Presentation - Investor Relations - Tanker

AgendaHighlightsMarco FioriProduct Tanker MarketFY & Q4 2009 ResultsFleet Evolution & Capex PlanOutlook2

2009 Key FiguresFY and Q4 2009 ResultsNet Result• FY „09 Net loss of US$13.4 m- EPS of US$ (0.09)• Q4‟09 Net loss of US$9.2 m - EPS of US$ (0.06)OperatingCash Flow• Cash generation of US$18.3 m in FY‟09• Cash burning in Q4‟09 limited to US$9.9 mFleetMarketValue• US$437.0 m – Unprecedented weak operatingenvironment affecting vessels estimated marketvalueNet Debt• Sustainable level of Net debt (US$171.4 m) withUS$92.2 m of Cash on hands5

GLENDA JV: STREAMLINING OF THE KEYPARTNERSHIP WITH GLENCORESLS 4 VESSELSCANCELLATION•H2 2009 - 4 SLS new building contracts cancellationfor excess of delay• 2 Feb 2010 - Awards for 3 of the 4 vessels: US$82.6 m to be paid back to the company (US$ 29.2m net of the financing banks repayment)•Very confident in the positive result of theupcoming arbitration relating to the remainingvesselVESSELSOPERATIONSTARTED (10vessels in total)•The first new vessel was delivered in August 2009,while the second one early in February 2010. The JVcompany has now started operating vessels•The remaining 8 vessels will be delivered in Q42010 and Q1 20116

AgendaHighlightsProduct tanker marketFY & Q4 2009 ResultsAlberto MussiniFleet Evolution & Capex PlanOutlook10

FY and Q4 2009 Financial Results• Results• TCE Earnings - US$ 185.6m in FY‟09 and US$ 44.4m inQ4‟09• EBITDA of US$ 30.8m in FY‟09 and US$ 2.1m in Q4‟09• Net loss of US$ 13.4m in FY‟09 and US$ 9.2m in Q4‟09• EPS of US$ (0.09) in FY‟09 and US$ (0.06) 09• Cash generation - Operating cash flow of US$ 18.3min FY‟09 despite the negative flow of US$ 9.9m inQ4‟09• Net Debt as at 31 December 2009 at the low level ofUS$ 171.4m, while considering the significant capitalexpenditure of US$ 84.5m over FY‟09Acceptable results in a low market and unprecedentedweak operating environment11

Financial Results - Income StatementQ4 2009 Q4 2008(US$ million)FY 2009 FY 2008(Restated 1 )(Restated 1 )44.4 63.5 TCE Earnings 185.5 251.6(24.9) (22.8) Time charter hire costs (91.3) (82.2)(12.1) (11.5) Other direct operating costs (45.9) (46.1)(6.2) (6.1) General and administrative costs (21.4) (24.3)0.9 - Other operating Income 3.9 3.8- 51.2 Result on disposal of vessels - 98.42.1 74.2 EBITDA 30.8 201.2(10.0) (9.6) Depreciation (37.2) (36.7)(7.9) 64.6 EBIT (6.4) 164.50.1 (7.1) Net financial income (charges) (5.3) (16.1)(1.4) (0.0) Income taxes (1.7) (0.6)(9.2) 57.4 Net Profit /(Loss) (13.4) 147.8Slight increase in TCE Earnings in Q4‟09 vs. previous quarter but continued weakness inProduct Tanker rates affecting 2009 results and margins (EBITDA 17% on TCE in FY‟09)G&A costs saving plan (12% of decrease despite the non favourable US$/Euro trend )Fleet depreciation conservative policy (still 17 years) significantly influencing resultsFX gain of US$2.6m in FY‟09 and US$ 1.0 m of taxes on interests re. SLS reimbursement121. 2008 figures have been restated has a consequence of the recognition of the amount US$ 7.3 million as a prior year adj. Relating to the H.Harmony and H. Consensus sale price reduction

Key Operating MeasuresKey Operating MeasuresQ12009Q22009Q32009Q42009FY2009FY2008Number of vesselequivalents¹36.0 37.0 38.5 41.1 38.5 36.1Fleet contract coverage² 56.0% 60.2% 54.9% 48.9% 54.8% 52%Daily TCE earnings³(US$/day)Owned vessels/totalfleet (%)Off-hire days/availablevessel days (%)19.375 16.504 13.879 14.235 15.891 21,57041.7% 40.1% 40.3% 39.8% 40.3% 45.9%2.5% 4.1% 2.5% 1.06% 2.5% 2.0%Tanker market was still suffering from negative impact of very low demand andinflux of new tonnage, but few signs of improvement late in Q4‟09Decrease in fixed contract coverage led to a higher average rate in Q4, mostly dueto a better mix of fixed rates131. Total vessel days for the period divided by number of days in the period2. Days employed on time charters and contracts of affreightment, divided by total available vessel days3. Calculation excludes time charter equivalent income and days of vessels chartered through

