The Board of Directors of d’Amico International Shipping S.A., a leading international marine transportation company operating in the product tanker market, examined and approved the half-year and second quarter 2016 financial results.

MANAGEMENT COMMENTARY

Marco Fiori, Chief Executive Officer of d’Amico International Shipping commented: ‘I am pleased to report another positive quarterly result for DIS and a Net Profit of US$ 13.6 million achieved in the first half of the year. Following a strong first quarter, the spot market went through a correction in Q2’16. Despite a good level of demand in the last quarter, the recent rally of the oil price depressed refinery margins with the consequent decline in their throughput and led market players to a greater utilization of product stockpiles. In addition to this, a relatively large number of newbuildings have been coming into the market in the first six months of the year.

Despite some temporary volatility that might negatively hit the market especially this year, I am convinced the above factors which caused some turbulence in Q2, are only seasonal and I am still convinced the product tanker industry has very good fundamentals and is set on the right track in the long term. I refer in particular to the trend of refineries moving away from main consuming regions, which will continue to increase the ton-mile demand and to a very limited fleet growth over the next 3 years. I think Q2 proved once again that DIS’ prudent commercial strategy, with the right mix of owned and TC-In vessels and a good level of TC-Out coverage, allows our Company to overcome temporary corrections, delivering good returns for our Shareholders’.

Carlos Balestra di Mottola, Chief Financial Officer of d’Amico International Shipping commented: ‘Despite some volatility which negatively impacted our market at the end of the second quarter of 2016, DIS was able to achieve satisfying financial results, with a Net Profit of US$ 13.6 million and a very good EBITDA margin of 28%, thanks to a prudent commercial strategy. I am also satisfied with the good US$ 40.0 million operating cash flow we generated in H1’16 (US$ 30.2 million in the same period last year), which we could count on to fund part of DIS’ significant US$ 755 million investment plan in 22 newbuilding vessels’.

FINANCIAL REVIEW

SUMMARY OF THE RESULTS IN THE SECOND QUARTER AND FIRST HALF RESULTS 2016

The IEA in their recent report have revised Global oil demand growth in Q1 2016 upwards to 1.6 million b/d and 1.4 million b/d in Q2 2016, with an expansion for the whole of 2016 of 1.3 million b/d. In 2017 they expect the same annual volume growth of 1.3 million b/d with demand reaching 97.4 million b/d on average for the year. As in previous years Non-OECD nations will provide most of the expected demand gains this year and next. The forecasted annual growth rates have risen since 2015 due to the decrease in crude oil prices. The strong year-on-year growth in H1 2016 is, however, fairly modest compared with the year-on-year increase in demand in the same period las year of 2.4 million b/d. which was highest it had been in 5 years. Robust demand growth in Q2 2016 was driven mainly by increases in gasoline demand in countries like India and China. In China vehicles sales were of 2.1 million in June 2016, equal to a 14% increase month on month. Imports of petroleum products into India in June 2016 were 60% higher than a year ago and they were mainly made up of gasoline and naphtha. Demand for gasoline in the United States is also still very healthy as it normally is at this time of year, at close to 10 million b/d in May 2016. The United States is still a net exporter of products at 1.6 million b/d in Q2 2016 and total exports averaged close to 4 million b/d in May and June 2016.

Despite the robust demand growth in Q2 2016, time-charter equivalent earnings declined throughout the quarter due to various factors, including:

• The large number of newbuildings delivered in the period – at the end of the Q2 there were close to 70 more MR tankers trading in the Atlantic basin compared with the same period last year.

• A decline in refinery throughput – crude oil prices rallied to a 2016 high above US$51 per barrel in June, mainly due to continued supply disruptions in Nigeria and Canada as well as a steady decline in US production. This in turn put pressure on refinery margins which have been in decline all year. Refinery throughput was also down but mainly due to unforeseen outages. As the oil price recovered so did the

price of bunkers, which increased some 60% throughout the second quarter. The IEA expects refinery throughput to increase in Q3 2016 as all maintenance planned and unforeseen, is completed;

• High refined products inventories – by the end of the Q2 gasoline stocks in the United States were 25 million barrels higher than a year earlier, of which 13 million in the eastern seaboard alone.

The one year time-charter rate is always the best indicator of spot market expectations. In Q2 2016 the one year rate for a conventional MR went from US$17,000 to US$14,500 per day. DIS recorded a Net Profit of US$ 13.6 million in H1 2016 vs. US$ 30.1 million posted in the same period last year. The variance compared with the first semester of 2015 is mainly due to a weaker product tanker market especially in the second quarter of the current year and to the positive impact arising from the Company’s risk management activity (mainly on Foreign Exchange, Bunker Costs and Interest Rates) which benefited last year’s result.

In this scenario, DIS daily spot rate was US$ 16,848 in H1 2016 vs. US$ 19,026 achieved in the same period last year. In particular, after a first quarter substantially in line with the previous year (Q1 2016: US$ 18,076 vs. Q1 2015: US$ 18,503), the spot market went through a correction in Q2, which saw DIS achieving a daily spot rate of US$ 15,560 compared with US$ 19,533 in the same quarter of 2015.

Also during H1 2016, 47.7% of DIS’ total employment days, were covered through ‘time charter’ contracts at an average daily rate of US$ 15,885, a higher percentage and average rate compared with the same period last year (H1 2015: 44% coverage at an average rate of US$ 15,081). Therefore DIS total Daily Average Rate (which includes both the spot and the time charter activity) was US$ US$ 16,389 in the first six months of the current year compared with US$ 17,281 in H1 2015. Even in a relatively weaker market, DIS achieved an EBITDA of US$ 40.2 million in H1 2016 (US$ 18.6 million in Q2 2016) compared with US$ 45.1 million in H1 2015 (US$ 23.4 million in Q2 2015). Consequently, DIS’ ‘EBITDA Margin on TCE Earnings’ was 27.8% in H1 2016 vs. 28.9% in the first six months of 2015. Such a strong level of EBITDA together with a good trend in working capital led to a positive operating cash flow of US$ 37.8 million in H1 2016, compared with US$ 30.2 million generated in the same period last year. In H1 2016, DIS had US$ 63.7 million in ‘capital expenditures’, mainly in relation to its newbuilding plan. Since 2012, DIS has ordered a total of 22 ‘Eco design’ product tankers (10 MR, 6 Handysize and 6 LR1 vessels), of which 122 vessels have been already delivered as at the end of June 2016. This corresponds to an overall investment plan of approximately US$ 755.0 million and is in line with the Company’s strategy to modernize its fleet through newbuildings with an eco-design. In addition, DIS has already fixed 14 of its newbuilding vessels on long-term time-charter contracts with three Oil-majors and a leading refining company, all at profitable levels.