DIS_Q2 & H1 2026 Results Presentation

Q2 & H1 2026 Presentation d’Amico International Shipping July 30th, 2026

2There 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 unlawf ul to make such offer, solicitation or sale. No steps have been taken or will be taken regarding the offering of securities of d’Amico I nternational Shipping S.A. outside Luxembourg and Italy in any jurisdiction where such steps would be required. The issuance, exercise, or sale of securities of d’Amico International Shipping S.A. and the subscription to or purchase of such securities are subject to speci ficlegal or regulatory restrictions in certain jurisdictions. d’Amico International Shipping S.A. is not liable in case these restriction s are infringed by any person.

This communication is not for distribution, directly or indirectly, in or into the United States (including its territories a nd dependencies, any State of the United States and the District of Columbia). This communication does not constitute or form a part of any of feror solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). Accordingly, unless an exemption under rele vant securities laws is applicable, any such securities may not be offered, sold, resold, taken up, exercised, renounced, transfer red, delivered or distributed, directly or indirectly, in or into the United States or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration of such securities in, the relevant jurisdiction. The securities may not be offered orsold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. There will be no publ ic 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 th ese documents, please exit this webpage. The information contained herein does not constitute an offer of securities for sale in theUnited States, Switzerland, Canada, Japan, Australia, the United Kingdom or any jurisdiction in which such offers or sales are unlaw ful, and these documents must not be released or otherwise forwarded, distributed or sent in or into the United States, Switzerland, C anada, 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 otherw isesend any materials contained in this website to any person in the United States, Switzerland, Canada, Japan, Australia, the United Kingdom 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.

AGENDA.

▪Executive summary

▪DIS’ overview and key financials ▪Strategic priorities and market overview ▪Why invest in DIS

▪DIS’ ESG

▪Appendix

•Net profit –InH1’26,d’Amico International Shipping S.A.(“DIS” or“the Company”) reported anet profit of US$79.4m,compared with US$38.5minH1’25,andanetprofit ofUS$51.9minQ2’26,compared with US$19.6min Q2’25.Thepositive results reflect therobust product tanker market experienced during theperiod .Excluding non-

recurring items, DISreported anadjusted netprofit ofUS$74.8minH1’26,compared with US$42.8minH1’25,and US$47.9minQ2’26,compared with US$23.5minQ2’25.

•Strong market performance –DISachieved adaily average spot TCE ofUS$44,247 inH1’26(+95%y-o-y)and US$57,547inQ2’26(+135%y-o-y).InH1’26,63.7%ofDIS’employment days were ‘covered’ through period contracts atanaverage daily rateofUS$23,646(H1’25:45.2%coverage atUS$23,892/day) .DISachieved atotal daily average TCE ofUS$31,125inH1’26,compared with US$23,214inH1’25,andUS$35,833inQ2’26,compared with US$23,922inQ2’25.

•Solid financial structure andcomfortable liquidity position –achieved thanks tothestrong freight markets ofFY’20 andfrom FY’22onwards, aswellastothedeleveraging plan implemented inrecent years through vessel disposals and equity capital increases .DIScannow benefit from thestrategic and operational flexibility deriving from astrong balance sheet andfrom amodern fleet.AsattheendofQ2’26,DIShad anetcash position ofUS$19.2mand cash andcash equivalents ofUS$231.7m,compared with netdebt ofUS$(27.4)matYE’25andUS$(121.0)matYE’24.DIS’ NFP excluding IFRS 16toFMV ratio stood at(1.6%)attheend ofQ2’26,reflecting anetcash position (2.4%at YE’25and72.9%atYE’18).

•Sale ofDIS’ lasttwo non-ecovessels –InMar’26,DISsigned amemorandum ofagreement forthesaleofM/THigh Seas,a2012 -built MRvessel, foratotal consideration ofUS$27.6m.Thevessel was delivered toitsbuyer inApr’26, generating approximately US$27.0mincash.InJun’26,DISsigned amemorandum ofagreement forthesale ofM/T High Tide,alsoa2012 -built MRvessel, foratotal consideration ofUS$28.5m.Delivery isexpected byNov’26andshould generate approximately US$28.0mincash.

•Purchase oftwo newbuilding MR1vessels –InDec’25,DISsigned ashipbuilding contract with Guangzhou Shipyard International Company Limited (China) (”GSI”) fortwonew MR1(40,000dwt) product tanker vessels, atacontract price ofUS$43.2million each .Thevessels areexpected tobedelivered inApr’29andJul’29,respectively .Thenew MR1sare expected toconsume approximately 20%lessfuelandoffer approximately 8%more cargo capacity than DIS’ existing eco-design MR1s.

4Executive summary.

•Purchase oftwo newbuilding MR2vessels –InJan’26,DISsigned ashipbuilding contract with Jiangsu New Yangzi Shipbuilding Co.,Ltd.(China) (”YZJ”) fortwo new MR2(50,000 dwt) product tanker vessels, atacontract price of US$45.4meach .Thevessels areexpected tobedelivered inMar’29andJun’29,respectively .Thecontract also included options fortwoadditional vessels ofthesame type.Thenew MR2sareexpected toconsume approximately 17%less fuelthan DIS’existing eco-design MR2s.

•Purchase oftwo additional newbuilding MR2vessels –InMar’26,DISexercised theoptions included inthe shipbuilding contract signed with YZJinJan’26fortwoadditional MR2(50,000dwt) product tanker vessels, atacontract price ofUS$45.4meach .Thevessels areexpected tobedelivered inAug’29andOct’29,respectively .

•Increasing dividends andpayout ratio – ✓‘25Interim Dividend –InNov’25,DIS’ Board ofDirectors resolved todistribute aninterim gross dividend of US$0.1340 (US$0.1139 net, after deducting themaximum applicable withholding taxof15%)perissued and outstanding share .This corresponds toagross distribution ofapproximately US$15.9m.Theinterim dividend waspaid toshareholders onNovember 19,2025 .

✓‘25Annual Dividend –InApr’26,DIS’ Annual General Meeting approved agross dividend ofUS$0.2700 (US$0.2295 net, after deducting themaximum applicable withholding taxof15%)perissued and outstanding share .This corresponds toagross distribution ofapproximately US$32.1m.The dividend was paid to shareholders onMay 6,2026 .

•Despite continued economic and geopolitical uncertainty, DIS iswell positioned tobenefit from robust freight markets, supported bystrong industry fundamentals .

5Executive summary (continued ).

DIS’ overview and

key financials

7•DIScontrols amodern fleet of28.0product tankers .

•Flexible, young andefficient :

✓78.6% IMO classed (industry average2: 50%);

✓An average age of 9.9 years (industry average2: 14.2 years for MRs (25,000 –54,999 dwt) and 15.8 years LR1s (55,000 –84,999

dwt)) ;

✓96% of the fleet is ‘Eco -design’ (industry average2: 43%).

✓Fully in compliance with very stringent international industry rules and long-term vetting approvals from the main Oil Majors.

•22newbuildings ordered since 2012 (10MRs, 6Handys ,6LR1s),alldelivered between Q1’14andQ4’19.Inaddition, 4LR1s were ordered inQ2’24(expected delivery inFY’27),2MR1sinQ4’25(expected delivery inFY’29),and 4MR2sinQ1’26 (expected delivery inFY’29).

1. Actual number ofvessels asattheendofJune’ 26.

2. Source :Clarkson Research Services asattheendofJune’ 26.A modern, high -quality and versatile fleet.

DIS has a modern fleet of mostly owned vessels , and strong relationships with key market players.June 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 38.0DIS Fleet1

8US$/mmLighter bank debt repayments and low refinancing risk.

Forecasted bank debt financing cash -flow (Excluding overdraft facilities)1,2,3 1. Based ontheevolution ofthecurrent outstanding bank debt –with theexception ofoverdraft facilities .

2. Only balloon repayments areassumed toberefinanced .Some older vessels whose existing facilities’ fully amortise during their respective terms (without balloons), areassumed toremain debt freethereafter .

3. Daily bank loan repayments isequal tobank loan repayments (excluding balloons), divided byowned vessel days.Since ’20,DIS benefits from significantly lower bank debt repayments .The reduction in daily average repayments isalso attributable tothepurchase options exercised onleased vessels, most ofwhich have been initially kept debt -free.US$/mmDaily bank loan repayment on owned vessels (Excluding overdraft facilities)1,2,3

US$/day US$/mm

9Q3’2 6estimated TCE earnings1.

Q3’26 fixed days Q3’26 potential blended TCE % of ‘fixed days’ TCE US$/day TCE US$/day •Contract coverage: DIS has fixed ~61% of its Q3’26 employment days at a daily average of US$ 23,562 .

•Fixed spot days: DIS has fixed ~18% of its Q3’26 employment days on spot voyages at an estimated daily average of US$ 30,904 .

•Blended fixed daily TCE: Therefore, DIS has fixed ~80% of its Q3’26 employment days at an estimated daily average of US$ 25,257 .

•Free days: DIS still has ~20% of free days (i.e. not yet fixed) in Q3’26, therefore:

✓Assuming a daily spot rate of US$ 25,000 on the current free days, DIS would achieve a blended daily TCE for the quarter of

US$ 25,205;

✓Assuming a daily spot rate of US$ 27,500 on the current free days, DIS would achieve a daily blended TCE for the quarter of

US$ 25,711;

✓Assuming a daily spot rate of US$ 30,000 on the current free days, DIS would achieve a daily blended TCE for the quarter of US$ 26,217.

