’ strong financial performance. • Following significant cost containment between FY’18 and FY’22, operating and G&A costs increased from FY’23, mainly reflecting inflationary pressures and, for G&A, higher variable personnel compensation linked to DIS’ strong financial performance. • After the sharp increase in operating costs in 9M’23 compared with 9M’22, mainly due to higher crew and insurance expenses, operating costs increase more moderately in 9M’24. In 9M’25, OPEX increased again rapidly, primarily due to higher logistics costs related to the delivery of spare parts. In 9M’26, OPEX was approximately 2.4% higher year-on-year, mainly due to increased technical expenses.
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12 • At the end of Sep’26, DIS had a net cash position of US$56.6m and cash and cash equivalents of US$265.4m, compared with an NFP of US$(27.4)m and Cash and cash equivalents of US$183.9m at the end of Dec’25. This compares with a NFP of US$(121.0)m at YE’24, US$(224.3)m at YE’23, US$(409.9)m at YE’22, US$(520.3)m at YE’21, US$(561.5)m at YE’20 and US$(682.8)m atYE’19, demonstrating the substantial deleveraging achieved over the period. In addition, at the end ofSep’26, DIS had approximately US$20.8m in undrawn and available short-term credit lines. • The NFP (excluding IFRS 16) to FMV ratio stood at (4.3%) at the end of Sep’26, reflecting a net cash position, compared with 2.4% at the end of Dec’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). 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 onwards, as well as to vessel sales over the past few years. In addition, supported by robust market conditions and a positive industry outlook, vessel values have increased significantly since the end of 2021. 1. The amount as at September 30, 2026 mainly comprises accrued interest and the positive fair value of interest rate swaps, the latter amounting to US$0.4m.. Financial results. First 9M’26 Net financial position. (US$ million) Dec. 31st, 2025 Sep. 30th, 2026 Gross debt (210.5) (208.3) IFRS 16 – additional liabilities (2.2) (1.7) Cash and cash equivalents 183.9 265.4 Other current financial assets1 1.4 1.2 Net financial position (NFP) (27.4) 56.6 Net financial position (NFP) excl. IFRS 16 (25.2) 58.3 Fleet market value (FMV) 1,065.9 1,362.3 NFP (excluding IFRS 16) / FMV 2.4% (4.3%) DIS had a net cash position of US$56.6m at the end of Q3’26, with cash and cash equivalents of US$265.4m and a fleet market value of US$1.36bn as at the same date.
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13 • TCE Earnings – US$220.0m in the first 9M’26 compared with US$196.6m in the first 9M’25 (US$67.1m in Q3’26 compared with US$66.8m in Q3’25).DIS’ total daily average TCE was US$29,911 in the first 9M’26, compared with US$23,583 in the same period of‘25, and US$27,446 in Q3’26, compared with US$24,335 in Q3’25. See next slide for further details. • EBITDA – US$145.9m in the first 9M’26 compared with US$112.5m in the first 9M’25 (US$40.2m in Q3’26 compared with US$39.2m in Q3’25). DIS’ EBITDA margin stood at 64.7% in the first 9M’26 and 58.8% in Q3’26, while operating cash flow amounted to US$136.6m in the first 9M’26. • Net Result– Net profit amounted to US$107.2m in the first 9M’26, compared with US$62.8m in the first 9M’25 (+70.6% y-o-y), and US$27.8m in Q3’26, compared with US$24.3m in Q3’25. Excluding non-recurring items, DIS reported an adjusted net profit of US$101.6m in the first 9M’26, compared with US$67.1m in the first 9M’25, and US$26.9m in Q3’26, compared with US$24.3m in Q3’25. The first 9M’26 results included a profit of US$5.3m on disposal of vessels, mainly comprising a US$4.3m gain on the sale of MT High Seas, recognized in Q2’26 following the vessel’s delivery to its buyer in Apr’26, as well as deferred results from prior sale-and-leaseback transactions, including accelerated recognition following the exercise of purchase options. Financial results. First 9M’26 Results. DIS delivered strong results in the first 9M’26, with higher TCE earnings driving increased profitability and robust cash flow generation. (US$ million) Q3’25 Q3’26 9M’25 9M’26 TCE Earnings 66.8 67.1 196.6 220.0 Total net revenue 68.0 68.2 200.2 225.7 Result on disposal of vessels (0.3) 1.0 (0.8) 5.3 EBITDA 39.2 40.2 112.5 145.9 Asset impairment - - (3.8) - EBIT 26.7 29.2 71.1 112.1 Net Result 24.3 27.8 62.8 107.2 Non-recurring items: (US$ million) Q3’25 Q3’26 9M’25 9M’26 Result on disposal of vessels (0.3) 1.0 (0.8) 5.3 Non-recurring financial items 0.2 (0.1) 0.3 0.2 Asset impairment - - (3.8) - Total non-recurring items (0.1) 0.9 (4.3) 5.5 Net Result excl. non-recurring items 24.3 26.9 67.1 101.6
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Key Operating Measures Q1 2025 Q2 2025 Q3 2025 9M 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 9M 2026 Avg. n. of vessels 32.7 32.0 31.1 31.9 30.4 31.6 29.0 28.2 28.0 28.4 Fleet contract coverage 39.6% 50.8% 54.9% 48.4% 57.7% 50.7% 62.2% 65.3% 62.2% 63.2% Daily TCE Spot (US$/d) 21,154 24,497 25,502 23,473 27,099 24,228 32,264 57,547 34,940 41,094 Daily TCE Covered (US$/d) 24,567 23,365 23,378 23,700 23,383 23,612 23,001 24,272 22,895 23,402 Daily TCE Earnings (US$/d) 22,507 23,922 24,335 23,583 24,956 23,916 26,505 35,833 27,446 29,911 14 Financial results.First 9M’26 Key operating measures. DIS’ strong spot performance drove a substantial increase in total daily average TCE in the first 9M’26. • DIS achieved a daily average spot TCE of US$41,094 in the first 9M’26, compared with US$23,473 in the first 9M’25 (+75% y-o-y), and US$34,940 in Q3’26, compared with US$25,502 in Q3’25 (+37% y-o-y), reflecting significantly stronger product tanker market conditions. • In line with its strategy, DIS maintained a significant level of fixed-rate contract coverage in the first 9M’26, securing 63.2% of its available vessel days at a daily average TCE rate of US$23,402 (first 9M’25: 48.4% coverage at US$23,700/day). • DIS’ total daily average TCE (including spot and time-charter employment1) was US$29,911 in the first 9M’26, compared with US$23,583 in the first 9M’25, and US$27,446 in Q3’26, compared with US$24,335 in Q3’25. 1. The bareboat charter rate earned by the Bright Future was converted into a time-charter equivalent rate.