Statement of financial position(US$ Thousand)ASSETSAs at31 Dec.‟09As at31 Dec.‟08(Restated 1 )Non current assets 522,717 531,275Current assets 202,423 185,618Total assets 725,140 716,893LIABILITIES & SHAREHOLDERS‟ EQUITYShareholders‟ equity 353,499 380,578Non current liabilities 261,220 271,666Current liabilities 110,421 64,649Total liabilities and shareholders’ equity 725,140 716,893Of which:Bank and other lenders 319,936 293,995Cash and cash equivalents 148,575 151,761Net Debt 171,360 142,23414Solid financial position despite the pressure on fleet value (no impairment needed), allowing DIS toface the market volatilityNet Debt / Equity ratio at 0.48No dividend distribution, due to the transition year and still weak operating environment – keepingcash at Company level to sustain future development and solid financial position1. 2008 figures have been restated has a consequence of the recognition of the amount US$ 7.3 million as a prior year adj. Relating to the H.Harmony and H. Consensus sale price reduction

Net Debt and Cash Evolution in FY‟09(US$ million) 31 Dec ’09 30 Jun ‘09 31 Dec ’08Bank and other lenders 319.9 291.7 294.0Current fin. assets 148.6 144.3 151.8- Cash and cash equivalents4192,3 129.1 41.5- Current fin. receivables from thirdparties56.3 15.2 110.3Net Debt 171.4 147.4 142.2(85)104924218(19)32Cash as of 31Dec.'08Operating cashflowCAPEX Dividends paid Banks loan netdrawdownVessels saleproceedsCash as of 30Sept.'0915• Stable and relatively low debt• Current financial receivables relate to the amount due in connection with the SLSShipyard 4 vessels cancellation• Positive cash evolution over the year, also considering the vessels sale proceeds

Cash FlowQ4 2009 Q4 2008(Restated 1 )Cash Flow (US$ thousand)FY2009FY2008(Restated 1 )(9,899) 36,407(14,937) 92,4945,094 (132,641)(19,743) (3,740)Operating Activities 18,258 102,682Investing Activities (28,677) (31,748)Financing Activities 61,180 (54,378)Change in Cash Balance 50,761 16,556Positive cash generation at the operating level on FY basis also in theweak „09 environment with a strong pressure on market ratesSignificant level of net cash generated in FY‟09 driven by disposal ofvessels161. 2008 figures have been restated has a consequence of the recognition of the amount US$ 7.3 million as a prior year adj. relating to the H.Harmony and H. Consensus sale price reduction

Financial ratiosGearing (%)48.5%Indebtedness /Shareholders‟equity37.4%34.9%39.5%41.6%Leverage5.57Indebtedness /EBITDA Adj.(12months-excludingResults on disposalfor comparisonpurposes)1.381.461.912.91Coverage8.327.72EBITDA Adj(12 monthsexcludingResultson disposal forcomparisonpurposes)/ financialincome-charges(12 months)6.4001 Jan „0931 Mar „0930 Jun „093.9930 Sept „095.8331 Dec „0917Strong level of gearing driven by the sustainable level of net debt, whileother ratios negatively influenced by the difficult 2009 market scenarioand operating performance level

Fleet‟s Market Value and Net DebtGroup‟s Fleet Market Value and Net Financial Position (US$ million) 11000900800700642 610600500541494437400300501474394343266200100140 137 147 151171031 Dec 2008 Mar 2009 Jun 2009 Sep 2009 Dec 2009Fleet Market Value (FMV) Net Debt (ND) FMV-NDOwnedvessels onthe water15 15 15 16 16.5Tanker prices have fallen dramatically from 2008 highs across all tanker classesand age ranges. 2009 prices were down over 30%, on average, from 2008.Further significant asset price erosion in 2010 not expected181. January 2010 values based on SSY estimates as at 31 December 2009. Fleet value also includes DIS‟ share of yard payments for vesselsunder construction

AgendaHighlightsProduct tanker marketFY & Q4 2009 ResultsFleet Evolution & Capex PlanAlberto MussiniOutlook19