Spot days already fixed forQ3’26were atanestimated average daily rate ofUS$30.9k, entailing ablended rate ofUS$25.2kfor80%ofthethird quarter employment days .

1. Allfigures arebased onestimated data andaresubject tochanges .

101. Average number ofvessels ineach period based oncontracts inplace asoftoday (i.e.total estimated ‘available days’ )andsubject tochanges .

2. Based onestimated spot ‘employment days’ (i.e.netofestimated off-hiredays) andassuming theexercise ofDIS’TC-INoptions .

3. Based onallestimated fixed days (i.e.contract coverage andfixed spot days) asoftoday andsubject tochanges .Costs areestimated based onanassumed daily breakeven ofUS$15,000/day applied totheassumed cost days oftheperiod (calculated astotal days excluding 1.3%statistical off-hireratio) .

4. Calculated astotal days (i.e.including freeorunfixed days) asoftoday andsubject tochanges xthree different freerateassumptions ($/d20,000,$/d22,500,$/d25,000).Costs areestimated based on anassumed daily breakeven ofUS$15,000/day applied totheassumed cost days oftheperiod (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$/mmPotential net results4

US$/mm

11Temporary cost pressure.

US$/dayDaily operating costs –owned and bareboat vessels1General & administrative costs –total fleet 1. Daily operating costs areequivalent todirect operating expenses (excluding costs related toTC-Invessels) divided bycost days ofowned andbareboat -inships .US$/m InH1’26,daily operating costs were approximately 5%higher than inthesame period of 2025 ,mainly due toincreased crew and technical expenses, while G&A expenses remained broadly stable .•Following the successful efforts between FY’18 and FY’22 to reduce and subsequently contain both operating and G&A costs, an increase was expected from FY’23 onwards. This increase materialized due to inflationary pressures and, in the case of G&A, a lso higher variable personnel compensation linked to DIS’ strong financial performance in recent years.

•After the sharp increase in operating costs in H1’23 compared with H1’22, mainly due to higher crew and insurance expenses, costs remained broadly stable in H1’24. In H1’25, OPEX increased again, primarily due to higher logistics costs related to sp are-

parts deliveries. In H1’26, OPEX was approximately 5.0% higher than in the same period of the previous year, mainly due to increased crew and technical expenses.

12•Net Financial Position (NFP) was positive atUS$19.2m,representing anetcash position ,with Cash and cash equivalents ofUS$231.7mattheendofJune’ 26,compared with anNFP ofUS$(27.4)mandCash andcash equivalents of US$183.9mattheendofDec’25.This compares with anNFP ofUS$(121.0)matYE’24,US$(224.3)matYE’23,US$(409.9)m atYE’22,US$(520.3)matYE’21,US$(561.5)matYE’20and US$(682.8)matYE’19,demonstrating the substantial deleveraging achieved over theperiod .Inaddition, attheendofJune’ 26,DIShadapproximately US$20.8minundrawn andavailable short -term credit lines.

•The NFP (excluding IFRS 16)toFMV ratio stood at(1.6%)attheend ofJune’ 26,reflecting anetcash position , compared with 2.4%attheendofDec’25(9.7%atYE’24,18.0%atYE’23,36.0%atYE’22,60.4%atYE’21,65.9%atYE’20, 64.0%atYE’19and 72.9%atYE’18).This substantial improvement over theyears isattributable toDIS’ equity capital increase inFY’19,itsstrong operating cash flow generation inFY’20andfrom FY’22toH1’26,aswell asvessel sales over thepast fewyears .Inaddition, supported byhealthy market conditions andapositive industry outlook, vessel values have increased significantly since theendof2021 .

1. Theamount asatJune 30,2026 comprises mainly thepositive fairvalue ofderivative financial instruments (mainly interest rateswaps), amounting toUS$0.4m.Financial results .H1’26Net financial position.

(US$ million ) Dec. 31st, 2025 Jun. 30th, 2026 Gross debt (210.5) (211.7) IFRS 16 –additional liabilities (2.2) (1.8) Cash and cash equivalents 183.9 231.7 Other current financial assets11.4 1.0 Net financial position (NFP) (27.4) 19.2 Net financial position (NFP) excl. IFRS 16 (25.2) 21.0 Fleet market value (FMV) 1,065.9 1,276.1 NFP (excluding IFRS 16) / FMV 2.4% (1.6%) DIS reached anetcash position ofUS$19.2mattheend ofH1’26,with cash and cash equivalents ofUS$231.7mandafleet market value ofUS$1.28bn.

13•TCE Earnings –US$155.0minH1’26compared with US$129.8minH1’25(US$88.6minQ2’26compared with US$67.0min Q2’25).DIS’ total daily average TCE was US$31,125 inH1’26,compared with US$23,214inH1’25,and US$35,833 in Q2’26,compared with US$23,922inQ2’25.Seenext slide forfurther details .

•EBITDA –US$105.8minH1’26compared with US$73.4minH1’25(US$64.9minQ2’26compared with US$39.0minQ2’25).

DIS’ EBITDA margin stood at67.2%inH1’26and 72.2%inQ2’26,while operating cash flow amounted toUS$87.2min H1’26.

•Net Result –Net profit amounted toUS$79.4minH1’26,compared with US$38.5minH1’25(+106%y-o-y),and US$51.9minQ2’26,compared with US$19.6minQ2’25(+164%y-o-y).Excluding non-recurring items, DISreported an adjusted netprofit ofUS$74.8minH1’26,compared with US$42.8minH1’25,and US$47.9minQ2’26,compared with US$23.5minQ2’25.H1’26results included aUS$4.3mgain onthedisposal ofMTHigh Seas ,recognized inQ2’26 following thevessel’s delivery toitsbuyer inApr’26.Financial results . H1’26 Results.

DISdelivered avery strong H1’26performance, with higher TCE earnings translating into increased profitability andcash flow generation .(US$ million ) Q2’25 Q2’26 H1’25 H1’26 TCE Earnings 67.0 88.6 129.8 155.0 Total net revenue 68.1 89.9 132.2 157.4 Result on disposal of vessels (0.3) 4.3 (0.5) 4.3

EBITDA 39.0 64.9 73.4 105.8

Asset impairment (3.8) - (3.8) -

EBIT 22.6 53.7 44.4 82.9

Net Result 19.6 51.9 38.5 79.4Non-recurring items:

(US$ million ) Q2’25 Q2’26 H1’25 H1’26 Result on disposal of vessels (0.3) 4.3 (0.5) 4.3 Non-recurring financial items 0.2 (0.3) 0.1 0.3 Asset impairment (3.8) - (3.8) -

Total non -recurring items (3.9) 4.0 (4.2) 4.6 Net Result excl. non -recurring items 23.5 47.9 42.8 74.8

Key Operating

MeasuresQ1 2025 Q2 2025 H1 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 H1 2026 Avg. n. of vessels 32.7 32.0 32.4 31.1 30.4 31.6 29.0 28.2 28.6

Fleet contract

coverage39.6% 50.8% 45.2% 54.9% 57.7% 50.7% 62.2% 65.3% 63.7% Daily TCE Spot

(US$/d)21,154 24,497 22,655 25,502 27,099 24,228 32,264 57,547 44,247

Daily TCE Covered

(US$/d)24,567 23,365 23,892 23,378 23,383 23,612 23,001 24,272 23,646

Daily TCE Earnings

(US$/d)22,507 23,922 23,214 24,335 24,956 23,916 26,505 35,833 31,125

14Financial results .H1’26 Key operating measures.

DIS’ strong spot performance ledtoasubstantial increase intheCompany’s total daily average TCEinH1’26.•DISachieved adaily average spot TCE ofUS$44,247inH1’26,compared with US$22,655inH1’25(+95%y-o-y),and US$57,547inQ2’26,compared with US$24,497inQ2’25(+135%y-o-y),reflecting asignificantly stronger product tanker market .

•Inlinewith itsstrategy, DISmaintained asignificant level offixed -rate contract coverage inH1’26,securing 63.7%of itsavailable vessel days atadaily average TCErate ofUS$23,646(H1’25:45.2%coverage atUS$23,892/day) .

•DIS’ total daily average TCE (including spot andtime-charter employment1)wasUS$31,125 inH1’26,compared with US$23,214inH1’25,andUS$35,833inQ2’26,compared with US$23,922inQ2’25.

1. Thebareboat charter rateearned bytheBright Future wasconverted intoatime-charter equivalent rate.

Strategic priorities

and market overview

16Investment plan

US$/mm

Toensure itcontinues operating amodern and efficient fleet, DIS ordered some very efficient newbuilds, that willbedelivered totheCompany between 2027 and2029 .DIS’ CAPEX1commitments.

1. Inaddition toyard Instalments, total CAPEX from FY’12toFY’19includes also cost ofsupervision, firstsupply andtheinstallation ofonescrubber, costing US$2.2million onthelastLR1delivered in Oct’19.Thetotal amount shown forFY’27includes thecost ofsupervision, firstsupply, extras, andtheinstallation ofscrubbers onallordered vessels .