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Strategic priorities and market overview
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16 Investment plan US$/mm To ensure it continues operating a modern and efficient fleet, DIS ordered some very efficient newbuilds, that will be delivered to the Company between 2027 and 2029. DIS’ CAPEX1 commitments. 1. In addition to yard Instalments, total CAPEX fromFY’12 toFY’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 forFY’27 includes the cost of supervision, first supply, extras, and the installation of scrubbers on all ordered vessels. 2. 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$ 34.6m in Q1’25, US$34.7m in Q2‘25 to exercise its purchase options on High Adventurer, High Explorer, Crimson Jade, Crimson Pearl, High Navigator and High Leader, respectively. • DIS invested US$ 924.4m1from FY’12 to FY‘19, mostly related to 22 newbuildings ordered since 2012. • DIS invested US$306.5 million between FY’22 and 9M’26 in vessel acquisitions , including the exercise of purchase options on six modern Japanese MR2 vessels² previously time-chartered-in; the acquisition of the remaining 50% interest in a JV that owned four MR2 vessels; the first instalment of 20% on four LR1 vessels, together with a second instalment of 10% on two of those vessels, ordered from Jiangsu New Yangzi Shipbuilding Co. Ltd., China, with delivery scheduled for 2027; the first instalment of 15% on two MR1 vessels ordered from Guangzhou Shipyard International Company Limited, China, with delivery scheduled for 2029; and the first instalment of 10% on four MR2 newbuildings ordered from Jiangsu New Yangzi Shipbuilding Co. Ltd., China, with delivery scheduled for 2029. • DIS currently has a total newbuilding plan of approximately US$ 512.3 million , relating to 4 LR1s, 2 MR1s and 4 MR2s. Remaining instalments are due between Q4’26 and FY’29, with outstanding commitments of approximately US$ 425.3 million as at the end of September ‘26.
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17 1. InFeb’21, DIS announced the exercise of its purchase option on the MT High Priority for a consideration of US$ 9.7m. 2. InDec’22, DIS announced the exercise of its purchase option on the MT High Voyager for a consideration of US$ 20.8m. 3. InJan’23, DIS announced the exercise of its purchase option on the MT High Freedom for a consideration of US$ 20.1m. 4. InMay’23, DIS announced the exercise of its purchase option on the MT High Trust for a consideration of US$ 22.2m. 5. InMay’23, DIS announced the exercise of its purchase option on the MT High Trader for a consideration of US$ 21.6m. 6. InMay’23, DIS announced the exercise of its purchase option on the MT High Loyalty for a consideration of US$ 21.4m. 7. InJan’25, DIS announced the exercise of its purchase option on the MT Cielo di Houston for a consideration of US$ 25.6m. 8. InAug’26, DIS announced the exercise of its purchase option on the MT High Discovery for a consideration of US$ 15.3m. 9. InOct’26, DIS announced the exercise of its purchase option on the MT High Fidelity for a consideration of US$ 14.1m. • Starting from Sep’22, the previous lease arrangements for High Discovery and High Fidelity were replaced with new ten-year agreements at a substantially lower cost, while retaining broadly similar contractual terms, including early repayment provisions. In Aug’26 and Oct’26, DIS exercised the purchase options on both vessels, with delivery expected in Nov’26 and Jan’27, respectively. • In addition, DIS exercised purchase options on High Voyager in Dec’22; High Freedom in Jan’23; High Trader, High Trust and High Loyalty in May’23; and Cielo di Houston in Jan’25. DIS’ purchase options on leased vessels. DIS has lowered its cash break-even costs by exercising all its purchase options on leased vessels. Exercised purchase options: Vessel Name Build Date Purch. Option Delivery Date High Priority1 Mar-05 Feb-21 High Voyager2 Nov-14 Jan-23 High Freedom3 Jan-14 May-23 High Fidelity Aug-14 Sep-22 High Discovery Feb-14 Sep-22 High Trust4 Jan-16 Jul-23 High Trader5 Oct-15 Jul-23 High Loyalty6 Feb-15 Jun-23 Cielo di Houston7 Jan-19 Sep-25 High Discovery8 Feb-14 Nov-26 High Fidelity9 Aug-14 Jan-27
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18 • 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$. These options were exercised with delivery of the High Adventurer and of the High Explorer in Dec’22 and in May’23, respectively. • In Q2’24 DIS exercised its purchase option on Crimson Jade (renamed High Transporter), delivered in July’24. • In Q3’24, DIS exercised its purchase option on Crimson Pearl (renamed High Mariner), delivered in Oct’24. • Additionally, in Q4’24 DIS exercised its purchase options also on High Navigator delivered in Feb’25 and on High Leader, delivered in Apr’25. DIS’ purchase options on time-chartered-in vessels. Through the exercise of these options, DIS has taken ownership of six young and efficient MR vessels, all built by some of the most renowned Japanese shipyards, at purchase prices significantly below their current market value, creating substantial value for our Company and Shareholders. Exercised purchase options (US$ mm):
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19 Average TC and TC equivalent covered rates1 1. Situation based on covered‘employmentdays’ (net of estimated off-hire days), and on current contracts in place, which are always subject to changes and assuming the exercise ofDIS’ TC-IN options. 2. ‘Daily average TCrate’ refers to TC contracts only, whilst‘Daily average TC equivalent coveredrate’ includes also bareboat-out contracts., based on an assumed daily operating expenses in line withDIS’ average actual cost. Contracts and modern fleet to drive future results. US$/day% of ‘employment days’ • For ’27, DIS has covered ~38% of its available vessel days at an average TC equivalent rate of ~US$ 24.6k/d. • TC contracts allow DIS to: ✓ consolidate strategic relationships with Oil Majors (Chevron, Exxon, Total, P66, Saudi Aramco) and leading trading houses; ✓ hedge against spot market volatility allowing DIS to secure TCE Earnings (FY’26 US$ 148.0m; FY’27 US$ 91.8m: FY’28 US$ 14.1m 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 100% by the end of FY’26. DIS’ increasing % of ‘Eco’ fleet (based on all controlled vessels) US$/day% of ‘employment days’
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0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 Oct-05 Apr-06 Oct-06 Apr-07 Oct-07 Apr-08 Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 Apr-26 Oct-26 1 YR TC MR Rate Average MR Clean Earnings 10 15 20 25 30 35 40 45 50 55 60 Oct-05 Apr-06 Oct-06 Apr-07 Oct-07 Apr-08 Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 Apr-26 Oct-26 Newbuilding (47-51K Dwt) Secondhand (5yr Old 51k Dwt Eco) Secondhand (10yr Old 50k Dwt Eco) 20 Strengthening freight rates and asset values. Historical MR TC and spot rates1 US$/day Historical MR asset values1 US$/m After softening from very high levels between June ’24 and June ’25, freight rates and asset values have been strengthening since, with levels surging following the onset of the war in Iran. NB, 5yr old and 10yr old vessels are respectively ~2%, in line and ~2% below the last cycle peak 1. Source: Clarkson research services as at Oct 27, 2026. • According to Clarksons, the one-year time-charter rate for an Eco MR vessel is currently of US$ 43,000 per day and the one-year time-charter rate for an Eco LR1 vessel is of US$ 60,000 per day1. 1 YR TC and spot rates reached their all- time high in Oct’26