Fleet Profile EvolutionDIS‟ New-building ProgramYear ofDeliveryDIS‟ InterestTotal Vessels2010 1.0 2.02011 3.5 7.0Total 4.0 9.0• DIS policy of steady and proper timingfor growth, focusing on strongpartnerships , positions the companyfavourably for next years• The opportunity to not renew /extendsome TC In contracts increase flexibilityto face different future scenarioDIS‟ Vessels Controlled by YearAll extension options exercised on TC-In vesselsNo extension options exercised onTC-In vessels41.4 42.04.9 5.039.53.041.0 38.02.02.020.0 20.0 19.018.015.016.5 17.0 17.521.021.02031-Dec-09 22-Feb-10 31-Dec-10 31-Dec-11Owned Time Chartered Chartered through Pools1. 50% of vessels acquired by GLENDA International Shipping.31-Dec-11

Capex PlanCapital Commitments(US$ thousand)2010 2011 Total5 GIS Hyundai-Mipo vessels 44,250 19,435 63,6854 GIS Hyundai-Mipo vessels 34,823 29,803 64,626Total 79,073 49,238 128,311• 5 MR Hyundai of GLENDA (JV with Glencore / DIS interests of 50%)- financed by Commerzbank / Credit Suisse.• The other 4 vessels (2 MR + 2 LR1) in process to be financedThe new building program is financed at attractive terms, withsustainable equity contributions (about 30%) already largelypaid21

AgendaHighlightsProduct tanker marketFY & Q4 2009 ResultsFleet Evolution & Capex PlanOutlookMarco Fiori22

Outlook: SupplyMedium Range 1 Product Tanker Deliveries/Scrappingm.dwt14.012.010.08.06.04.02.00.0m.dwt14.012.010.08.06.04.02.00.01.06.312.011.84.69.80.1 0.4As at Dec‟080.3 0.5Net forward growth declining. Insignificant new ordersplaced in 20095.95.4As at Dec‟092010 2011 2012Phase outOrderbookNet Fleet GrowthPhase OutOrderbookNet Fleet Growth2009 2010 2011 20121.01.0• Not all ships orderedfor 2009 have in factbeen delivered. In thisrespect is significantthe question whetheror not financing hasbeen secured forforward deliveries!•April 2010 is thedeadline for the IMOphase out of theremaining single hullvessels from theinternational trade.There is speculationthat some ships will beable to avoid thisdeadline since theycould be used fortrading, coastwise orfor storage. This is apossibility however webelieve the figure willbe not meaningful• Scrapping of Tankersin 2009 and year todate has now overtakentotal for 2008 byalmost fifty percentaccording to RS Platou23 1. MR product tankers ranging from 25,000 to 55,000 dwt. Source: Clarkson Research Services

Outlook: SupplyMedium Range 1 Product Tanker DeliveriesOrderbook vs deliveries MR Tankers - 2008250200150100500Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecOrdered DeliveredOrderbook vs deliveries MR Tankers - 2009300250200150100500Jan Feb Mar Apr May June July Aug Sep Oct Nov DecOrdered Delivered24 1. MR product tankers ranging from 25,000 to 55,000 dwt. Source: Clarkson Research Services• A number of shipswhich were scheduled tobe delivered in 2009,considered one of thebiggest delivery years inrecent history, did notoccurred and furthermore and from will not bedelivered not even in2010 . This happeneddue to the fact that theyhave been deferred,delayed, cancelled orconverted into a differentship type/size• The number of Ships inthe 25-55,000deadweight segment thatwere “not Delivered” in2009 according to SSY,Clarkson‟s, and ICAPShipbrokers runs between25 and 30 percent• However with such arelatively largepercentage we believe itis safe to assume acertain amount of thesedeliveries have in factbeen cancelled, theoptions never declared orwrongly reported in firstplace

Outlook: DemandGlobal Oil Demand (2009-2010) IEA EstimatesMillion of barrel86.586.085.585.084.584.083.52009 2010Oct.'09 Jan.'09Global Oil Demand Growth 2008-2009-2010• The IEA have revisedupwards global oildemand throughout2009 and by 1.3 millionbarrels per day for 2010versus the previous year.Growth continues to bedriven by non‐OECDcountries. The IMFlikewise has revised theirGDP forecast positivelyfor 2010. GDP growthnow stands at +3.8% for2010 versus an earlierestimate of +3.1%• Forecast non‐OECD oildemand has beenadjusted up for both2009 and 2010, on theback of higher economicforecasts and yet againhigher‐than‐expecteddemand readings fromChina and other Asiancountries251. Source: International Energy Agency Medium-Term Oil Market Report, February 2010