2. US$30.4minFY’22,US$29.8minFY’23,US$31.0minQ3’24,US$31.0minQ4’24,andUS$34.6minQ1’25,US$34.7minQ2‘25toexercise itspurchase options onHigh Adventurer, High Explorer, Crimson Jade, Crimson Pearl, High Navigator andHigh Leader, respectively .•DIS invested US$ 924.4m1from FY’12 to FY‘19, mostly related to 22 newbuildings ordered since 2012.

•DIS invested US$294.9 million between FY’22 and H1’26 on vessel acquisitions , including the exercise of purchase options on 6 modern Japanese MR2 vessels2previously time -chartered -in, the acquisition of the remaining 50% of a JV which owned 4 MR2 vessels, the first instalment of 20% on 4 LR1 vessels ordered at Jiangsu New Yangzi Shipbuilding Co., China for delivery in ’27, the first instalment of 15% on two MR1 vessels ordered from Guangzhou Shipyard International Company Limited, China, with expected delivery in 2029, andthe first instalment of 10% on 4 MR2 newbuildings ordered from Jiangsu New Yangzi Shipbuilding Co. Ltd., China, for delivery in 2029 .

•DIS currently has a total newbuilding plan of approximately US$ 512.3 million , relating to 4 LR1s, 2 MR1s and 4 MR2s, with outstanding commitments of approximately US$ 436.5 million as at the end of H1’26 .

Vessel NameBuild

DatePurch. Option

Delivery Date

High Priority Mar-05 Feb-21 High Voyager Nov-14 Jan-23 High Freedom Jan-14 May-23 High Fidelity Aug-14 Sep-22 High Discovery Feb-14 Sep-22 High Trust Jan-16 Jul-23 High Trader Oct-15 Jul-23 High Loyalty Feb-15 Jun-23 Cielo di Houston Jan-19 Sep-25171. InFeb2021 ,DISannounced theexercise ofitspurchase option ontheMTHigh Priority foraconsideration ofUS$9.7m.

2. InDec2022 ,DISannounced theexercise ofitspurchase option ontheMTHigh Voyager foraconsideration ofUS$20.8m.

3. InJan2023 ,DISannounced theexercise ofitspurchase option ontheMTHigh Freedom foraconsideration ofUS$20.1m.

4. InMay 2023 ,DISannounced theexercise ofitspurchase option ontheMTHigh Trust foraconsideration ofUS$22.2m.

5. InMay 2023 ,DISannounced theexercise ofitspurchase option ontheMTHigh Trader foraconsideration ofUS$21.6m.

6. InMay 2023 ,DISannounced theexercise ofitspurchase option ontheMTHigh Loyalty foraconsideration ofUS$21.4m.

7. InJan2025 ,DISannounced theexercise ofitspurchase option ontheMTCielo diHouston foraconsideration ofUS$25.6m.

8. Market values asatSep30,2025 depreciated linearly uptofirstexercise date (based on25years vessels’ useful lifelessscrap value), lessfirstexercise price .•DIS has flexible purchase options on all its bareboat chartered -in vessels, allowing it to acquire them with three months’ notic e from the first exercise date. Based on today’s depreciated market values and their respective exercise prices, all the remain ing options are in the money.

•Starting from Sep’22, the previous leasing arrangements on the High Discovery and the High Fidelity were replaced with new ones, with ten -year terms, at a substantially lower cost and similar terms to the previous contracts, also in relation to early reimbursement. In addition, DIS exercised the following purchase options: High Voyager on Dec’22, High Freedom in Jan’23, High Trader, High Trust and High Loyalty in May’23, and Cielo di Houston in Jan’25. Currently, DIS has another 2 options that it plans to exercise in the future.DIS’ purchase options on leased vessels.

1 DIS plans tolower itsbreak -even costs bygradually exercising theremaining purchase options onleased vessels .32Exercised purchase options: Unexercised purchase options:

4 5 6 7

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 theexercise ofthese options, DIShastaken ownership ofsixyoung and efficient MRvessels, allbuilt bysome ofthemost renowned Japanese shipyards, atpurchase prices significantly below their current market value, creating substantial value forourCompany andShareholders .Exercised purchase options (US$ mm) :

•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.

•The increasing percentage of ‘Eco’ vessels will increase DIS’ earnings potential , given the premium rates achieved by these ships.

19Average TC and TC equivalent covered rates1 1. Situation based oncovered ‘employment days’ (netofestimated off-hiredays), andoncurrent contracts inplace, which arealways subject tochanges andassuming theexercise ofDIS’TC-INoptions .

2. ‘Daily average TCrate’ refers toTCcontracts only, whilst ‘Daily average TCequivalent covered rate’ includes also bareboat -outcontracts .,based onanassumed daily operating expenses inlinewith DIS’ average actual cost.Contracts and modern fleet to drive future results.

US$/day % of ‘employment days’•For H2’26, DIS has covered ~57% of its available vessel days at an average TC equivalent rate of ~US$ 23.7k/d.

•TC contracts allow DIS to:

✓consolidate strategic relationships with Oil Majors (Chevron, Exxon, Total, Saudi Aramco) and leading trading

houses;

✓hedge against spot market volatility allowing DIS to secure TCE Earnings (FY’26 US$ 142.3m; FY’27 US$ 71.7m:

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’ increasing % of ‘Eco’ fleet (based on all controlled vessels)

010,00020,00030,00040,00050,00060,000

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Jul-10

Jan-11

Jul-11

Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

Jul-14

Jan-15

Jul-15

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

Jul-23

Jan-24

Jul-24

Jan-25

Jul-25

Jan-26

Jul-26

1 YR TC MR Rate Average MR Clean Earnings 10 15 20 25 30 35 40 45 50 55 60

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Jul-10

Jan-11

Jul-11

Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

Jul-14

Jan-15

Jul-15

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

Jul-23

Jan-24

Jul-24

Jan-25

Jul-25

Jan-26

Jul-26

Newbuilding (47-51K Dwt) Secondhand (5yr Old 51k Dwt Eco) Secondhand (10yr Old 50k Dwt Eco)20Strengthening freight rates and asset values.

Historical MR TC and spot rates1 US$/dayHistorical 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 the former surging for a brief period following the onset of the war in Iran .NB,5yr old and 10yr old vessels are respectively ~ 4%, ~6% and ~9% below the last cycle peak 1. Source :Clarkson research services asatJul20,2026 .•According toClarksons ,theone-year time -charter rate foranEcoMRvessel iscurrently ofUS$27,500 perday andtheone-year time -charter rate foranEcoLR1vessel isofUS$35,625perday1.1 YR TC and spot rates reached an all -time high in Apr’26

4.94.54.55.04.34.84.44.42.21.60.80.61.21.11.30.80.71.00.71.01.01.71.31.61.71.71.71.61.215.315.215.917.116.418.7

15.017.4

11.0

3.3

2.41.82.92.02.24.52.51.81.91.92.53.84.44.06.57.58.1

5.13.7

0.05.010.015.020.025.0

05-Jan-26

12-Jan-26

19-Jan-26

26-Jan-26

02-Feb-26

09-Feb-26

16-Feb-26

23-Feb-26

02-Mar-26

09-Mar-26

16-Mar-26

23-Mar-26

30-Mar-26

06-Apr-26

13-Apr-26

20-Apr-26

27-Apr-26

04-May-26

11-May-26

18-May-26

25-May-26

01-Jun-26

08-Jun-26

15-Jun-26

22-Jun-26

29-Jun-26

06-Jul-26

13-Jul-26

20-Jul-26

CPP & DPP Crude

-40-20020406080100120

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

Diesel Crack HSFO 3.5% Crack Jet Fuel Crack Gasoline CrackTrade disruptions. Iran war.

21Refining Margins1

1. Source :Bloomberg, July21,2026 .

2. Source Vortexa .From beginning ofMarch to20July‘26.

3. Source :Vortexa ,July23,2026•The strait ofHormuz almost closed .Prior totheIran conflict, daily transits through thestrait amounted to ~15mb/d ofcrude and 5mb/d ofrefined products (~19%ofoilsupply) .

•Lower refined exports from thePersian Gulf, Russia (Ukrainian drone attacks and associated export restrictions), and China, ledtoaspike inrefining margins andtoarbitrages widening oncertain routes .

•Thesignature oftheMOU between theUSandIranled toatemporary surge inexports through Hormuz, which however fellagain sharply following therecent resurgence inattacks .$/barrel Estimated disruption to Hormuz oil flows to date2 Hormuz Crude and Refined Product Exports (mb/d)3

20 5

4 11

Flows prior to conflictFlows following onset of conflictRedirected flows

(Yanbu+Fujairah+Ceyhan)Loss of

flows-5 10 15 20 25

4.34.24.7

4.5 4.2

4.04.2

3.94.44.34.1

3.9 2.3

1.51.6

1.41.31.21.3

1.11.21.11.11.51.41.51.71.8

1.61.61.81.71.72.0

1.81.91.82.2

1.51.8

1.31.5

1.2

0.00.51.01.52.02.53.03.54.04.55.0

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

Med, Black Sea, Caspian, Baltic MEG Asia Red Sea Gulf of Aden Other

0.00.10.20.30.40.50.60.70.80.9

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Jul-24

Sep-24

Nov-24

Jan-25

Mar-25

May-25

Jul-25

Sep-25

Nov-25

Jan-26

Mar-26

May-26

Jul-26

CPP DPP Crude

0.01.02.03.04.05.06.0

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Jul-24

Sep-24

Nov-24

Jan-25

Mar-25

May-25

Jul-25

Sep-25

Nov-25

Jan-26

Mar-26

May-26

Jul-26

CPP DPP CrudeTrade disruptions. Red Sea attacks1.