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6.45.65.56.45.76.25.85.23.01.70.90.91.31.31.90.80.81.21.01.21.42.11.61.82.32.42.51.91.71.92.22.32.23.42.93.13.82.82.63.32.8 15.2 15.2 15.9 17.1 16.4 18.7 15.017.5 11.3 3.32.31.82.82.12.34.42.51.81.91.92.4 3.84.54.0 6.57.78.7 5.64.46.35.67.78.0 8.47.28.8 12.1 12.9 12.710.412.4 21.4 21.8 21.9 22.8 20.6 11.3 3.4 4.2 3.9 3.1 3.9 5.4 7.7 9.4 8.3 8.0 10.0 11.0 13.4 14.715.115.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 11-Jan-26 18-Jan-26 25-Jan-26 01-Feb-26 08-Feb-26 15-Feb-26 22-Feb-26 01-Mar-26 08-Mar-26 15-Mar-26 22-Mar-26 29-Mar-26 05-Apr-26 12-Apr-26 19-Apr-26 26-Apr-26 03-May-26 10-May-26 17-May-26 24-May-26 31-May-26 07-Jun-26 14-Jun-26 21-Jun-26 28-Jun-26 05-Jul-26 12-Jul-26 19-Jul-26 26-Jul-26 02-Aug-26 09-Aug-26 16-Aug-26 23-Aug-26 30-Aug-26 06-Sep-26 13-Sep-26 20-Sep-26 27-Sep-26 04-Oct-26 11-Oct-26 18-Oct-26 CPP & DPP Crude 4-week moving average 6.4 6.6 6.8 7.0 7.2 7.4 7.6 7.8 8.0 8.2 8.4 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19 Oct-19 Feb-20 Jun-20 Oct-20 Feb-21 Jun-21 Oct-21 Feb-22 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 Feb-24 Jun-24 Oct-24 Feb-25 Jun-25 Oct-25 Feb-26 Jun-26 Oct-26 Iran war. Disruption to oil exports and declining stocks. 21 1. Source: DNB, Oct, 2026. 2. Source Vortexa. From beginning of March to Sep 30, 2026. 3. Source: Vortexa, Oct 27, 2026 • The strait of Hormuz almost closed. Prior to the Iran conflict, daily transits through the strait amounted to ~15 mb/d of crude and 5 mb/d of refined products (~19% of oil supply). • Flows have been rising lately as national oil companies facing the Persian Gulf have been increasing their fleet of owned vessels to ensure they can continue exporting their oil. Hormuz Crude and Refined Product Exports (mb/d)3 Global Petroleum Inventories (mb)1 Estimated disruption to Hormuz oil flows in the last 4 weeks2 20 15 3 2 Flows prior to conflict Flows in last 4 weeks Redirected flows (Yanbu+Fujairah+Ceyhan) Loss of flows - 2 4 6 8 10 12 14 16 18 20
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Iran war. Rising Hormuz shuttle tanker transits. 221. Source: Vortexa, Oct 27, 2026 • National oil companies(“NOCs”) from countries inside the Arabian Gulf have been building their owned fleets to spur exports through Hormuz. • As theNOCs’ owned fleets grow, exports through Hormuz should rise. • In September ‘26 around 52% of all crude and 21% of all refined products that transited through Hormuz was on shuttle tankers. • Oil is transferred from shuttle tankers to other vessels for onward delivery – transportation through ship-to-ship transfers keeps vessels occupied for longer, reducing fleet availability. CPP & DPP Shuttle Tanker transits through Hormuz (Kbpd)1 Crude Shuttle Tanker transits through Hormuz (Kbpd)1 Rising shuttle tanker transits are contributing to increased flows through Hormuz and tightening vessel availability through inefficient ship-to-ship transfers. 45 114 225 450 338 459 653 0 100 200 300 400 500 600 700 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 United Arab Emirates Saudi Arabia Qatar Iraq Bahrain Kuwait 28 174 171 632 1,083 3,140 3,189 4,713 5,333 0 1,000 2,000 3,000 4,000 5,000 6,000 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 United Arab Emirates Saudi Arabia Qatar Iraq Kuwait Iran
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The threats by the Houthis to Saudi linked vessels crossing the Bab al-Mandab strait has altered recent trade patterns, leading to inefficiencies and an increase in ton-miles. 1.31.11.11.11.0 0.80.9 1.10.9 0.70.9 0.70.8 1.2 1.11.1 0.90.9 1.11.01.01.1 0.8 0.7 1.11.0 0.6 1.00.90.80.91.0 1.3 0.9 0.8 0.90.8 1.0 3.4 3.83.7 4.2 3.5 3.7 2.32.2 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Europe Asia North America Middle East South America Others 4.34.2 4.64.5 4.14.0 4.2 3.9 4.44.34.2 3.9 2.3 1.51.6 1.41.31.21.3 1.11.21.11.1 1.51.3 1.5 1.71.81.61.6 1.81.81.7 2.0 1.81.91.8 2.2 1.5 1.8 1.41.5 1.2 1.4 2.02.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Med, Black Sea, Caspian, Baltic MEG Asia Red Sea Gulf of Aden Other Threatened disruptions to Red Sea transits. 1. Source: Vortexa,Oct’26. 23 Saudi Red Sea and Egypt crude exports by destination (mb/d)1 • Saudi Red Sea and Egypt crude exports (through Sumed pipeline) destined to Asia might have to sail through Cape of Good Hope, instead of the Bab al-Mandab Strait, contributing to a substantial lengthening of voyages. • Saudi linked vessels which repositioned through Bab al-Mandab, might have to do so through the much longer Cape of Good Hope route. • Greater pull by Asia of Atlantic barrels – very positive for ton-miles. • The effects of this disruption depend crucially on Saudi Arabia’s ability to continue exporting from Yanbu through the East- West pipeline, following the Houthis’ recent attacks of this infrastructure. Product flows via Bab-el-Mandeb by origin (mb/d)1
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0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Aug-26 Oct-26 Diesel/Gasoil Fuel Oil Naphtha Refinery Feedstock / Intermediates Gasoline/Blending Components Jet/Kero 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Aug-26 Oct-26 EU UK & US OECD Asia China India Turkey Middle East Latin America Africa Other Unknown Declining Russian product exports1 24 Russia’s refined product exports by destination Million barrels per day Russia’s refined product exports Million barrels per day Russian refined product exports remain near record lows as Ukrainian attacks and sanctions constrain refining and trade, while limited easing by the US of diesel export restrictions is unlikely to materially loosen global distillate markets. 1. Source: Vortexa as atOct’26 excluding LPG. • As a result of sanctions and Ukrainian attacks on refining facilities and export terminals, Russian refined product exports have trended downwards, averaging 2.3 mb/d inFY’25, and falling to only approximately 1.3 mb/d by lateOct’26 (around 52% below theirFY’21 average). • Disruptions to trade flows caused by the rerouting of Russian oil to more distant destinations have significantly increased sailing times. In fact, shipments from WesternRussia’s Baltic ports to Northwest Europe previously took around 10 days, while voyages from the same loading ports to India and China now take approximately 30 to 40 days, respectively. • US sanctions on Rosneft and Lukoil, together with the EU ban on imports of refined products produced in third countries from Russian crude, continue to constrain Russian refined product trade. • A US-Russia diesel export agreement signed in October provides for a limited resumption of Russian diesel exports, although the IEA expects only a limited impact on global supply as reduced operational refinery capacity remains the main constraint following repeated Ukrainian attacks.