Outlook: Demand (cont‟d)Timing of refinery expansion20001800160014001200100080060040020002009 2010 2011 2012 2013 2014Crude Distillation Additions and ExpansionsAsia53%Middle East9%NorthAmerica16%Over 50% of additional capacity in AsiaEurope6%Other16%261. Source: International Energy Agency Medium-Term Oil Market Report, July 2009Middle EastAsiaOtherEuropeNorth America• There are stillsignificant investmentsin refinery capacity inthe coming years• According to the IEA,refinery capacity isexpected to increase by8.7 million barrels perday for the period 2008-2014, of which over halfis in Asia• Refinery closures andreduced output havealready occurred within2009, predominatelywithin the OECD. Newlow-cost capacity in Asiawill increasingly force arationalisation of oldhigh-cost capacity in thewest, structurallyfavouring more longhaul products trade• So as tonne miledemand increases thisshould have a positiveeffect on product tankerdemand

Vegetable Palm Oil Business80706050403020100Vegetable Oil Seaborne Trade (million tons)2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013Total Veg/Palm Oil Palm Oil Sunflower and Soybean OilVegetable and Palm Oil is 100 percent renewable resourceunlike most other commodities• Vegetable Oilseaborne trade is set tocontinue growth patternof recent years• Plantations continueto expand. Indonesiahas now overtaken theMalaysia as the largestexporter of Palm Oilproducts• Consumption ofVegetable Oil and it‟sproduct is primarilyused in Foodproduction. Howeverdemand is increasingwithin the Energy sector• Total Chemicalseaborne trade is set toincrease annually onaverage about 3.65%by 2013 or a totalincrease of 32 milliontons271. Source: Drewry, ISTA Oilworld and KTR Maritime

28Outlook from the market:

DIS‟s response for 2010• 2009 proved to be one of the most testing and challenging tradingenvironment in recent years. The uncertain Economic environmentseems to an extent is now more stabilized. There is still a robustorder book but this should be tempered to extent with the single hullphase out and slippage of new building due uncertain financialconstraints• Given the concern about the current Economic climate, albeit there issome improvement in Oil demand and GDP growth, the producttanker market rates could remain under pressure. 2010 isexpected also to be a challenging year.• The large and diversified number of trade lanes, productdislocation as product demand changes region to region, andpositive growth in demand for Ships capable of carrying a widerange of different classified product• The overall outlook remains still cautious, but DIS is very wellpositioned to maximize its potential during this period29

The DIS Course• DIS strategy• Reaffirm the balanced business development model, keepingrelevant financial resources „on hand‟• Maintaining focus on strategic partnerships to gain access tocargoes, optimize vessels laden to ballast voyage ratio throughtriangulation, continuing to be a Key-player in alternativecommodities, a growing & strategic market• Enhance and develop business with established Key clients• External opportunities• Fleet management• High percentage of Revenue from fixed contracts (Coverage) withtarget in the range of 45%. Maintaining coverage on the higherside to protect DIS position against weak spot market conditions• Keep a modern, young fleet and the first class „in-house‟ shipmanagement & crewing, in order to take competitive advantagebeing fully in compliance with the tightening of vetting andscreening procedures from oil companies30

31Appendix

DIS‟ Shareholdings StructureKey Information on DIS‟ SharesMarket30.56%d'AmicoInternationalShipping SA2.93%Listing MarketNo. of sharesKairos PartnersSGR SpA2.23%d'AmicoInternational SA64,28%Borsa Italiana, STAR149,949,907Market Cap 1€ 197,5 millionShares Repurchased / % of share capital4,390,495 / 2.93%321. Based on DIS‟ Share price on 19 February 2010, of € 1.317

d‟Amico‟s Group StructureHolding companyShipping companyListed entityOther companiesd‟AmicoSocietà di NavigazioneS.p.A.(Italy)99.99%d‟Amico InternationalS.A. (Luxembourg)100% 64.3%100%d‟Amico Dry Limited(Ireland)d‟Amico InternationalShipping S.A.(Luxembourg)Other companies33DIS benefits from d‟Amico Società di Navigazione S.p.A.‟stechnical management and crewing services