1. Source :Vortexa ,Jul’26.22Saudi Red Sea Exports going west: CPP , DPP and Crude

volumes (mb/d)1

•Around 250k bpd of naphtha from Europe and N. Africa to the East of Suez, might have to sail around the Cape of Good Hope ;

this adds 15 days to the N.Africa -Japan route, rising from 30 to 45 days.

•Middle East and India Jet flows to Europe had risen in June to around 140k bpd –these flows would have to be redirected again around the Cape of Good Hope.

•Vessels which repositioned through Bab -el-Mandeb, 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.

•Red sea flows likely redirected to Europe through Suez.Saudi Red Sea exports going east: CPP , DPP and Crude

volumes (mb/d)1

Product flows via Bab -el-Mandeb by origin (mb/d)1 The recently threatened closure of the Bab -el-Mandeb strait by the Houthis could markedly alter recent trade patterns, leading to inefficiencies and an increase in ton -miles.

0.00.51.01.52.02.53.03.5

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

Diesel/Gasoil Fuel Oil Naphtha Refinery Feedstock / Intermediates Gasoline/Blending Components Jet/Kero

0.00.51.01.52.02.53.03.5

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

EU UK & US OECD Asia China India Turkey Middle East Latin America Africa Other UnknownTrade disruptions. Russian refined product exports1 23Russia’s refined product exports by destination Million barrels per dayRussia’s refined product exports Million barrels per day Russian exports have trended down since April’ 25asUkrainian attacks and tighter sanctions disrupted refining and trade, with Russia’s recent temporary export restrictions further tightening theglobal distillates markets .

1. Source :Vortexa asatJul’26excluding LPG.•Asaresult ofsanctions andUkrainian attacks onrefining facilities andexport terminals, Russian refined product exports trended downwards, averaging 2.4mb/d inFY’25,andfalling toonly approximately 1.6mb/d bylate June’ 26(41.6% below itsaverage in‘21).

•Disruptions totrade flows caused bythererouting ofRussian oiltomore distant destinations have significantly increased sailing times .Infact, shipments from Western Russia’s Baltic ports toNorthwest Europe previously took around 10days, while voyages from thesame loading ports toIndia andChina now take approximately 30to40days, respectively .

•USsanctions onRosneft andLukoil, together with theEUbanonimports ofrefined products sourced from third countries using Russian crude, arenow inforce and continue toconstrain Russian refined product trade .Inaddition, Russia has imposed atemporary ban onexports ofcertain refined products ;thegasoline export ban should beextended until theendoftheyear, whilst thediesel banwillbelifted assoon asdomestic stocks recover .

- 50 100 150 200 250 300 350 400 450 500

Mar-16

Jun-16

Sep-16

Dec-16

Mar-17

Jun-17

Sep-17

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

Mar-23

Jun-23

Sep-23

Dec-23

Mar-24

Jun-24

Sep-24

Dec-24

Mar-25

Jun-25

Sep-25

Dec-25

Mar-26

Jun-26

Crude/Condensates Clean Petroleum Products Dirty Petroleum ProductsTrade disruptions. Sanctioned vessels and oil on water.

Sanctioned oil on water1 24Total sanctioned tankers2 Tougher sanctions are significantly reducing effective fleet availability and productivity, sustaining higher freight rates across most tanker classes.Million barrels Number of vessels % on total tankers (dwt) 1. Source :Vortexa asofJul’26 2. Source :Affinity asofJul’26•Sharp increase in tankers sanctioned following the EU’s latest sanctions packages.

•OFAC imposed sanctions also on Lukoil and Rosneft, the two largest Russian oil exporters , representing 60% of the country’s crude output, and around 45%, equivalent to approximately 400 thousand bpd, of the country’s gasoil exports.

•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 169 million barrels in FY’25, before declining by approximately 57 million barrels in the first six months of FY’26 , partially reflecting temporary U.S. sanction waivers on Russian and Iranian cargoes already at sea.

19%

0%2%4%6%8%10%12%14%16%18%20%

020040060080010001200

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

Total sanctions on total tankers Total Sanctioned US Sanctioned

2.12.4 2.3 2.3 2.42.82.93.2 3.12.8 2.9 2.82.4 2.32.62.8 2.8 2.82.5 2.5 2.4 2.5 2.5 2.5 2.5 2.52.32.0 1.5 0.90.5 0.6 0.7 0.8 0.9 0.9 1.0 1.1 0.00.51.01.52.02.53.03.525Trade disruptions. Lifting of sanctions on Venezuelan oil.

Key implications for crude carriers:•Short -term :thereturn ofVenezuelan barrels tocompliant trade increases demand formainstream tonnage, with Aframax vessels likely tobethemain beneficiaries .Port congestion andoperational inefficiencies may further support vessel utilization andfreight rates .•Longer -term :ifforeign oilcompanies make therequired investments toupgrade theVenezuelan oilinfrastructure, a significant ramp -upinproduction ispossible, although thisislikely totake many years .Several oilmajors suffered significant losses from their investments inthecountry inthepast, sothey willneed important commitments from theUSgovernment thattheir interests willbeprotected .

Keyimplications forproduct tankers :•Clean -to-dirty switching reduces clean fleet availability :AstheAframax market tightens, agrowing number ofLR2sare switching from clean todirty trades, supporting product tanker earnings .•Incremental demand fornaphtha/diluents from the USGulf:Any sustained recovery inVenezuelan production, particularly intheOrinoco Belt, requires significant volumes ofnaphtha asdiluent .With reduced Russian supply, these flows areexpected tooriginate from theUSGulf andbecarried mainly onMR2s.Port congestion inVenezuela islikely tomake this trade inefficient, further supporting freight rates .

Lifting of sanctions on Venezuelan oil supports both crude and product tankers.Venezuela’s oil production 1990 -2026 Million barrels per day 1. Source :U.S.Energy Information Administration from 1990 to2024 andIEAasatJul’26from 2025 to2027 .

101.8103.4104.5

104.7 103.1103.8105.6105.5

104.2

99.1103.9106.7

96.098.0100.0102.0104.0106.0108.0

Q1 Q2 Q3 Q4

2024 2025 2026

82.7

81.382.482.1 82.5

83.3 83.383.882.9

81.3

83.184.083.3

83.282.4

81.7 81.784.985.4 85.7

84.5

82.383.786.7

85.7

84.8

80.8

77.377.779.281.282.181.681.3

72.074.076.078.080.082.084.086.088.0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026Global refinery throughputs1 Million barrels per day 26Oil demand and refining throughputs are expected to decline in FY’26 before rebounding in FY’27, although the recovery remains dependent on the normalization of Gulf oil flows.Oil demand and refining throughputs.

1. Source :IEAasatJul’26.Global oil demand1 Million barrels per day •Following growth ofapproximately 0.8mb/d inFY’25,theIEAexpects global oildemand todecline by1.0mb/d to103.5 mb/d inFY’26,itsfirst annual contraction since 2020 .They-o-ydecline isexpected toease from 4.8mb/d inQ2’26to1.7 mb/d inQ3’26,before demand returns toy-o-ygrowth of1.2mb/d inQ4’26.

•TheFY’26contraction isconcentrated inAsia andtheMiddle East, with non-OECD demand expected todecline by0.6mb/d .

Global oildemand isforecast torebound by2.0mb/d to105.5mb/d inFY’27,ledbya1.7mb/d recovery innon-OECD economies .

•Global refinery throughputs increased by0.9mb/d to84.0mb/d inFY’25,butareexpected todecline by2.4mb/d to81.6 mb/d inFY’26,asMiddle East export refineries remain constrained, Russian runs arecurtailed byattacks and Asian activity remains below normal levels .

•Refinery throughputs areforecast torebound by3.1mb/d to84.7mb/d inFY’27.However, therecovery depends onthe continued normalization ofcrude and product flows through theStrait ofHormuz .Inthemeantime, crude availability is recovering faster than refined product supply, keeping gasoline anddiesel markets tight andrefinery margins elevated .

- 500 1,000 1,500 2,000 2,500

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

Mar-23

Jun-23

Sep-23

Dec-23

Mar-24

Jun-24

Sep-24

Dec-24

Mar-25

Jun-25

Sep-25

Dec-25

Mar-26

Jun-26

Crude/Condensates Clean Petroleum Products Dirty Petroleum Products

86.2

80.4

78.1

76.5

75.4 74.5 73.9 73.3 72.7 72.3 72.0 70 72 74 76 78 80 82 84 86 88

Aug-26

Sep-26

Oct-26

Nov-26

Dec-26

Jan-27

Feb-27

Mar-27

Apr-27

May-27

Jun-27

Jul-27

Aug-27

Sep-27

Oct-27

Nov-27

Dec-27

Jan-28

Feb-28

Mar-28

Apr-28

May-28

Jun-28

Jul-28

Aug-28

Sep-28

Oct-28

Nov-28

Dec-28

Jan-29

Feb-29

Mar-29

0255075100125150175200225250275300325350

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

DPP CPP

1,443

1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Jul-24

Sep-24

Nov-24

Jan-25

Mar-25

May-25

Jul-25

Sep-25

Nov-25

Jan-26

Mar-26

May-26

Tot Industry Product Stocks Last 5 Year's Average Product Stocks27Iran war spurring declines in oil inventories.