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-40 -20 0 20 40 60 80 100 120 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Aug-26 Oct-26 Diesel Crack HSFO 3.5% Crack Jet Fuel Crack Gasoline Crack -200 -150 -100 -50 0 50 100 150 200 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Aug-26 Oct-26 90 95 100 105 110 115 120 125 130 135 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 3-year range 2026 2025 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 25 Record refining margins and widening arbitrages. 1. Source: Bloomberg as at 27Oct‘26 2. Source: OB as at Oct’26. 3. Source: Affinity as atOct’26. Record refining margins and widening arbitrages to support strong freight markets. Refining Margins1 $/barrel • Lower refined exports from the Persian Gulf and Russia (Ukrainian drone attacks and associated export restrictions), led to a spike in refining margins and to arbitrages widening on certain routes. • The higher refining margins and an increase in flows through Hormuz, has allowed and encouraged Chinese refineries to increase runs, leading to a substantial strengthening of freight rates East of Suez. • Strong arbitrages for moving Gasoil from the East to West have also been contributing to themarket’s current strength. Diesel and Jet Stocks in Atlantic basin2 Million barrels Gasoil price premium in the West over East2 $/tonne Chinese CPP Exports1 Million barrels per day
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- 50 100 150 200 250 300 350 400 450 500 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 Oct-26 Crude/Condensates Clean Petroleum Products Dirty Petroleum Products 19% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0 200 400 600 800 1000 1200 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Total sanctions on total tankers Total Sanctioned US Sanctioned Sanctioned vessels and oil on water. Sanctioned oil on water1 26 Total sanctioned tankers2 Tougher sanctions are significantly reducing fleet availability and productivity, sustaining higher freight rates across most tanker classes. Million barrels Number of vessels % on total tankers (dwt) 1. Source: Vortexa as ofOct’26 2. Source: Affinity as ofOct’26 •Sharp increase in tankers sanctioned following the EU’s latest sanctions packages. • Sanctions are making the market even less efficient, increasing the costs of exports for Russia and the transit time for its oil. • Consistently, sanctioned oil at sea surged by around 173 million barrels in FY’25, before declining by approximately 187 million barrels in the first ten months of FY’26, partially reflecting temporary U.S. sanction waivers on Russian and Iranian cargoes already at sea. • The US is temporarily (for 6 months) waving sanctions on the import of oil from Russia, implying there is no price cap and no penalties for vessels transporting such cargoes to the US. The current deal involves the export of 1.8 mt of diesel from Russia. Democrats are, however, questioning the legality of this waiver which they deem is illegal and must be approved by congress.
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2.1 2.4 2.3 2.3 2.4 2.8 2.9 3.2 3.1 2.8 2.9 2.8 2.4 2.3 2.6 2.8 2.8 2.8 2.5 2.5 2.4 2.5 2.5 2.5 2.5 2.5 2.3 2.0 1.5 0.9 0.5 0.6 0.7 0.8 0.9 0.9 1.1 1.2 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 27 Expected ramp-up in Venezuelan oil exports. Key implications for crude carriers: • Short-term: Gradual increase in production and exports, with the former expected to reach 1.1 mbd in 2026 from around 900k bpd in 2025. • Longer-term: Venezuela could emerge as a major source of supply growth into the 2030s if announced investments translate into sustained upstream development. The IEA currently forecasts output will reach 1.2 mb/d inFY’27. Chevron has confirmed a five-year, $7bn investment in the Orinoco Belt and raised its growth target to 600 kb/d. In September ‘26, Continental Resources also signed an MoU with PDVSA to develop the Ayacucho 2 block in the Orinoco Belt. Key implications for product tankers: • Clean-to-dirty switching reduces clean fleet availability: As the Aframax market tightens, a growing number of LR2s are switching from clean to dirty trades, supporting product tanker earnings. • Incremental demand for naphtha/diluents from the US Gulf: Any sustained recovery in Venezuelan production, particularly in the Orinoco Belt, requires significant volumes of naphtha as diluent. With reduced Russian supply, these flows are expected to originate from the US Gulf and be carried mainly on MR2s. Port congestion in Venezuela is likely to make this trade inefficient, further supporting freight rates. Rising Venezuelan oil production could support crude tanker demand, while also spurring demand for product tankers. Venezuela’s oil production 1990-2027 Million barrels per day 1. Source: U.S. Energy Information Administration from 1990 to 2024 and IEA as atOct’26 from 2025 to 2027.
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120 170 220 270 320 370 420 470 Cln (RHS) Dty (LHS) -15,000 85,000 185,000 285,000 385,000 485,000 585,000 685,000 785,000 VLCC Suezmax Aframax 5.4 6.3 7.3 8.5 8.9 9.3 9.4 28.9 29.7 29.9 30.9 31.1 31.5 31.8 0 5 10 15 20 25 30 35 0 5 10 15 20 25 30 35 2024 2025 2026 2027 2028 2029 2030 USA Other Atlantic Basin Brazil Venezeula Guyana Argentina West to east exports (rhs) • Non-coated tankers can, as they have done in the summer of 2024, clean-up to transport clean product cargoes when dirty markets are relatively weak. • The percentage of LR2s trading clean has fallen markedly as strong crude markets drew more vessels into that trade. • Despite the coated LR2 fleet having grown by 110 vessels between Jan’25 and Oct'26, the number of LR2s trading clean during the same period fell by 120 vessels to 141 in Oct’26. • Non-OPEC supply to continue growing rapidly in the Atlantic and especially in the Americas, spurring a surge in ton-mile rich exports to Asia Pacific. Support from non-coated tanker market1. 1. Source: ClarksonsOct’26. 2. Source: OBSep’26 28 US$/day Strong non-coated tankers markets providing further support for product tankers. Historical non-coated tankers’ TCE spot rates1Coated LR2 fleet: no. clean vs. dirty trading1 Million barrels per day Non-OPEC crude supply and exports to Asia Pacific2
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47.1% 27.9% 55.8% -26.1% -26.1% 7.8% 13.7% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% China Middle East Other Asia OECD Americas OECD Others Africa Others -500 -300 -100 100 300 500 700 900 1,100 1,300 1,500 2023 2024 2025 2026 2027 2023 2024 2025 2026 2027 2023 2024 2025 2026 2027 2023 2024 2025 2026 2027 2023 2024 2025 2026 2027 2023 2024 2025 2026 2027 2023 2024 2025 2026 2027 2023 2024 2025 2026 2027 2023 2024 2025 2026 2027 2023 2024 2025 2026 2027 2023 2024 2025 2026 2027 Africa China Eurasia Middle East Non-OECD Americas Non-OECD Europe OECD Americas OECD Asia Oceania OECD Europe Other Asia Total 29 Longer-term demand. Changes in the refining landscape Net refinery capacity additions by year ‘23-’271 1. Source: IEA Oil 2025 - Analysis and forecast to 2030 report. • Global refinery crude distillation capacity should rise by 1.9 mbd in the‘25-27 period, after having risen by 2.4 mbd in‘23-24. • Planned refinery net capacity additions in the‘25-’27 period are mainly in India (+0.78 mbd, 55.8% share), China (+0.66 mbd, 47.1% share), the Middle East (+0.39 mbd, 27.9% share), and Africa (+0.11 mbd, 7.8% share). • 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 1.0 mbd of refinery capacity is estimated to have shut down, with the US accounting for over 400 kbd of closures, followed by Europe with 370 kbd. In contrast, FY’26 gross capacity additions are projected to be of 1.5 mbd, largely driven by India, China, and the Middle East, while announced closures are limited to just 300 kbd. • Over the next few years, imports by Europe, the US West Coast and by all the regions of the southern hemisphere, from the Middle East, India, Africa and China, are likely to expand. % of net refinery capacity additions ‘25-’271Thousand barrels/day Growth in refinery capacity in the Middle East and Asia during‘25-’27, coupled with refinery closures in the US and Europe, to contribute to a further increase in ton-miles.
