d'Amico International Shipping S.A.

It is the conference operator. Welcome and thank you for joining the D'Amico International Shipping second quarter and first half of 2025 results web call. All participants are only synonymous. And after the presentation, there will be a Q&A session. At this time, I would like to turn the conference over to Mr. Federico Rosa, CFO. Please go ahead, sir.

Thank you very much, good afternoon everyone and welcome to the Amico International Shipping Earnings Call.

As always, I'll skip the executive summary and I'll go directly to our fleet snapshot. So, as you can see, we had 32 vessels at the end of June 2025, of which 29 owned and three bare boat chartered. The situation is a little bit different compared to what we had at the end of Q1. As we exercised, we took delivery actually of one of the time shuttering vessels, the I leader that we exercised our option on. As you may recall, we exercised our purchase options on two time shutter vessels and they were delivered to us in the first half of the year, the I navigator and the I leader. So we increased our own fleet. This situation will change a little bit also in the next coming months. As you know, we agreed to save two Glenda vessels, the Glenda Melody and the Glenda Melissa. The first one was already delivered to the buyers on the 14th of July, while the other one, the Glenda Melissa, will be delivered to the buyers by the 21st of December. So overall, at the same time, one more thing, we exercised purchase option on one of our bare boat charter vessels, the Charity Houston, which will be delivered to us in September. So at the end of the year, we should have a total fleet of 30 ships. Still a young fleet, 9.6 years average age compared to an industry average of 14 years for MRs and 15.7 for LR1s. 81.3% of the fleet was IMO class. We're also increasing the percentage of our ecovessels, which is now 84% of our fleet, with an industry average of 38%. moving to the next slide on the very you know quiet situation on the bank that front uh we repay the 13.4 million uh dollars in each one 2025 uh scheduled loan repayments uh we're expecting to repay 20 12.5 million dollars in the second half of the year The $5 million, the additional $5 million that you see over there in the rest of the year 2025 are related to the debt of one of the Glenda vessels that we obviously repaid before the sale of the vessel. uh going forward uh uh in 26 and 27 we have scheduled repayments of slightly less than 25 million dollars um very low level of debt coming to maturity in 2026 of only 3.2 million dollars situation is of course a little bit different in 2027 as we're planning to take a delivery of the four lr ones that we ordered in April 2024, which are going to be delivered, which are expected to be delivered in the second half of 2027. In the bar that you see over there, we're planning to raise debt on these vessels for 86.8 million dollars. Interesting graph, as always, the one that we're showing on the right. So our daily bank loan repayment on our own vessels dropped from $6,147 in 2019 to only $2,500 in 2025. And this is obviously the result of a big leveraging plan that would be implemented in the last years. Moving to the next slide. Here, as always, we provide a rough overview on how Qtree looks right now, based on everything that we've been fixing so far, both on the time shutter market and on the spot market. So looking at Qtree, we fixed 54% of our days at $23,600 a day. In Time Charter, at the same time, 25% of the days on the spot are fixed at $25,287 per day. So this entails a total blend at WPCE of $24,139 a day for 79% of our Q3 days. So realistically, it looks like we're going to have another profitable quarter in Q3. On the right-hand side, we show also sensitivity on the free days, on the days that haven't been fixed yet. So should we make $18,000 a day on those days, then our blend ability would be of 20,878. Should we make $21,000 a day, then our total blended TCE would be $23,500 a day. Should we make $24,000 a day, then our total daily blended TCE would be above $24,000 a day. Next slide. Estimated fleet evolution. I briefly mentioned this in the previous slide on the fleet snapshot. So we're expecting to have 30 ships by the end of 2025, largely owned fleet. Then the fleet is expected to increase again a little bit in 2027. as we are expecting to take delivery of four new building ships in the second half of the year. Potential upside to earnings, this is our sensitivity for every $1,000 a day that we make more or less on the spot market. Sensitivity right now stands at $1.9 million for every $1,000 a day for 2025. $8.3 million for 2026 and $10.2 million for 2027. Looking at the bottom graphs on the left, we show what our net result would be should we break even for the rest of the days of 2025. So should we make just a break even, our net result for this year would be of $69 million. And based on what we have fixed so far, we would make $19.2 million in 2026. On the right, You see also sensitivity relative to this number. So if instead of making a break even, we made $18,000 a day on our free days, then our net result for this year would rise to $74.7 million. Should we make $21,000 a day on our free days, our net result would rise to above $80 million. Should we make $24,000 a day on our free days, then our net result would be of approximately $86 million. On the cost side, We continue to see some inflationary pressure on the OPEX, although especially on insurance and many costs. although the trend the increasing trend is decreasing relative to q1 uh so this is a figure that should be really uh looked at uh on an annual basis uh but we don't think that this figure will increase too much relative to this level going going to the next to the following months of the year On the GNA front, we also had higher GNAs compared to the same period of last year. This is mainly due to the variable component of personal cost, which is really the reflection of some very positive years that we had in DIS so far. Coming to the net financial position, we had a net financial position at the end of June 2025 of $144.3 million, compared to $121 million that we had at the end of 2024. Of course, you have to consider that in the first six months of the year, we distributed dividends for $35 million in May 2025, and we also exercised two purchase options, as I mentioned before, in our time-chartered in-vessels, on the iNavigator and the iReader, for a total disbursement of $69.3 million. So, very strong financial position. We had a cash and cash equivalent at the end of the first semester of the year of $124.1 million. Also, the ratio between our net financial position, excluding the IFRS 16, which is now a very limited amount, to fleet market value was of 13%, 1.3% at the end of June 2025. And, of course, we always compare this figure with the historical ratios that we had. This figure was 72.9% at the end of 2018. And, again, this is the result of a big leveraging plan that we have been implementing together with strong cash flow generation that we achieved in the last years. Going to the income statement results, very positive first half of the year, $38.5 million net profit, very profitable second quarter of the year, $19.6 million. even better than the first quarter of the year. Of course, these results are a bit incomparable to the same periods of 2024 in which there was a totally different market, a much higher market. However, the market, as we will see in the next slide, is still extremely strong and extremely profitable. Excluding non-recurring items from H125 and Q225, our net result would have been $42.8 million in H125 and $23.5 million in Q225. The main item was related to an impairment loss that we booked in the quarter, in the second quarter of the year, which is related to the sale of these two Glenda vessels that I mentioned before. which were obviously reclassified in our balance sheet as assets for sale, and their carrying amounts were adjusted to reflect the agreed safe price, which was a little bit lower than their book values. consider that these ships were ordered many, many years ago at a peak of the market, and that's why we had to book this loss, this small loss on two ships in the second quarter of the year. Going to the next slide, next slide, key operating measures. As I mentioned before, strong spot market in Q2 2025. We achieved a daily average of almost $24,500 a day. In the quarter, we also had a contract coverage, a time-shutter contract coverage of slightly less than 51% at a daily average of $23,365, which gave us a total blended EDTC for the quarter of almost $24,000 a day. Looking at H1, we had a time shutter coverage of 45.2% at $23,900 a day. We achieved a daily spot TCE of $22,655 and we generated a total daily blended TCE, so spot past time chatter, of $23,214 a day. So, of course, this figure, as I mentioned before, is lower than in the same period of last year, but still extremely profitable. I pass it on to Carlos.