Crude oil price (Brent, US$ bbl), forward curve1 1. Source :Bloomberg asat21Jul‘26 2. Source :Various shipbrokers asatJul’26.

3. Source :IEA–Jul’26.

4. Source :Vortexa asatJul’26.CPP vs DPP and crude oil floating storage2

Million barrels

Strongly backwardated oil price curve following the onset of the war in Iran. OECD industry refined product stocks3 Million barrels Million barrelsTotal oil at sea4

-15,00035,00085,000135,000185,000235,000285,000

VLCC Suezmax Aframax

120170220270320370

Cln (RHS) Dty (LHS)•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.

•As anticipated, the percentage of LR2s trading clean has been falling and should continue doing so as strong crude markets draw more vessels into that trade –Aframax vessel earnings are still above strong LR2 earnings .

•Despite the LR2 fleet having grown by 98 vessels between January 25 and July 26, the number of LR2s trading clean during the period fell by 71 vessels, from 255 in Jan’25 to 184 in July’26.Support from non -coated tanker market1.

1. Source :Clarksons Jul’26.28US$/day Strong non-coated tankers markets providing further support forproduct tankers .Historical non -coated tankers’ TCE spot rates1Coated LR2 fleet: no. clean vs. dirty trading1

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

EastOther Asia OECD

AmericasOECD

OthersAfrica 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

AmericasNon-OECD

EuropeOECD

AmericasOECD Asia

OceaniaOECD

EuropeOther Asia Total29Longer -term demand. Changes in the refinery landscape.

Net refinery capacity additions by year ‘23 -’271 1. Source :IEA“Oil2025 -Analysis andforecast to2030 ”report .•Global refinery crude distillation capacity should riseby1.9mb/dinthe‘25-27period, after having risen by2.4mb-din‘23-24.

•Planned refinery netcapacity additions inthe‘25-’27period aremainly inIndia (+0.78mb/d, 55.8%share), China (+0.66mb/d, 47.1%share), theMiddle East (+0.39mb/d, 27.9%share), andAfrica (+0.11mb/d, 7.8%share) .

•Older refineries, inparticular inEurope butalso inother areas such Australia/New Zealand andtheUS,have been suffering from poor margins andwere destined forclosure duetotheplanned ramp -upincapacity from more modern refineries intheMiddle East andAsia.

•InFY’25,more than 1.0mb/dofrefinery capacity isestimated tohave shut down ,with theUSaccounting forover 400k b/dofclosures ,followed byEurope with 370kb/d.Incontrast, FY’26gross capacity additions areprojected tobeof1.5mb/d, largely driven byIndia, China, andtheMiddle East, while announced closures arelimited tojust300kb/d.

•Over thenext fewyears, imports byEurope, theUSWest Coast andbyalltheregions ofthesouthern hemisphere, from theMiddle East, India, Africa andChina, arelikely toexpand .% of net refinery capacity additions ‘25 -’271Thousand barrels/day Growth inrefinery capacity intheMiddle East and Asia during ‘25-’27,coupled with refinery closures intheUSandEurope, tocontribute toafurther increase inton-miles .

4.1% 4.7% 4.4% 4.0%5.1%6.9% 6.9%8.9%12.8%16.8%19.8% 20.8% 20.6% 20.6% 17.6%17.5%18.8% 19.5%22.9%25.7%27.0%29.7%34.0%40.3%44.9%46.7%48.7% 48.6%

19.8%

13.8%12.4% 11.8%

8.7% 8.7%7.4%

4.2%7.3%14.4%18.3%23.6%

19.0%15.5%

0%10%20%30%40%50%60%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Jun-26 2026 2027 20+ yrs % 15+ years Orderbook % 14.6 23.4 30.3 28.1 30.3 25.3 31.3 36.7 47.8 40.8 40.22.2%3.4%4.3%4.0%4.4%

3.7%4.6%5.5%7.2%

6.2% 6.1%

0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%

0.010.020.030.040.050.060.0

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2.0 2.7 5.2 7.7 6.9 7.2 9.9 10.7 10.2 7.7 5.61.5%2.0%3.8%5.7%

5.2%5.5%7.7%8.5%8.1%

6.2%

4.6%

0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%

0.02.04.06.08.010.012.0

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036Growing pool of demolition candidates.

1. Source :Dwt asatperiod -endbased onClarksons Research asatJul’26andmanagement estimates, including that new vessels ordered each year areequivalent to4.0%oftheprevious year-end fleet andthatdemolitions each areequivalent to20%oftheprevious year’s endfleet which isover 20years -old.Foralltankers series, itincludes vessels above 10kdwt.

2. Based onthedelivery dates ofvessels, assuming they arenotdemolished earlier .30Fleet composition by age (MRs and LR1s)1 Therapidly ageing fleet, coupled with theforces spurring demolition, should contribute to very limited fleet growth inthenext fewyears .DWT/m % of current fleetFleet composition by age (All tankers)1 % of current fleet DWT/mVessels turning 25 years (All tankers)2 Vessels turning 25 years (MRs and LR1s)2 4.2%5.6% 5.4% 4.9%5.7% 6.5% 6.2% 7.2%10.7%16.2%19.8%21.6% 22.1%24.7% 11.1%12.5%13.7%16.0%20.8%25.0%28.4%34.6%42.2%50.3%53.6% 54.6%56.8% 57.4%

15.9%

8.9%8.0%8.2%

5.9% 4.9% 3.7% 3.2%8.3%15.8%14.6% 14.1% 14.7%12.7%

0%10%20%30%40%50%60%70%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Jun-26 2026 2027 20+ yrs % 15+ years Orderbook %

24 27383145 44 43 411823214047

31 3342

0102030405060708090100

Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26

Estimated deliveries MR and LR1 Estimated deliveries all other tankersAccelerating deliveries and rising scrapping potential .

All tankers deliveries, 2025 -20261 1. Source :Clarkson Research Services asatJul’26.N. Of vessels Deliveries areaccelerating in‘26.The strong freight markets since FY‘22,ledtoasharp slowdown indemolitions from Q3’22.Asthefleet ages rapidly, also thanks toagrowing pool ofsanctioned vessels, anincrease indemolitions isexpected, even inastrong market .N. Of vessels 31All tankers demolitions, 2017 -2026 to date1 4 610 1013 1310 12 4 6 5 74 2 1 3818 19 11 1162 140 0 1 1 0 1 2 4 4 610734625183532

1615

16233068101521

22 9

10 410

0 03 102 24 347 3 2

0102030405060

Demolition MR and LR1 Demolition all other tankers

52.5

43.0

33.4

23.951.0

41.0

29.0

0.05.010.015.020.025.030.035.040.045.050.055.060.0

012345678910111213141516171819202122232425

NB Value 5yr old Value 10yr old Value 15yr old Value•Chinese yards have been increasing production capacity recently, following a sharp drop since 2010.

•Newbuild costs are rising due to inflation and regulations.

•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 ’28 or in most yards as late ’29 or even ‘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$ MillionMR newbuilding parity curve vs second -hand values1 1. Source :Vessel prices from Clarkson Research Services asatMar’26.Newbuilding prices evolution based on25years depreciation, including US$1mfirstsupply andUS$4.8mscrap value .

2. ‘N.ofvessels’ :from Clarksons Research, ‘Orderbook/fleet ratio’ :from Clarksons ’Oil&Tanker Trades Outlook reports (product tanker fleet 25,000to84,999dwtfrom 2014 to2023 ,product tanker fleet 25,000to79,999dwtfrom 2010 to2013 ,double -hullfleet 25,000to79,999dwtfrom 2007 to2009 ).MR & LR1 orders2 N. of vessels

32Period end

orderbook/fleet ratio

189143 306668100225 97135 15737669555246151212 838961% 47% 31% 21%

13%13%17%16%16%

9%8%8%6%5%4%3%8%16%15%14%

0%10%20%30%40%50%60%70%

050100150200250

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% 2.1%5.2%

-4%-2%0%2%4%6%8%10%12%14%

-30-20-100102030405060

Deliveries Removals Net Fleet Growth

0.4%4.8%11.9%

9.9%9.1%11.9%12.7%

9.7%

4.5%4.1%

1.5%2.8%3.4%4.5% 4.7%

2.8%

1.1%3.9%

2.6%

1.0%1.6%1.0% 0.7%2.7% 2.6%4.1%

-4%-2%0%2%4%6%8%10%12%14%

-4-2024681012

Deliveries Removals Net Fleet GrowthAccelerating but manageabl e fleet growth.