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2.0 2.7 5.2 7.7 6.9 7.2 9.9 10.7 10.2 7.7 5.6 1.5% 2.0% 3.8% 5.7% 5.2% 5.6% 7.8% 8.6% 8.3% 6.3% 4.7% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 14.6 23.4 30.3 28.1 30.3 25.3 31.3 36.7 47.8 40.8 40.2 2.2% 3.4% 4.1% 3.8% 4.2% 3.5% 4.4% 5.2% 6.9% 5.9% 5.8% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 0.0 10.0 20.0 30.0 40.0 50.0 60.0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 4.1% 4.7% 4.4% 4.0% 5.1% 6.9% 6.9% 8.9% 12.8% 16.8% 19.8% 21.3% 22.5% 23.0% 17.6% 17.5% 18.8% 19.5% 22.9% 25.7% 27.0% 29.7% 34.0% 40.3% 44.9% 47.4% 52.7% 53.6% 19.8% 13.8% 12.4%11.8% 8.7% 8.7% 7.4% 4.2% 7.3% 14.4% 18.4% 26.1% 25.0% 23.2% 0% 10% 20% 30% 40% 50% 60% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Oct-26 2026 2027 20+ yrs % 15+ years Orderbook % 4.2% 5.6% 5.4% 4.9% 5.7% 6.5% 6.2% 7.2% 10.7% 16.2% 19.8% 22.5% 24.0% 27.3% 11.1% 12.5% 13.7% 16.0% 20.8% 25.0% 28.4% 34.6% 42.2% 50.2% 53.6% 54.7% 60.7% 62.6% 15.9% 8.9% 8.0% 8.2% 5.9% 4.9% 3.7% 3.2% 8.2% 15.7%14.4% 16.2% 16.6% 14.9% 0% 10% 20% 30% 40% 50% 60% 70% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Oct-26 2026 2027 20+ yrs % 15+ years Orderbook % Growing pool of demolition candidates. 1. Source: Dwt as at period-end based on Clarksons Research as atOct’26 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 previousyear’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. 30 Fleet composition by age (MRs and LR1s)1 The rapidly ageing fleet will limit fleet productivity and should dampen fleet growth in the next few years. DWT/m % of current fleet Fleet composition by age (All tankers)1 % of current fleetDWT/m Vessels turning 25 years (All tankers)2Vessels turning 25 years (MRs and LR1s)2
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53.5 43.8 34.1 24.5 54.0 44.0 32.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0 60.0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 NB Value 5yr old Value 10yr old Value 15yr old Value 189 143 30 66 68 100 225 97 135 15 73 76 69 55 52 46 151 211 83 175 61% 47% 31% 21% 13%13% 17%16%16% 9% 8% 8% 6% 5% 4% 3% 8% 16% 14%16% 0% 10% 20% 30% 40% 50% 60% 70% 0 50 100 150 200 250 • Chinese yards have been increasing production capacity recently, following a sharp drop since 2010. • Newbuild costs are rising due to inflation, regulations, limited equipment availability (especially engines) and an emerging scarcity of qualified workforce. • 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 for delivery at the earliest in ’29 or even as late as ‘30. • Following more muted ordering in ’25, this year we have seen an increase in interest in newbuilds, coinciding with the stronger freight rate environment. Renewed interest in newbuilds in ‘26. US$ Million MR newbuilding parity curve vs second-hand values1 1. Source: Vessel prices from Clarkson Research Services as atOct’26. Newbuilding prices evolution based on 25 years depreciation, including US$ 1m first supply and US$ 5.1m scrap value. 2. ‘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). MR & LR1 orders2 N. of vessels 31 Period end orderbook/fleet ratio
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22.4 75.5 31.1 16.2% 54.7% 22.5% 0 10 20 30 40 50 60 70 80 Current orderbook MR & LR1 > 15 yrs MR & LR1 > 20 yrs 0.4% 4.8% 11.9% 9.9% 9.1% 12.0%12.7% 9.7% 4.5% 4.1% 1.5% 2.8% 3.4% 4.6% 4.7% 2.8% 1.1% 3.9% 2.6% 1.0% 1.6% 1.0% 0.7% 2.7% 0.8% 3.8% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% -4 -2 0 2 4 6 8 10 12 Deliveries Removals Net Fleet Growth 2.1% 3.6% 6.3% 7.7% 6.2% 7.3% 7.9% 8.8% 5.8% 6.0% 3.8% 1.9% 1.5% 2.9% 5.1% 4.3% 1.3% 5.2% 2.9% 1.7% 3.3% 1.9% 0.9% 2.0% 0.5% 5.2% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% -30 -20 -10 0 10 20 30 40 50 60 Deliveries Removals Net Fleet Growth Accelerating but manageable fleet growth. MR & LR1 deliveries and scrapping (m dwt) (lhs), and net fleet growth (%)1 (rhs) 1. Source: Clarkson Research Services as atOct’26 and Clarksons Oil & Tanker Trades Outlook–Oct’26. Fleet expansion is expected to accelerate in the coming years, but even assuming limited scrapping, should be modest by historical standards. MR & LR1 fleet age profile1 Million Dwt 32 Million Dwt and % of current fleet All tankers deliveries and scrapping (m dwt) (lhs), and net fleet growth (%)1 (rhs) All tankers fleet age profile1 Million Dwt and % of current fleetMillion Dwt 180.7 327.9 147.4 26.1% 47.4% 21.3% 0 50 100 150 200 250 300 350 Current orderbook All tankers > 15 yrs All tankers > 20 yrs
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Why invest in DIS
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34 Historical NAV evolution. DIS’ Historical NAV evolution1,2,3 US$/m US$/share As at September 30th2026, DIS’ NAV1,2,3 was estimated at US$ 1,427.2m, its fleet market value at US$ 1,362.3m2 and its closing stock price was around 21% 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 September 30, 2026. 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. ``` Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Sep-26 Discount to NAV (End of Period) 29% 23% 37% 20% 60% 44% 48% 58% 37% 24% 57% 34% 21%
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35 US$/mm Potential use of funds (excluding cash returned to shareholders). Potential use of funds for investments and lease reimbursements • DIS plans lease reimbursements of US$ 15.3 million in FY’26 and US$ 14.0 million in FY’27, arising from the exercise of purchase options on its bareboat-chartered-in vessels. • Furthermore, considering DIS’ robust financial position and its strategic objective of managing a modern fleet while maintaining an approximately stable fleet size, DIS ordered 4 LR1 newbuildingsin Q2’24 (with expected delivery in FY’27), 2 MR1 newbuildingsin Q4’25 and 4 MR2 newbuildingsin Q1’26 (with expected delivery in FY’29). • The total residual investment for these newbuildingsover Q4’26–FY’29, including extras, first supply, scrubbers on LR1 vessels and supervision fees, is expected to amount to approximately US$ 425.3 million. DIS has a total estimated use of funds of US$ 497.7 million between FY’26 and FY’29, for investments on newbuildings and lease reimbursements.
