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D’Amico International Shipping Reports 2024 Net Profit Of $188.5 Millionin International Shipping News 14/03/2025 The Board of Directors of d’Amico International Shipping S.A., a leading international marine transportation company operating in the product tanker market, today examined and approved the Company’s draft 2024 full year statutory and consolidated financial results. MANAGEMENT COMMENTARY Carlos Balestra di Mottola, Chief Executive Officer of d’Amico International Shipping commented: “I am proud to report another robust performance for DIS in 2024, with a consolidated net profit of US$188.5 million, closely trailing our record profit of US$ 192.2 million from the previous year. Our daily spot rate improved to US$ 33,871, surpassing 2023’s rate of US$ 32,873, reflecting continued strong demand for our services despite a still robust but less exuberant freight market later in the year. Furthermore, DIS successfully covered 41.5% of its employment days at an average daily TCE rate of US$ 27,420 in 2024, up from 29.8% at US$ 28,107 in the previous year. Consequently, our total blended daily TCE (spot and time- charter) was of US$ 31,195 in 2024, aligned with US$ 31,451 in 2023. In 2024, DIS thrived in a vibrant freight market, driven by limited fleet growth, growing global oil trade, and numerous trade disruptions. Notably, incidents in the Red Sea and Gulf of Aden required us to reroute vessels around the Cape of Good Hope, significantly increasing travel distances. Additionally, the ongoing conflict in Ukraine and related EU sanctions reshaped oil trade flows, reducing Russian oil shipments to the EU while increasing exports to more distant locations such as Asia and South America, prompting Europe to source more oil from the US, the Middle East, and Asia. These changes significantly extended the average distances sailed by our product tankers. Looking ahead, potential resolutions to the conflicts in Ukraine and Gaza could impact market dynamics. A peace agreement in Ukraine might lead to lifting of sanctions against Russia, and a resolution in Gaza could entail a normalization of Suez Canal transits, potentially reducing ton-mile demand for our vessels. However, we anticipate mitigating market factors, such as higher European imports of refined products from the Middle East and Asia if Suez Canal transits resume. Furthermore, a peace agreement in Ukraine might not entail a lifting of sanctions on Russia by Europe and should accelerate the scrapping of an ageing shadow fleet, helping to stabilize the market. Additionally, more stringent measures by the US on Iranian oil exports are likely to generate a replacement of the lost barrels from this country with oil from non- sanctioned countries, benefiting the VLCC market with positive spillovers for the other tanker sectors. Geopolitical dynamics have undoubtedly shaped the freight market recently, yet the industry’s fundamentals remain robust and are poised to continue bolstering our market. Oil demand continues growing at a healthy clip of 0.9 million barrels per day in 2024, with the International Energy Agency (IEA) forecasting a further increase of 1.1 million barrels per day this year. Emerging markets, especially India and Brazil, are set to be significant contributors to this growth. In terms of products, while jet fuel dominated the demand increase last year, both naphtha and jet fuel are projected to be the key drivers in 2025. Refined product volumes also saw an increase, with global refinery throughput rising by 0.5 million barrels per day in 2024 to 82.7 million barrels per day, driven largely by robust refining activities in the United States and new capacity in the Middle East and Africa. According to the IEA, crude throughput is expected to grow by an additional 0.6 million barrels per day in 2025 to 83.3 million barrels per day, supported by stronger non-OECD crude runs, though closures in the Americas and Europe may affect OECD volumes. This continuing trend of expansion in refinery capacity east of Suez should continue supporting ton-mile demand growth for our vessels. On the supply side, newbuild orders for tankers rose significantly over the last two years, with the current orderbook for MRs and LR1s reaching 15.1% of vessels on water (measured in dwt), as at the end of February 2025. While vessel deliveries will accelerate from the second half of this year, they are spread over several years. Furthermore, considering the strong linkages between the different tankers sectors, the orderbook across all tankers (including product and crude carriers), which stands at a lower 13.4% of vessels on water, as at the end of February 2025, might provide a more reliable indicator of the market’s supply fundamentals. Additionally, the fleet is also ageing rapidly, with 17.0% of the MR and LR1 fleet already over 20 years old (17.2% of the entire tanker fleet), and 51.0% over 15 years (41.3% of the