MR & LR1 deliveries and scrapping (m dwt) (lhs), and net fleet growth (%)1 (rhs) 1. Source :Clarkson Research Services asatJul’26andClarksons Oil&Tanker Trades Outlook –Jul’26.Fleet expansion isexpected toaccelerate inthecoming years, buteven assuming limited scrapping, should bemodest byhistorical standards .MR & LR1 fleet age profile1

Million Dwt

33Million 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 fleet Million Dwt

160.0316.5

140.923.6%46.7%

20.8%

050100150200250300350

Current orderbook All tankers > 15 yrs All tankers > 20 yrs

19.174.1

29.314.1%54.6%

21.6%

01020304050607080

Current orderbook MR & LR1 > 15 yrs MR & LR1 > 20 yrs

Why invest in DIS

221 188 341 423 528 510 589 560 465 440 370 199 118 25 24 -2117 14 25 32113112 25 21 217948 337 10 17450 521 643 797 750 766 807 875 706 728 1,028 1,105 1,214 1,066 1,208 1,276 30 39 20

246348327406

233286

230340

2623097679931150

104811941314

6.949.81

7.849.76

5.54

4.44

3.56

2.75

2.132.536.278.239.65

8.8110.0411.03

4.21 8.92

5.58 7.55

3.51 3.12

1.41 1.55

1.12 1.07 3.98 6.24 4.19 5.83 8.60

7.51

-2.000.002.004.006.008.0010.0012.0014.00

-2000200400600800100012001400

Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Mar-26 Jun-26 Net Financial Position (NFP) Net Working Capital (NWC) Fleet Market Value (FMV) TC-in Options Value Net Asset Value (NAV) NAV/Share (US$) Closing Price DIS (US$)35Historical NAV evolution .

DIS’ Historical NAV evolution1,2,3

US$/m US$/share

As at June 30th2026, DIS’ NAV1,2,3was estimated at US$ 1,314.1m, its fleet market value at US$ 1,276.1m2and its closing stock price was around 32% below its NAV/share.

1. DIS’owned andbareboat fleet market value according toaprimary broker, lessNetDebt, excluding theimpact ofIFRS 16.Itincludes themarket value oftheleased assets forwhich DIShasapurchase obligation, lessthediscounted value ofthefinancial payments onsuch leases .

2. Fleet valued asatJune 30,2026 .

3. DIS’ NAV includes NetWorking Capital and thepositive delta between theestimated market value ofDIS’ TC-INvessels (forwhich there areexercisable purchase options) and their respective theoretical purchase option prices .``` Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Jun-26

Discount

to NAV

(End of

Period)29% 23% 37% 20% 60% 44% 48% 58% 37% 24% 57% 34% 32%

36US$/mmPotential use of funds (excluding cash returned to shareholders) .

Potential use of funds for investments and lease reimbursements •DIS plans lease reimbursements of US$ 15.2 million in FY’26 and US$ 13.9 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 newbuildings in Q2’24 (with expected delivery in FY’27), 2 MR1 newbuildings in Q4’25 and 4 MR2 newbuildings in Q1’26 (with expected delivery in FY’29).

•The total residual investment for these newbuildings over FY’26 –FY’29, including extras, first supply, scrubbers on LR1 vessels and supervision fees, is expected to amount to approximately US$ 436.5 million.

DIShasatotal estimated useoffunds ofUS$496.8million between FY’26and FY’29,for investments onnewbuildings andlease reimbursements .

37US$/mmIncreasing shareholder returns.

Supported byrobust earnings and avery strong financial structure (Net Financial Position toFleet Market Value ratio of-1.6%asatend-June’ 26),DIShasbeen steadily increasing returns toitsshareholders .

InFY’25,DIS’ pay-outratio reached 55%ofnetprofit, delivered through acombination of dividends andshare buybacks, marking asignificant increase compared toprevious years .Cash returned to shareholders %Financial Leverage (NFP to FMV)

DIS’ fleet. Focus on enhanced technical efficiency.

38ShipsLatest

conventional

Engine

(C10.7)Propeller

boss cap

finsDuct FinsRudder

with

Bulb

and finsPreswirl

vaneWake

Equal.

DuctLedEco

nozzlesEPL (Engine

Power Limit)OPS

(Onshore

power

supply)Speed/

power

controlProp.

silicon

paintPropeller

ultrasoni

c systemLow

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 plannedAdoption of innovative technical solutions to drive increase in vessel efficiency.

DIS’ fleet. Operational efficiency improvements.

39ShipsCutting of

UsersTekomar

Health check

for C02 reduction CBM (Condition based maintenance)Prop. cleaningBiofouling Risk managementHull 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

40•Young -fleet, most ofwhich acquired athistorically attractive prices and attop-tieryards .Furthermore, vessels are mostly eco-design (96%ofthefleet) andIMO classed (79%ofthefleet) .

•First-class in-house technical management provides DISaccess tolong -term charters with demanding oilmajors and allows ittoanticipate andbenefit from regulatory changes .

•Invested mostly intheMR1andMR2,andmore recently intheLR1,segments –these vessels aretheworkhorses ofthe industry, since they arethemost flexible commercially, with theMRs also themost liquid ontheS&P market .

•Good contract coverage toincrease earnings visibility .

•International reach with chartering offices in4countries and 3continents (New York, London, Singapore, andDublin), allowing DIStomaintain close relationships with clients andbrokers, increasing employment opportunities forvessels .

•Strong relationships with debt capital providers ,including with thetopEuropean shipping banks andimportant Japanese banks andleasing investors .

•Attractive valuation ofDIS–NAV discount of32%asattheendofJune 2026 .

•Strong market fundamentals driven byseveral factors, including anaging tanker fleet, achanging refining landscape, and many trade disruptions which have increased average sailing distances andreduced fleet productivity .Why invest in DIS today.

DIS’ ESG

DIS’ PURPOSE and VALUES.

42Long -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

W ‘ ’

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 c onnecting 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

DIS’ ESG. Key figures 43

ENVIRONMENTAL VALUE 2025

EEXI Compliant ships (as at year-end)1100.0%

CII 6.24

IMO classed fleet % (as at year-end)279.3% 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 agerefers toowned andbareboat chartered invessel 2. IMO classed fleet %refers tothewhole fleet

•First inItaly toobtain theprestigious RINA Best 4Plus:

compliance certification formain maritime standards inforce .

•Selection ofsuppliers according toquality andenvironmental certifications .

•Approved bythe main oil-majors forlong-term period contracts, ofupto5years .

•Participation with leading roles ininternational organizations, such asINTERTANKO .

•US$755minvested between 2012 and2019 in22newbuilding Eco product tanker vessels (10MRs, 6Handys ,6LR1s)all delivered between Q1’14andQ4’19.US$235.4mshipbuilding contracts signed inQ2’24,forthepurchase of4LR1swith scheduled delivery in2027 .US$276.9mshipbuilding contracts signed between Q4’25andQ1’26,forthepurchase of2MR1sand4MR2s.

•96%ofDIS’ owned and bareboat fleet is‘ECO’ (industry average :43%),asatJune 30,2026 .DIS’ ESG. Environment and Safety 44DIS seeks tobeanindustry leader on environmental andsafety issues :

•Among the first fleets worldwide compliant with Monitoring Reporting and Verification criteria forCO2 emissions .

•Since 2011 DIS has afleet performance monitoring department tooptimize vessel efficiency .

•0serious work -related injuries .

•0spills recorded since 2024 .

•Digitalization ofonboard record books .

•Implementation ofcondition based maintenance, enabling ittoachieve thehighest level required bytheTMSA 3.

•Environmental certification ISO14001 .

•Energy efficiency certification ISO50001 .

•Occupational Health andSafety certification ISO45001 .

•Quality certification ISO9001 .

DIS’ ESG. Environmental KPIs 45

DIS’ ESG. Corporate Governance 46DISislisted onthemost demanding segment oftheMilan stock exchange (the Star), and has therefore adopted afirst-class corporate governance framework :

•Incorporated inLuxembourg, itisorganized andgoverned incompliance with Luxembourg laws •Listed ontheSTAR segment oftheItalian Stock Exchange (Euronext Milan) since 2007 andcompliant with theprinciples and recommendations oftheBorsa 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;

DIS’ ESG. Social responsibility 47DISseeks adiverse and inclusive work environment, where teamwork ishighly valued .

Thehigh levels ofemployee satisfaction result inhigh retention rates .

•26onshore personnel asat31December 2025 ;•632seagoing personnel asat31December 2025 ;•96%retention rateforonshore personnel in2025 ;•83.1%retention rateforseagoing personnel in2025 ;•29.1%Seafarers under 30years old;•30.8%Women between managers andtopmanagers ;•20.3Average hours oftraining forseagoing personnel ;•US$297,062Expense ontraining foronshore andseagoing personnel .

UN’s sustainable development goals.

48 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

TopicsSustainable

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

TopicsSustainable

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

TopicsSustainable

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

49DIS’

Sustainability TopicsSustainable

Development GoalsActivity 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 effective internal

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 in everyday 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.

50DIS’

Sustainability TopicsSustainable

Development GoalsActivity performed by DIS

Integrated management

system for ongoing improvement•Transparent statement of policies governing operations 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 the Group’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 economic benefits 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.

51DIS’

Sustainability TopicsSustainable

Development GoalsActivity performed by DIS Ship recycling •Preparation of hazardous material inventories on all new 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 of video conference and conference call systems.

UN’s sustainable development goals.

Appendix

InJune 2021 ,IMO's Marine Environment Protection Committee (MEPC 76)adopted amendments totheInternational Convention forthePrevention ofPollution from Ships (MARPOL) Annex VIthat willrequire ships toreduce their greenhouse gasemissions .These amendments combine technical andoperational approaches toimprove theenergy efficiency ofships and areinlinewith theambition oftheInitial IMO GHG Strategy, which aims toreduce carbon intensity ofinternational shipping by40%by2030 ,compared to2008 .