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36 US$/mm Increasing shareholder returns. Supported by robust earnings and a very strong financial structure (Net Financial Position to Fleet Market Value ratio of -4.3% as at end September’26), DIS has been steadily increasing returns to its shareholders. In FY’25, DIS’ pay-out ratio reached 55% of net profit, delivered through a combination of dividends and share buybacks, marking a significant increase compared to previous years. Cash returned to shareholders % Financial Leverage (NFP to FMV)
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DIS’ fleet. Focus on enhanced technical efficiency. 37 Ships Latest conventional Engine (C10.7) Propeller boss cap fins Duct Fins Rudder with Bulb and fins Preswirl vane Wake Equal. Duct Led Eco nozzles EPL (Engine Power Limit) OPS (Onshore power supply) Speed/ power control Prop. silicon paint Propeller ultrasoni c system Low friction paint NB 5 (MR1) NB 6 (MR1) NB 7 ( MR2) NB 8 ( MR2) 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 ( Lr1) NB 2 ( Lr1) NB 3 ( Lr1) NB 4 ( Lr1) High Leader High Navigator High Mariner High Transporter • 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. Installed/ Newbuilding delivered with solution Approved for installation Installation not planned Adoption of innovative technical solutions to drive increase in vessel efficiency.
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DIS’ fleet. Operational efficiency improvements. 38 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 NB 5 (MR1) NB 6 (MR1) NB 7 ( MR2) NB 8 ( MR2) 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 ( Lr1) NB 2 ( Lr1) NB 3 ( Lr1) NB 4 ( Lr1) 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
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39 • Young-fleet, most of which acquired at historically attractive prices and at top-tier yards. Furthermore, vessels are mostly eco-design (96% of the fleet) and IMO classed (79% of the fleet). • First-class in-house technical management provides 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– NAV discount of 21% as at the end of September 2026. • 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. Why invest in DIS today.
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DIS’ ESG
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DIS’ PURPOSE and VALUES. 41 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
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DIS’ ESG. Key figures 42 ENVIRONMENTAL VALUE 2025 EEXI Compliant ships (as at year-end)1 100.0% CII 6.24 IMO classed fleet % (as at year-end)2 79.3% Fleet age (years) 9.6 Fleet certified for the use of Biofuel blends up to B30 (%) (as at year-end) 100% Fleet with installed water ballast treatment system (%) (owned (as at year-end) 100% CO2 emissions per nautical mile (tCO2/ Nautical Mile) 0.3163 SOx emissions per nautical mile 0.00079 NOx emissions per nautical mile 0.00571 Scope 1&2 GHG emission intensity (market based) 0.00092238 Accident and spills - Number of marine casualties - SOCIAL VALUE 2025 Onshore personnel (as at year-end) 26 Seagoing personnel (as at year-end) 632 Seagoing personnel (overall during the year) 1,448 Seafarers under 30 years old (%) 29.1% Women between managers and top managers (%) 30.80% Retention rate (onshore personnel) (%) 96% Retention rate (seagoing personnel) (%) 83.1% Average hours of training for seagoing personnel 20.3 Expenses on training for onshore and seagoing personnel (US$) 297,062 US$ Work-related injuries - GOVERNANCE 2025 Cases of corruption, bribery or anti-competitive behavior - Instances for which fines were incurred - Calls at ports in countries with the 20 lowest rankings in Corruption Perception Index -1. Fleet age refers to owned and bareboat chartered in vessel 2. IMO classed fleet % refers to the whole fleet
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• 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 contracts signed in Q2’24, for the purchase of 4 LR1s with scheduled delivery in 2027. US$ 276.9m shipbuilding contracts signed between Q4’25 and Q1’26, for the purchase of 2 MR1s and 4 MR2s. • 96% of DIS’ owned and bareboat fleet is ‘ECO’ (industry average: 43%), as at June 30, 2026. DIS’ ESG. Environment and Safety 43 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. • 0 serious work-related injuries. • 0 spills recorded since 2024. • 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.
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DIS’ ESG. Environmental KPIs 44
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DIS’ ESG. Corporate Governance 45 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;
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DIS’ ESG. Social responsibility 46 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 2025; • 632 seagoing personnel as at 31 December 2025; • 96% retention rate for onshore personnel in 2025; • 83.1% retention rate for seagoing personnel in 2025; • 29.1% Seafarers under 30 years old; • 30.8% Women between managers and top managers; • 20.3 Average hours of training for seagoing personnel; • US$ 297,062 Expense on training for onshore and seagoing personnel.
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UN’s sustainable development goals. 47 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. DIS’ Sustainability Topics Sustainable Development Goals Vessel energy efficiency Innovation: Fleet efficiency and safety High quality of services Business ethics Protection of marine biodiversity Atmospheric emissions and climate change DIS’ Sustainability Topics Sustainable Development Goals Integrated management system for ongoing improvement Occupational health and safety People care Value generated and distributed Personnel training and development Sustainable supply chain DIS’ Sustainability Topics Sustainable Development Goals Ship recycling Stakeholder engagement Waste reduction and material recycling Multicultural approach Promoting public attention towards social, cultural and environmental topics Consumption of water and energy in offices
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48 DIS’ Sustainability Topics Sustainable Development Goals Activity performed by DIS Vessel energy efficiency • Renewal of the fleet with “Eco”vessels, in line with IMO directives, thanks to the implementation of innovative technologies. Innovation: Fleet efficiency and safety • Projects aimed at improving vessel performance from an environmental viewpoint and in terms of onboard safety and efficiency. High quality of services • Highest attention to the service offered, through qualified and updated staff, appropriate equipment, on-board inspections, process control and effectiveinternal communications; • Customer engagement through: direct communications, complaints and reports, internal ship reports and feedback on service quality. Business ethics • Compliance with laws and regulations; • Honesty, fairness and transparency ineveryday actions, avoiding situations of conflict of interest and unfairness towards competitors; • Respect for personal data and confidential information; • Respect for the dignity of individuals; • Respect for the environment and the community. Protection of marine biodiversity • Minimum impact of activities on environmental integrity at all times and in all places; • Ongoing prevention of every possible form of pollution, with a zero pollution goal. Atmospheric emissions and climate change • Activities to raise awareness on climate change issues in personnel and the community; • Implementation of activities seeking to reduce damages to individuals caused by water and air pollution. UN’s sustainable development goals.