entire tanker fleet), as at the same date. This ageing fleet will reduce fleet productivity and eventually lead to an increase in vessel demolitions, with an acceleration anticipated in case of a market downturn or a resolution to the conflict in Ukraine, which would severely limit employment opportunities for such older tonnage. In 2024, with the objective of continuing to control a young and efficient fleet DIS was very active in the sale and purchase market. We began by selling the MT Glenda Melanie, a 2010-built MR and the oldest vessel in our fleet, at an attractive price of US$ 27.4 million. In April 2024, we also ordered four new LR1 vessels from a reputable Chinese shipyard, with deliveries expected in the second half of 2027. These highly efficient, environmentally friendly vessels will considerably strengthen our presence in the LR1 segment, which we anticipate will generate strong returns in the coming years. We also continue investing in new technological solutions and operational measures to make our vessels as efficient as possible. Additionally, also with the objective of rejuvenating our fleet, we exercised purchase options on four top-class vessels built in Japan, which we had been time-chartering-in since their construction. These acquisitions introduced modern and eco-friendly MR vessels into our owned fleet at a cost substantially below their current market value, further lowering our break-even costs. Thanks to our robust financial structure, we could also focus on increasing shareholder returns through both share buybacks and dividends. In addition to an annual gross dividend of US$ 30.0 million distributed in Q2 2024, relating to the Company’s 2023 results, the Company paid an interim gross dividend of US$ 30.1 million in Q4 2024, and repurchased shares totaling US$ 10.3 million throughout the year. Today, DIS’ Board of Directors proposed an annual gross dividend distribution of around US$ 35.0 million to the upcoming Annual Shareholders’ Meeting, which would bring DIS’ total payout, combining gross dividends and share buybacks, to around 40% of the Company’s consolidated net result in 2024. I extend my deepest appreciation to our teams, both at sea and onshore, whose dedication and professionalism underpins our achievements. I am also grateful to our shareholders for their steadfast trust and support. In recent years, we have diligently built a foundation for DIS’ continuing success. Through a modern and efficient fleet, a skilled and cohesive team, and a robust balance sheet, we are well equipped to confront future challenges and seize forthcoming opportunities, generating enduring value for our shareholders.” Federico Rosen, Chief Financial Officer of d’Amico International Shipping commented: ‘‘DIS delivered another strong financial performance in 2024, reporting a net profit of US$ 188.5 million, closely approaching the record net profit of US$ 192.2 million in 2023. Our EBITDA for the year was of US$260.9 million, achieving an EBITDA margin of 70.2% on total net revenue, while our operating cash flow was robust at US$ 258.7 million. Throughout 2024, we further solidified our financial structure, underpinned by strong cash flow generation. By the end of December 2024, our net financial position improved significantly to US$ 121.0 million, with cash and cash equivalents totaling US$ 164.9 million, compared to a net financial position of US$ 224.3 million at the end of 2023. Our financial leverage ratio, excluding IFRS 16 effects and calculated against our fleet’s market value, also saw substantial improvement, finishing the year at 9.7%, a marked reduction from 18.0% at the end of 2023 and 72.9% at the end of 2018. Leveraging our substantial liquidity and superior credit rating, we repaid several high-cost bank loans and secured new financing at more favorable terms, including significantly lower margins. Despite the current uncertain geopolitical landscape, our robust balance sheet has been instrumental in allowing us to continuously deliver value to our shareholders through share buybacks and dividends. In 2024, we distributed a US$ 30.0 million dividend from 2023’s net earnings in the second quarter, followed by an interim gross dividend of US$ 30.1 million in the fourth quarter, and executed share repurchases totaling US$ 10.3 million. Today, we are pleased to announce that our Board of Directors has proposed for approval at the upcoming Annual Shareholders’ Meeting a gross dividend of US$ 0.2940 per issued and outstanding share (US$ 0.2499 net, after deducting the maximum applicable withholding tax of 15%), equivalent to approximately US$ 35.0 million, scheduled for payment in May 2025. We extend our heartfelt thanks to all our stakeholders, for their unwavering support. We remain optimistic about our future prospects and are committed to leveraging our financial strength to consistently generate substantial value and returns for our shareholders.” Source: d’Amico International Shipping