Thenew measures willrequire allships tocalculate their Energy Efficiency Existing Ship Index (EEXI) following technical means toimprove their energy efficiency andtoestablish their annual operational carbon intensity indicator (CII) and CII rating .Carbon intensity links theGHG emissions tothevessel deadweight over distance travelled .These amendments entered into force on1November 2022 ,with therequirements forEEXI and CIIcertification coming into effect from 1January 2023 .Areview clause requires theIMO toreview theeffectiveness oftheimplementation oftheCIIandEEXI requirements, by Jan1‘26atthelatest, and, ifnecessary, develop andadopt further amendments .

•Attained Energy Efficiency Existing Ship Index (EEXI) indicates theenergy efficiency oftheship compared toabaseline .

Ships arerequired tomeet aspecific required EEXI, which isbased onarequired reduction factor (expressed asa percentage relative totheEEDI baseline) .EEXI willbeapplicable from thefirst annual, intermediate orrenewal IAPP survey after Jan1’23.Ships which donothave (PRE-EEDI) orhave aninsufficient attained EEDI torespect thenew limits (20%compared with thebaseline), willhave toderate engines orimprove their efficiency .

•Annual operational carbon intensity indicator (CII) and CIIrating .The CIIdetermines theannual reduction factor needed toensure continuous improvement oftheship's operational carbon intensity within aspecific rating level.The actual annual operational CIIachieved would berequired tobedocumented and verified against therequired annual operational CII.Therating would begiven onascale -operational carbon intensity rating A,B,C,DorE-indicating amajor superior, minor superior, moderate, minor inferior, orinferior performance level.Theperformance level would berecorded intheShip Energy Efficiency Management Plan (SEEMP) .Aship rated Dforthree consecutive years oraship rated Eforone year, would have tosubmit acorrective action plan, toshow how therequired index (Corabove) would beachieved .To reduce CIIofinternational shipping by40%by2030 ,compared to2008 ,theIMO hassetthefollowing reduction path for theentire world fleet upto2026 :5%by2023 ,7%by2024 ,9%by2025 and11%by2026 .

53IMO (MEPC 76 ): CII and EEXI

InJuly 2023 ,IMO's Marine Environment Protection Committee (MEPC 80)hassetmore ambitious targets compared with theInitial IMO Strategy onReduction ofGHG Emissions from Ships .Thenew targets consider theWell-to-Wake (WtW )GHG emissions ofmarine fuels, asaddressed intheGuidelines onlifecycle GHG intensity ofmarine fuels (LCA Guidelines) with theoverall objective ofreducing GHG emissions ofinternational shipping without ashift toother sectors .

Targets ofthe2023 IMO GHG Strategy areasfollows :

1.Carbon intensity oftheship todecline through further improvement oftheenergy efficiency fornew ships ;

2.Toreduce CO2emissions pertransport work, asanaverage across international shipping, byatleast 40%by2030 , compared with 2008 ;

3.Uptake ofzero ornear-zero GHG emission technologies, fuels and/or energy sources toincrease uptake ofzero ornear-

zero GHG emission technologies, fuels and/or energy sources torepresent atleast 5%,striving for10%,oftheenergy used byinternational shipping by2030 ;

4.Topeak GHG emissions from international shipping assoon aspossible and toreach net-zero GHG emissions byor around, i.e.,close to,2050 ,considering different national circumstances whilst pursuing efforts towards phasing them out ascalled forintheVision consistent with thelong-term temperature goal setoutinArticle 2oftheParis Agreement .

5.Inaddition, theCommittee established twoindicative checkpoints toreach net-zero GHG emissions from international

shipping :

-Toreduce thetotal annual GHG emissions from international shipping byatleast 20%,striving for30%in2030 , compared with 2008 ;

-Toreduce thetotal annual GHG emissions from international shipping byatleast 70%,striving for80%by2040 , compared with 2008 6.TheCommittee agreed onthefollowing timelines forthecandidate measures setoutinthe2023 IMO GHG Strategy :

-The review oftheshort -term mandatory goal-based technical and operational measures shall becompleted by1 January 2026 .

-Thebasket ofmid-term GHG reduction measures shall befinalized andagreed bytheCommittee by2025 .

Other candidate mid-term GHG reduction measures could befinalized andagreed between 2023 and2030 .

Long -term measures could befinalized andagreed bytheCommittee beyond 2030 ,tobedeveloped aspart ofthe2028 review oftheIMO GHG Strategy .

54IMO (MEPC 80): Net zero by 2050

The83rdsession oftheInternational Maritime Organization’s Marine Environment Protection Committee (MEPC 83),held from 7to11April 2025 ,marked apivotal advancement inmaritime environmental regulation .Keydecisions were made to align international shipping with the2023 IMO GHG Strategy, aiming fornet-zero greenhouse gas(GHG) emissions byor around 2050 .Thefollowing arethemajor Outcomes from MEPC 83:

Approval oftheIMO Net-Zero Framework (Mid -Term GHG Measures) MEPC 83approved draft amendments toMARPOL Annex VI,introducing anew Chapter 5focused onmid-term GHG reduction measures .These include :

•Global Fuel Standard (GFS) :mandates aprogressive reduction intheGHG intensity ofmarine fuels, measured on awell-to-wake basis .

•Economic Measure :implements apricing mechanism where ships exceeding GHG intensity thresholds must acquire remedial units, while those using zero ornear-zero GHG technologies may earn surplus units .

These measures were slated foradoption atanextraordinary MEPC session inOctober 2025 ,with anexpected entry into force on1March 2027 .

Completion ofPhase 1Review ofShort -Term GHG Measures Thecommittee finalized Phase 1ofthereview ofshort -term GHG reduction measures, which include theEnergy Efficiency Existing Ship Index (EEXI), Ship Energy Efficiency Management Plan (SEEMP), andCarbon Intensity Indicator (CII).Notably, annual CIIreduction factors were setfor2027 –2030 ,culminating ina21.5%reduction relative tothe2019 baseline by2030 .

Designation ofNew Emission Control Areas MEPC 83approved thedesignation oftheNorth -East Atlantic Ocean asanEmission Control Area (ECA) forsulphur oxides (SOx),nitrogen oxides (NOx), andparticulate matter .TheSOxcontrol measures areexpected toenter intoforce on1January 2028 .

55IMO (MEPC 83): Approval of Net -Zero Framework

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.

56(MEPC/ES.2), October 2025

TheEuropean Commission hasrecently published asetoflegislative proposals toenable theEUtoattain its2030 target of reducing itsgreenhouse gasemissions byatleast 55%by2030 compared with 1990 levels .Inparticular, theEUCommission included shipping intheEUEmissions Trading Scheme (ETS) ,theEUcarbon market, andimposed greenhouse gasintensity requirements onshipping fuels, through theFuel EUMaritime .

•TheEmission Trading System (ETS) ,wasextended tomaritime transport .TheETSisapplied from 2024 toallvessels over 5,000gross tonnes regardless offlagandtoallvoyages between ports intheEuropean Economic Area (EEA) andwhich either commence orterminate inaEEAport.Forvoyages between EEAports 100%ofemissions areconsidered, whilst for voyages only commencing orterminating inanEEA port 50%ofemissions areaccounted for.According tothelatest agreement reached inDecember 2023 bytheEuropean institutions (Parliament, Council, Commission), shipowners willhave tobuy emissions allowances for40%oftheir emissions reported and verified in2024 ,70%ofemissions reported and verified in2025 ,and100%ofemissions reported andverified in2026 .According tothelatest agreement, thedirective will cover notonly CO2from 1January 2024 butalso Methane (CH4)and Nitrous oxide (N2O)from 1January 2026 .The regulations require theshipowner ortheentity managing thevessel onbehalf oftheshipowner tobeliable .Italso states that anypolluter pays, therefore theshipowner could pass thecost tothecharterer who isresponsible fordeciding route, fuel and consumption through acontractual agreement between theparties .The monitoring tool willbetheEUMRV (Monitoring, Reporting and Verification), which willhave tobepartially modified, butforwhich DIS’ fleet isalready compliant since 2017 .

•Fuel EUwillcome into effect in2025 ,with thegoal ofimproving theGHG intensity ofthemarine fuels, promoting theuse ofnatural, biofuel orlow-carbon/emission fuels .The requirements willconsider theGHG emissions afuel generates throughout itslifecycle, from itsproduction toitsfinal consumption bytheship, notjustitsusebytheship.Abaseline will beestablished, with animprovement relative tothat baseline of2%in2025 ,which grows gradually every 5years toreach 80%in2050 .The proposal also allows owners ofdifferent ships topool vessels together tohelp each other with compliance (ifone ship isover-compliant with therequirements oftheprevious year, while another isnot, thefirst can transfer itsexcess credits tothesecond) .Companies that arenotcompliant with therules byMay 1ofthefollowing year willhave topayapenalty andthemoney would gointoagreen fuelfund.

57EUEmission Trading System (ETS) and Fuel EU.

77%

50%82% 81%

62%71%23%

50%18% 19%

38%29%

0%10%20%30%40%50%60%70%80%90%100%

VLCC Suez/LR3 Afra/LR2 Pana/LR1 MR/Handy Tanker Fleet Chinese owned or built OthersTrade disruptions. US and Chinese Port Fees Tankers on water1 58Tankers on order1 Fees on Chinese built vessels could be positive for the product tanker sector.

