d'Amico International Shipping S.A.

Good afternoon, this is the conference operator. Welcome and thank you for joining the D'Amico International Shipping Second Quarter and First Half 2026 Results Web Call. All participants are in listen-only mode 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 Rosen, CFO. Please go ahead, sir.

Good afternoon and welcome to our earnings call for Q2 NH1 2026 results. As usual, I'll skip the executive summary and go straight to page seven. Snapshot of our fleet as at the end of June 2026, we had 28 ships on the water, six LR1s, 16 MRs, and six Andes. We also have, as you know, 10 ships currently under construction. Four are once scheduled for delivery in 2027, in the second half of next year. Four MRs, four MR2s, also called, and two Handys that are scheduled for delivery in 2029. Modern fleet, 9.9 average years. and moving to the next page, this is our situation on the bank debt front in H126 in line with our strategy, with our financial strategy that we discussed several times in our previous calls. We kept on voluntarily prepaying some of our existing debt and we, for $45.8 million actually in the first half of the year. And we drew down new facilities at a considerably lower cost of debt, taking advantage also of our enhanced credit merit. And also, we have some facilities which were coming to maturity in 2027. which is also a capital intensive year for us. As we mentioned before, we would take the delivery of four vessels next year. So we also extended our maturity on this depth. So right now we have zero depth expiring in 2027. and a very limited amount expiring in 28, $13.8 million on a ship that today is worth over $54 million and $17 million expiring in 2029. We are assuming here, as you can see in this graph, to repay debt again in the second half of this year. Actually, this is going to happen in July, by tomorrow, actually. for $13.5 million and to draw a new facility for $16.5 million. Again, a very much improved margin over software. And going into 27 and 29, in which, as I mentioned before, we will take the delivery of 10 ships, 10 new ships, we are assuming at the moment to get a leverage of 50% of the contract price that we have on these vessels. We also show, as usual, our daily bank loan repayments on our own vessels, which tells a lot about our substantial deleveraging plan that we've been implementing. So this figure was $6,147 a day in 2019, and it dropped down to $2,050 a day as of this year. Going ahead to the following page, Here, as always, we provide a situation of how Q3 looks right now based on everything that we have been fixing so far on the market. So we have at the moment 61% Tyneshire coverage, 61% of our Q3 days at an average of 23,562. We also fixed 18% of our Q3 days on the spot market at an average of $30,900 a day. And so this entails a blended daily TCE, so the sum of the time shattered and the spot components of 80% of the Q3 days at an average of $25,257 a day. Also, we provide on the right sensitivity relative to the numbers that I just mentioned. So should we run the rest of the year, so the days that are currently unfixed at $25,000 a day, our Q3 26 potential blended TCE would be $25,200 a day. Should it be $27,500 a day on the free spot days, this figure would rise to $25,700 a day. And should we make $30,000 a day on the spot market on the remaining spot days, We would achieve a daily average DC of $26,200 a day. Following page, we show the estimated evolution of our fleet. Here, as you know, we have sold the oldest vessels of our fleet, the ICs and a Tide. One of this vessel was already delivered to the buyers, so it's out of our fleet at the end of June. in April, at the end of April. The other ship will be delivered to the buyers by November, by early November. And of course, as I mentioned, we will take the delivery of 10 ships between 2027 and 2029. On the right up above, we show the sensitivity relative to the spot market, to the spot rate. So every $1,000 a day, Thank you very much. Instead, we show on the left what our estimated net result would be should we run the rest of the year at breakeven level, which is, of course, considerably lower, much, much lower relative to where the market is right now. So assuming this, we would make a net result of $109.2 million. And on the right, We also ran sensitivity relative to this figure. So should we make $20,000 a day on our free days in 2026, for the remainder of 2026, our potential net result would rise to $117.6 million. Should we make $22,500 a day, we would make almost $122 million. Should we make $25,000 a day, then we would have a net profit of almost $126 million for 2026. Next page, on the cost side, daily OPEX of $8,580 a day in H126, a bit higher, 5% higher compared with the same period of last year. in reality very much in line with our internal projections. We were expecting this. We were, of course, subject to some inflationary pressure this year and also to some higher logistic costs related to the spare part deliveries, which is very much related to where the ships are actually employed. So there are certain parts of the world in which it's much more expensive to send and deliver on board spare parts. On the G&A's front, very stable situation as you can see, so $13.1 million in H-126, very much in line with the same period of last year. Of course, as I mentioned several times, the increase that you see relative to the previous years is due to the variable component of the personnel cost of DIS. which is obviously the reflection also of the very good years that have been having, the very profitable years that we have been having.

Net financial position, very meaningful here.