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49 DIS’ Sustainability Topics Sustainable Development Goals Activity performed by DIS Integrated management system for ongoing improvement • Transparent statement of policies governingoperations on board managed ships - in order to ensure safety and efficiency - and of the methods to respond to unscheduled events; • Identification of a basic reference for all the management documents needed for checking theGroup’s daily activities. Occupational health and safety • Protecting the health and well-being of employees by reducing occupational risks from exposure to hazards; • Preventing hazardous actions, injuries, illnesses, accidents to personnel, material and environmental damage; • Improving the safety of all employees by developing first of all an internal culture of safety. People care • Application of adequate remuneration and economicbenefits for personnel, also to ensure adequate social protection. Personnel training and development • Adequate training for all personnel, allowing them to carry out their job better and increase their skills and abilities, without distinction of sex or ethnicity. Sustainable supply chain • Accurate supplier assessment and selection, also based on energy performance and including possible performance of inspections and controls; • Collection of full and clear details on purchase orders and on responsibilities. UN’s sustainable development goals.
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50 DIS’ Sustainability Topics Sustainable Development Goals Activity performed by DIS Ship recycling • Preparation of hazardous material inventories on allnew buildings and on the existing fleet. Stakeholder engagement • Stakeholder mapping and detection of needs and expectations of each category and of related actions. Waste reduction and material recycling • Plastic-free project in the Group’s offices; • Separate waste collection in all d’Amico offices. Multicultural approach • Cultural integration in DIS’ offices and onboard all ships. Promoting public attention towards social, cultural and environmental topics • Training activities in support of solidarity initiatives and cultural initiatives. Consumption of water and energy in offices • Reducing travel between offices and increasing use ofvideo conference and conference call systems. UN’s sustainable development goals.
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Appendix
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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. 52 IMO (MEPC 76). CII and EEXI
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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; 2. To reduce CO2 emissions per transport work, as an average across international shipping, by at least 40% by 2030, compared with 2008; 3. Uptake of zero or near-zero GHG emission technologies, fuels and/or energy sources to increase uptake of zero or near- zero 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; 4. 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. 5. In addition, the Committee established two indicative checkpoints to reach net-zero GHG emissions from international shipping: - To reduce the total annual GHG emissions from international shipping by at least 20%, striving for 30% in 2030, compared with 2008; - To reduce the total annual GHG emissions from international shipping by at least 70%, striving for 80% by 2040, compared with 2008 6. The Committee agreed on the following timelines for the candidate measures set out in the 2023 IMO GHG Strategy: - The review of the short-term mandatory goal-based technical and operational measures shall be completed by 1 January 2026. - 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. 53 IMO (MEPC 80). Net zero by 2050
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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 were 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. 54 IMO (MEPC 83). Approval of Net-Zero Framework
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The International Maritime Organization (IMO) has agreed to adjourn the extraordinary session of the Marine Environment Protection Committee (MEPC), which was convened from 14 to 17 October 2025 to consider the adoption of draft amendments to MARPOL Annex VI, including the IMO Net-Zero Framework. The extraordinary session will be reconvened in 12 months’ time. In the interim, Member States will continue to work towards consensus on the IMO Net Zero Framework. 55 (MEPC/ES.2). October 2025
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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 grows 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. 56 EU Emission Trading System (ETS) and Fuel EU.
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Temporary reversal in Chinese naphtha imports growth. 1. Source: Affinity as ofOct’26. 57 Chinese naphtha imports1 Chinese naphtha imports, which had been growing rapidly, contracted sharply following the onset of the Iranian war, while showing signs of recovery in October. Thousand barrels/day 0 50 100 150 200 250 300 350 400 450 500 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 Oct-26 South Korea Russia Middle East Algeria India Singapore US Other 3 months moving average
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-648 -469 -383 -255 -214 -67 -800 -600 -400 -200 0 Gas/Diesel Oil Motor Gasoline Naphtha Residual Fuel Oil Other Products Jet fuel & Kerosene 6,143 7,141 7,559 7,875 7,808 8,010 20.1% 16.2% 5.9% 4.2% -0.9% 2.6% -5% 0% 5% 10% 15% 20% 25% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2022 2023 2024 2025 2026 2027 -60% -45% -30% -15% 0% 15% 30% Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 Oct-26 Jet fuel remains the most resilient oil product in ‘26. 58 % Change in number of commercial flights vs. 20191 • Since June 2020, the number of commercial flights has steadily increased, surpassing 2019 levels for the first time in early February 2023 and remaining well above pre-pandemic levels in 2026. • Jet fuel demand increased by 4.2% y-o-y in FY’25 to 7.88 mb/d. Demand is expected to decline by just 0.9% to 7.81 mb/d in FY’26, before rebounding by 2.6% to 8.01 mb/d in FY’27. • Jet fuel is expected to remain the most resilient major oil product in FY’26, with demand declining by just 67 kb/d. All major product categories are forecast to contract, led by gasoil/diesel (-648 kb/d), gasoline (-469 kb/d) and naphtha (-383 kb/d). Jet fuel & Kerosene demand 2021-2027 (kbpd)2 Global oil demand is forecast to decline by 2.6 mb/d in FY’26, as persistent supply disruptions and record fuel prices weigh on consumption. Demand is expected to partially recover by 2.0 mb/d in FY’27 as supply chains normalize and oil prices ease. Thousand barrels/day Y-O-Y growth Global demand change by product 2026 (kbpd)2 Thousand barrels 1. Source: www.flightradar24.com/data/statistics as ofOct’26. 2. Source: IEA–Oct’26.