31%26% 27%39%

22%28%69%74% 73%61%

78%72%

0%10%20%30%40%50%60%70%80%90%100%

VLCC Suez/LR3 Afra/LR2 Pana/LR1 MR/Handy Tanker Fleet Chinese owned or built Others 1. Source :OilBrokerage asatFebruary ’25,number ofships excluding tankers onUSsanctioned Iranian andVenezuelan trades .•InApril, theoffice oftheUSTrade Representative (USTR) released arevised proposal forUSport fees targeting Chinese maritime interests .Compared totheearlier, broader draft, theupdated framework significantly reduces theimpact onnon-Chinese operators .Iteliminates fees based onfleet composition ororderbook and exempts Chinese -built vessels arriving inballast .

Implementation ofthefees initially took effect onOctober 14,2025 ,butwassubsequently postponed byoneyear.•China responded tothese fees bybyimposing fees from thesame date onships operated byU.S.enterprises, other organizations and individuals ;ships owned oroperated byenterprises orother organizations inwhich U.S.enterprises, other organizations and individuals directly orindirectly hold 25%ormore oftheequity (voting rights, board seats) ;ships flying theU.S.flag;andships built in theUnited States .Implementation oftheChinese fees wasalsopostponed byoneyear.•DISshould beexempt from theUSport fees:Asanoperator ofMRandLR1tankers, DISisunlikely tobeaffected bytherevised feestructure duetoseveral exemptions .Thecompany does notown oroperate Chinese vessels, aside from itsnewbuilding orders expected tobedelivered in’27and‘29.Furthermore, most ofourtankers fallwithin theexemption thresholds since they aresmaller than 55,000dwt.Anexemption also applies tovessels with anindividual bulk capacity ofupto80,000dwt;itiscurrently notclear if thisexemption applies also totankers, potentially excluding also ourLR1newbuilding orders .DISshould also beexempt from the Chinese port fees.

•The overarching aim oftheUSlegislation istopenalize Chinese shipyards .Over time, this could benefit theproduct tanker market byreducing new orders atChinese yards, with limited production capacity available elsewhere .

050100150200250300350400450500

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

South Korea Russia Middle East Algeria India Singapore US Other 3 months moving averageTemporary reversal in Chinese naphtha imports growth.

1. Source :Affinity .AsofJul’26. 59Chinese naphtha imports1 Chinese naphtha imports, which had been growing rapidly, contracted following the onset of the Iranian war. Thousand barrels/day

6,143 7,141 7,559 7,841 7,858 8,119 20.1%

16.2%

5.9%

3.7%

0.2%3.3%

0%5%10%15%20%25%

01,0002,0003,0004,0005,0006,0007,0008,000

2022 2023 2024 2025 2026 2027

-501-218-183-69-53+17

-600 -500 -400 -300 -200 -100 0+100Gas/Diesel OilMotor GasolineOther ProductsNaphthaResidual Fuel OilJet fuel & KeroseneDemand growth only for Jet fuel in ‘26.

1. Source :www .flightradar 24.com/data/statistics asofJul’26.

2. Source :IEA–Jul’26.60% 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 above pre -pandemic levels in 2026.

•Jet fuel demand increased by 3.7% y -o-y in 2025 to 7.8 mb/d. Growth is expected to slow sharply to just 0.2% in 2026, before accelerating again to 3.3% in 2027, when demand is forecast to reach 8.1 mb/d.

•Jet fuel is expected to be the only major oil product to record demand growth in 2026, although the increase is limited to just 17 kb/d. Demand for all other major products is forecast to decline, led by gasoil/diesel ( -501 kb/d), gasoline ( -218 kb/d) and other products ( -183 kb/d).Jet fuel & Kerosene demand 2021 -2027

(kbpd )2

Global oil demand is forecast to decline by 1.0 mb/d in 2026, as elevated prices, supply disruptions and weaker petrochemical and transport -fuel consumption weigh on demand. A recovery is expected in 2027, with global demand growth accelerating to 2.0 mb/d.Thousand barrels/day Y-O-Y growthGlobal demand growth by product 2026 (kbpd )2

Thousand barrels

-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

61DIS’ Shareholdings Structure.

Key Information on DIS’ shares Listing market Borsa Italiana , STAR No. of shares issued 124,106,556 Market capitalisation1 €917.0 million Shares repurchased / % of shares issued 5,011,701 /4.04% 1. Based onDIS’share closing price onJuly24th2026 ofEur7.70123 1. d'Amico International SA 55.66% 2. Others 40.30% 3. d'Amico International Shipping SA 4.04%

100.00%

62d’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 Companyd’Amico International S A High Pool Tankers Ltd55.66%

100%

100%

d’Amico Tankers

Monaco S.A.M.

d’Amico Tankers UK

Ltd99.80%

100%

63•DIS is expected to have an average bank debt of US$ 173.4m in FY’26, US$ 216.5m in FY’27, and US$ 248.3m 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$ 0.7m 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 43% 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$ 0.2m in FY’26, US$ 1.0m in FY’27, and US$ 1.4m in FY’28 .

DIS has asignificant percentage ofitsbank debt hedged and alimited interest rate sensitivity .(US$ million ) FY’26 FY’27 FY’28 Estimated average bank debt (173.4) (216.5) (248.3) Estimated average hedged bank debt 24.7 12.0 7.3 Estimated average unhedged bank debt (148.7) (204.6) (241.0) Assumed average cash & equivalents 100.0 100.0 100.0 Estimated average unhedged bank debt net of assumed cash (48.7) (104.6) (141.0) % of bank debt hedged 14% 6% 3% % of bank debt hedged net of assumed cash 72% 52% 43% 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. Allfigures arebased onestimated and/or assumed data andaresubject tochanges .DIS’ estimated sensitivity to interest rates1.

64Financial results . Consolidated Income Statement

65Financial results . Consolidated Balance Sheet

66Financial results . Consolidated Cash Flow Statement

Owned –MR Tonnage (dwt) Year Built Builder, Country Interest1 IMO Classified High Navigator450,000 2018 Japan Marine United Co., Japan 100% IMO II/IMO III High Leader550,000 2018 Japan Marine United Co., Japan 100% IMO II/IMO III High Explorer650,000 2018 Onomichi ,Japan 100% IMO II/IMO III High Adventurer750,000 2017 Onomichi ,Japan 100% IMO II/IMO III High Mariner850,000 2017 Minaminippon Shipbuilding (Japan) 100% IMO II/IMO III High Transporter950,000 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 Trust1049,990 2016 Hyundai MIPO, South Korea ( Vinashin ) 100% IMO II/IMO III High Trader1149,990 2015 Hyundai MIPO, South Korea ( Vinashin ) 100% IMO II/IMO III High Loyalty1249,990 2015 Hyundai MIPO, South Korea 100% IMO II/IMO III High Voyager1345,999 2014 Hyundai MIPO, South Korea 100% IMO II/IMO III High Freedom1449,990 2014 Hyundai MIPO, South Korea 100% IMO II/IMO III High Tide 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 Discovery 50,036 2014 Hyundai MIPO, South Korea 100% IMO II/IMO III High Fidelity 49,990 2014 Hyundai MIPO, South Korea ( Vinashin ) 100% IMO II/IMO IIIDIS’current fleet overview . LR1 & MR Fleet 1. DIS’ economic interest.

2. Ex-Cielo di Londra.

3. In January 2025, d’Amico Tankers d.a.c, exercised its purchase option on M/T Cielo di Houston, with delivery occurred in Sep’25.

4. In October 2024, d’Amico Tankers d.a.c, exercised its purchase option on M/T High Navigator, with delivery occurred in Feb’25.

5. In October 2024, d’Amico Tankers d.a.c, exercised its purchase option on M/T High Leader, with delivery occurred in Apr’25.

6. In January 2023, d’Amico Tankers d.a.c. exercised its purchase option on the MT High Explorer, with delivery occurred in May’23.

7. In September 2022, d’Amico Tankers d.a.c. exercised its purchase option on the MT High Adventurer, with delivery occurred in Dec’23.

8. In August 2024, d’Amico Tankers d.a.c. exercised its purchase option on the ex -Crimson Pearl, with delivery occurred in Oct’24.

9. In June 2024, d’Amico Tankers d.a.c. exercised its purchase option on the ex -Crimson Jade, with delivery occurred in Jul’24.

10. In May 2023, d’Amico Tankers d.a.c. exercised its purchase option on the MT High Trust, with delivery occurred in Jul’23.

11. In May 2023, d’Amico Tankers d.a.c. exercised its purchase option on the MT High Trader, with delivery occurred in Jul’23.

12. d’Amico Tankers d.a.c. exercised its purchase option on the MT High Loyalty, with delivery occurred in Jun’23.

13. In December 2022, d’Amico Tankers d.a.c. exercised its purchase option on the MT High Voyager, with delivery occurred in Jan’23.

14. In January 2023, d’Amico Tankers d.a.c. exercised its purchase option on the MT High Freedom, with delivery occurred in May’23.Owned -LR1 Tonnage (dwt) Year Built Builder, Country Interest1 IMO Classified Bright Future275,000 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 Houston375,000 2019 Hyundai MIPO, South Korea ( Vinashin ) 100% -

67

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 68 1. DIS’ economic interest

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 69 1. DIS’ economic interest

Thank you!