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14 March 2025

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Chinese Maritime Threat Has Australia Investing In Anti-Ship MissilesAustralia is scrambling to deploy new long-range missiles as the recent arrival of powerful Chinese warships off the Australian coast delivers a sharp reminder of Beijing’s growing naval muscle. In a move to boost military firepower, Canberra plans to arm Australian soldiers with anti-ship missiles and advanced targeting radars to protect the country’s vast maritime approaches, according to contract announcements as well as a flurry of recent official speeches and ministerial statements. Two new types of advanced anti-ship missiles for the army fired from mobile launchers are under evaluation with a decision expected by the end of the year, the government has said. Australian government officials have said that future versions of one of the contenders, Lockheed Martin’s Precision Strike Missile, were expected to have a range of up to 1,000km and could be fired from High Mobility Artillery Rocket System (HIMARS) launchers. Australia has 42 HIMARS launchers on order from the United States, with launchers expected to be in service from 2026-27, according to the defense department. The U.S. Army in June used two Precision Strike Missiles to successfully attack a moving target at sea during an exercise in the Pacific, the army said in a statement. China’s People’s Liberation Army Navy (PLAN) jolted Australia’s security services with the deployment of three warships – one of its most potent cruisers, a frigate and a replenishment ship – close to the country’s biggest cities of Sydney and Melbourne late last month. Air traffic between Australia and New Zealand was disrupted with 49 flights diverted on February 21 when the Chinese flotilla held what appeared to be a live fire exercise in the Tasman Sea without notifying authorities in Canberra or Wellington. The new missiles for the Australian army would deliver a potent strike capability and act as a deterrent to potential adversaries, according to Mick Ryan, a retired Australian army Major General. “You could put a HIMARS launcher with a maritime strike missile in Sydney and it would have the potential to hit one of those ships,” Ryan said. New missiles for the Australian army are a key element of Canberra’s plan to prepare for a more assertive Chinese military presence in waters around Australia. They could also be deployed to support allied forces defending strategically important islands in the Asia-Pacific region in the event of conflict, military experts told Reuters. New long-range missiles are also on order for Australia’s navy and air force. To counter what senior Australian officials describe as the “greatest strategic uncertainty” since World War Two, Canberra will spend up to $47B over a decade on targeting technology, long-range strike capacity, missile defense and manufacturing of missiles and explosives, according to official speeches and defense planning documents. Canberra is not alone turning to these long-range strike weapons to counter the threat from China. The U.S. and most of its key allies in Asia, including the Philippines, Japan, South Korea and Taiwan, are also modernizing and expanding their missile forces. They are deploying new missiles, accelerating research on hypersonic weapons and other new technologies, re-purposing older projectiles and expanding production lines. Asked how China viewed the decision by Australia and other countries to boost their missile arsenals, a foreign ministry spokesperson said Beijing was pursuing “a defensive national defense policy,” and China shouldn't be used “as an excuse to exaggerate tensions" and "incite arms races.” For some of America’s regional allies, this quest for new missiles is likely to take on new urgency with growing uncertainty over the Trump administration’s commitment to traditional security ties, according to Ross Babbage, a former Australian government defense official and now a senior non-resident fellow at the Washington-based Center for Strategic and Budgetary Assessments. In response to questions from Reuters, a Pentagon spokesperson cited Defense Secretary Pete Hegseth as having said that deterring China was a priority for his department. “One of the ways we do that is by building and maintaining a strong network of allies and partners in the Indo-Pacific,” said Pentagon press secretary John Ullyot. “There should be no doubt to our commitment to the safety and stability of the region.” Allies like Australia with modest defense outlays are already under pressure from a Trump administration that is showing open frustration with countries it believes should be spending more. U.S. President Donald Trump’s nominee for Under Secretary of Defense for Policy, Eldridge Colby, told his Senate confirmation hearing earlier this month that Australian defense spending was well below the target of 3% of GDP suggested by NATO leadership for its members. He said Canberra faced a far more powerful challenge from China. Australia currently spends about 2% of GDP on defense. Some critics of Australia’s defense spending say successive governments have allowed urgent military programs to languish, including the introduction of new missiles. “This deserves a high degree of priority,” said Babbage, referring to the deployment and manufacture of missiles. “We ought to be really turbo-charging this.” Babbage said if there was conflict in the Indo-Pacific region, it was likely to become protracted and allied forces would need deep stocks of missiles and the capacity to produce more. Security officials in Canberra anticipate that Chinese warships will become regular visitors off the Australian coast and in bigger numbers. And, like the fleet that exercised off Australia’s coast, these exercises would test Canberra’s political resolve and the surveillance capabilities of the Australian military. Australia’s Director General of National Intelligence, Andrew Shearer, told a parliamentary inquiry on February 24 that some of the Chinese fleet’s activities seemed “designed to be provocative,” while acknowledging it had complied with international law. Shearer said that after the biggest and least transparent military build-up since the Second World War, China now had the capability to project military power into Australia’s region and intended to do so more often. China has "repeatedly briefed" about its naval exercises, the foreign ministry spokesperson said. These exercises are “fully in line with international law and international practices,” the spokesperson said. Canberra’s embrace of missiles echoes that of earlier military planners in Beijing. Decades ago, when the PLA was a backward ground force with obsolete weapons, it began to build a massive missile force as the cheapest and fastest way to bridge the gap with the U.S. and its allies. Missiles are relatively cheap but pose a deadly threat to high-value targets such as warships, strike aircraft, military bases and logistics centers. This makes these weapons a natural choice for weaker militaries confronted with much stronger adversaries. Now that China can rival American military power in Asia, outgunned regional rivals are following the same blueprint. A key objective of this allied response is the deployment of longer-range missiles that match or exceed the reach of those in the PLA arsenal. In December, Canberra announced it would choose either the Naval Strike Missile, developed by Norway’s Kongsberg Defence & Aerospace, or Lockheed’s Precision Strike Missile for two new army regiments tasked with maritime defense. U.S. Marines in the Indo-Pacific region are already using the Naval Strike Missile fired from a ground-based launcher. In early January, the government announced a contract of more than AUD$100 million ($63 million) for Thales Australia to deliver 40 command and control vehicles for the new missile regiments. To detect threats, the army’s missile regiments will be equipped with new radars. Last month, Canberra ordered up to 14 multi-mission phased-array radars from Canberra-based CEA Technologies in a contract worth AUD$272 million. One of the advantages of these land-based mobile missile systems is that they can be easily dispersed and concealed but still pack the punch of a much more expensive warship and strike aircraft. “It’s a truck,” said Ryan. “You can park it under a tree and come out to fire it and move back again. They won’t find you.” (Reuters)

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13 March 2025

Parliamentary Panel On Railways Calls For Ppp Push

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