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45 44 41 45 31 35 29 25 48 30 33 41 45 48 49 54 0 10 20 30 40 50 60 70 80 90 100 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Q3'27 Q4'27 Estimated deliveries MR and LR1 Estimated deliveries all other tankers 4 6 10 10 13 13 10 12 4 6 5 7 4 2 1 3 8 18 19 11 11 6 2 1 4 0 0 1 1 0 1 2 4 4 6 10 7 3 104 6 25 18 35 32 16 15 1 6 2 3 3 0 6 8 10 15 21 22 9 10 4 1 0 0 0 3 1 0 2 2 4 3 4 7 3 2 8 0 10 20 30 40 50 60 Demolition MR and LR1 Demolition all other tankers Substantial deliveries and rising scrapping potential. All tankers deliveries, 2026-20271 1. Source: Clarkson Research Services as atOct’26. N. Of vessels The strong freight markets sinceFY‘22, led to a sharp slowdown in demolitions from Q3’22. As the fleet ages rapidly, also thanks to a growing pool of sanctioned vessels, an increase in demolitions is expected, even in a strong market. N. Of vessels 59 All tankers demolitions, 2017-2026 to date1
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60 DIS’ Shareholdings Structure. Key Information on DIS’ shares Listing market Borsa Italiana, STAR No. of shares issued 124,106,556 Market capitalisation1 €1.1 billion Shares repurchased / % of shares issued 5,011,701/4.04% 1. Based onDIS’ share closing price on Oct. 30th 2026 of Eur 8.985 1 2 3 1. d'Amico International SA 55.66% 2. Others 40.30% 3. d'Amico International Shipping SA 4.04% 100.00%
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61 d’Amico Group Structure. 76.9% 100% 100% 100% 100% 85% d’Amico Società di Navigazione Spa d’Amico Ship Management S.r.l. Sirius Ship Management S.r.l. Ishima Pte Ltd Rudder S.A.M. d’Amico Dry d.a.c. d’Amico International Shipping S.A. d’Amico Tankers d.a.c. Holding Company Shipping Company Pool Company Service Company d’Amico International S.A. High Pool Tankers Ltd 55.66% 100% 100% d’Amico Tankers Monaco S.A.M. d’Amico Tankers UK Ltd 99.80% 100%
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62 • DIS is expected to have an average bank debt of US$ 173.4m in FY’26, US$ 214.3m in FY’27, and US$ 246.1m in FY’28. • DIS has already hedged the following percentages of its bank debt through interest rate swap agreements: 14% in FY’26, 6% in FY’27 and 3% in FY’28. • Therefore, DIS has a sensitivity for every +/-1% change in the USD interest rate of: US$ 0.4m in FY’26, US$ 2.0m in FY’27 and US$ 2.4m in FY’28. • However, taking into consideration an assumed average cash balance of US$ 100m, DIS percentage of hedged bank debt rises to 72% in FY’26, 52% in FY’27 and 44% in FY’28. • Therefore, including the above cash assumption, DIS has a net sensitivity for every +/- 1% change in the USD interest rate of: US$ 0.1m in FY’26, US$ 1.0m in FY’27, and US$ 1.4m in FY’28. DIS has a significant percentage of its bank debt hedged and a limited interest rate sensitivity. (US$ million) FY’26 FY’27 FY’28 Estimated average bank debt (173.4) (214.3) (246.1) Estimated average hedged bank debt 24.3 12.0 7.3 Estimated average unhedged bank debt (149.1) (202.4) (238.8) Assumed average cash & equivalents 100.0 100.0 100.0 Estimated average unhedged bank debt net of assumed cash (49.1) (102.4) (138.8) % of bank debt hedged 14% 6% 3% % of bank debt hedged net of assumed cash 72% 52% 44% Average all-in interest rate on hedged bank debt 3.83% 3.86% 4.15% Average spread on SOFR on unhedged bank debt 1.61% 1.61% 1.59% 1. All figures are based on estimated and/or assumed data and are subject to changes. DIS’ estimated sensitivity to interest rates1.
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63 Financial results. Consolidated Income Statement
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64 Financial results. Consolidated Balance Sheet
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65 Financial results. Consolidated Cash Flow Statement
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Owned – MR Tonnage (dwt) Year Built Builder, Country Interest1 IMO Classified High Navigator4 50,000 2018 Japan Marine United Co., Japan 100% IMO II/IMO III High Leader5 50,000 2018 Japan Marine United Co., Japan 100% IMO II/IMO III High Explorer6 50,000 2018 Onomichi, Japan 100% IMO II/IMO III High Adventurer7 50,000 2017 Onomichi, Japan 100% IMO II/IMO III High Mariner8 50,000 2017 Minaminippon Shipbuilding (Japan) 100% IMO II/IMO III High Transporter9 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 Trust10 49,990 2016 Hyundai MIPO, South Korea (Vinashin) 100% IMO II/IMO III High Trader11 49,990 2015 Hyundai MIPO, South Korea (Vinashin) 100% IMO II/IMO III High Loyalty12 49,990 2015 Hyundai MIPO, South Korea 100% IMO II/IMO III High Voyager13 45,999 2014 Hyundai MIPO, South Korea 100% IMO II/IMO III High Freedom14 49,990 2014 Hyundai MIPO, South Korea 100% IMO II/IMO III High Tide15 51,768 2012 Hyundai MIPO, South Korea 100% IMO II/IMO III Bare-Boat with purchase option/obligation Tonnage (dwt) Year Built Builder, Country Interest1 IMO Classified High Discovery16 50,036 2014 Hyundai MIPO, South Korea 100% IMO II/IMO III High Fidelity17 49,990 2014 Hyundai MIPO, South Korea (Vinashin) 100% IMO II/IMO III DIS’current fleet overview. LR1 & MR Fleet 1. DIS’ economic interest. 2. Ex-Cielo di Londra. 3. In Jan’25, d’Amico Tankers d.a.c, exercised its purchase option on M/T Cielo di Houston, with delivery occurred in Sep’25. 4. In Oct’24, d’Amico Tankers d.a.c, exercised its purchase option on M/T High Navigator, with delivery occurred in Feb’25. 5. In Oct’24, d’Amico Tankers d.a.c, exercised its purchase option on M/T High Leader, with delivery occurred in Apr’25. 6. In Jan’23, d’Amico Tankers d.a.c.exercised its purchase option on the MT High Explorer, with delivery occurred in May’23. 7. In Sep’22, d’Amico Tankers d.a.c.exercised its purchase option on the MT High Adventurer, with delivery occurred in Dec’23. 8. In Aug’24, d’Amico Tankers d.a.c. exercised its purchase option on the ex-Crimson Pearl, with delivery occurred in Oct’24. 9. In Jun’24, d’Amico Tankers d.a.c. exercised its purchase option on the ex-Crimson Jade, with delivery occurred in Jul’24. 10. In May’23, d’Amico Tankers d.a.c.exercised its purchase option on the MT High Trust, with delivery occurred in Jul’23. 11. In May’23, d’Amico Tankers d.a.c.exercised its purchase option on the MT High Trader, with delivery occurred in Jul’23. 12. In May’23, d’Amico Tankers d.a.c.exercised its purchase option on the MT High Loyalty, with delivery occurred in Jun’23. 13. In Dec’22, d’Amico Tankers d.a.c.exercised its purchase option on the MT High Voyager, with delivery occurred in Jan’23. 14. In Jan’23, d’Amico Tankers d.a.c.exercised its purchase option on the MT High Freedom, with delivery occurred in May’23. 15. Classified as assets-held-for-sale in Q2 2026. 16. In Aug’26, d’Amico Tankers d.a.c.exercised its purchase option on the MT High Discovery, with delivery expected in Nov’26. 17. In Oct’26, DIS exercised its purchase option on the MT High Fidelity, with delivery expected in Jan’27. 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% - Cielo di Houston3 75,000 2019 Hyundai MIPO, South Korea (Vinashin) 100% - 66
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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 67 1. DIS’ economic interest
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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 GSI2025-25110064 – Tbn 40,000 Q2-2029 Guangzhou Shipyard International, China 100% MR1 GSI2025-25110065 – Tbn 40,000 Q3-2029 Guangzhou Shipyard International, China 100% MR1 YZJ2025-1811 – Tbn 50,000 Q1-2029 Jiangsu New Yangzi Shipbuilding, China 100% MR2 YZJ2025-1812 – Tbn 50,000 Q2-2029 Jiangsu New Yangzi Shipbuilding, China 100% MR2 YZJ2025-1813 – Tbn 50,000 Q3-2029 Jiangsu New Yangzi Shipbuilding, China 100% MR2 YZJ2025-1814 – Tbn 50,000 Q4-2029 Jiangsu New Yangzi Shipbuilding, China 100% MR2 68 1. DIS’ economic interest
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Thank you!