DIS‟ Current Fleet OverviewMR FLEETName of vessel Tonnage (dwt) Year Built Builder, Country Flag Classification Society Interest 1 IMO ClassifiedOwnedGLENDA Meredith 3 46,000 2010 Hyundai MIPO, South Korea Liberia Lloyds 50% IMO IIIHigh Strength 2 46,592 2009 Nakai Zosen, Japan Panama NKK 100% -High Efficiency 2 46,547 2009 Nakai Zosen, Japan Panama NKK1.DIS‟ economic interest2. DM shipping‟ vessel, owned by DIS for 51% and by Mitsubishi for the remaining 49%. Vessel in Time Charter to DIS operating subsidiary d‟Amico Tankers Ltd fromDM Shipping for 100%3. GLENDA‟s vesselTime chartered with purchase option Tonnage (dwt) Year Built Builder, Country Flag Classification Society IMO ClassifiedHigh Enterprise 45,800 2009 Shin Kurushima, Japan Panama NKK IMO IIIHigh Pearl 46,000 2009 Imabari, Japan Singapore NKK -High Prosperity 48,711 2006 Imabari, Japan Singapore NKK -High Century 48,676 2006 Imabari, Japan Hong Kong NKK -High Nefeli 45,976 2003 STX, South Korea Greece ABS IMO IIITime charter without purchase option100% -GLENDA Megan 3 47,000 2009 Hyundai MIPO, South Korea Liberia Lloyds 50% IMO IIIHigh Venture 51,087 2006 STX, South Korea Liberia RINA and ABS 100% IMO IIIHigh Presence 48,700 2005 Imabari, Japan Liberia NKK 100% -High Priority 46,847 2005 Nakai Zosen, Japan Liberia NKK 100% -High Progress 51,303 2005 STX, South Korea Liberia RINA and ABS 100% IMO IIIHigh Performance 51,303 2005 STX, South Korea Liberia RINA and ABS 100% IMO IIIHigh Valor 46,975 2005 STX, South Korea Liberia RINA and ABS 100% IMO IIIHigh Courage 46,975 2005 STX, South Korea Liberia RINA and ABS 100% IMO IIIHigh Endurance 46,992 2004 STX, South Korea Liberia RINA and ABS 100% IMO IIIHigh Endeavour 46,992 2004 STX, South Korea Liberia RINA and ABS 100% IMO IIIHigh Challenge 46,475 1999 STX, South Korea Liberia RINA and ABS 100% IMO IIIHigh Spirit 46,473 1999 STX, South Korea Liberia RINA and ABS 100% IMO IIIHigh Wind 46,471 1999 STX, South Korea Liberia RINA and ABS 100% IMO IIIHigh Force 52,000 2009 Shin Kurushima, Japan Singapore NKK -High Saturn 51,149 2008 STX, South Korea Hong Kong NKK IMO IIIHigh Mars 51,149 2008 STX, South Korea Hong Kong NKK IMO IIIHigh Mercury 51,149 2008 STX, South Korea Hong Kong NKK IMO IIIHigh Jupiter 51,149 2008 STX, South Korea Hong Kong NKK IMO IIIHigh Glory 45,700 2006 Minami Nippon, Japan Panama NKK -High Glow 46,846 2006 Nakai Zosen, Japan Panama NKK -High Trader 45,879 2004 Shin Kurushima, Japan Phillipines BV -High Energy 46,874 2004 Nakai Zosen, Japan Panama NKK -34High Power 46,874 2004 Nakai Zosen, Japan Panama NKK -

DIS‟ Current Fleet Overview (cont‟d)HANDYSIZE DIRECTName of vessel Tonnage (dwt) Year built Builder, Country FlagOwnedClassificationSocietyIMOClassifiedCielo di Salerno 36,032 2002 STX, South Korea Liberia RINA and ABS IMO IIICielo di Parigi 36,032 2001 STX, South Korea Liberia RINA and ABS IMO IIICielo di Londra 35,985 2001 STX, South Korea Liberia RINA and ABS IMO IIIBare boat without purchase optionCielo di Guangzhou 38,877 2006 Guangzhou, China Italy RINA and ABS -Time charter without purchase optionCielo di Roma 40,081 2003 Shina, South Korea Italy RINA and ABS IMO IIICielo di Milano 40,096 2003 Shina, South Korea Italy RINA and ABS IMO IIICielo di Napoli 40,083 2002 Shina, South Korea Italy RINA and ABS IMO IIIHANDYSIZE INDIRECTINTERESTName of vessel Tonnage (dwt) Year built Builder, Country FlagClassificationSocietyInterest 1IMOClassifiedTime charter without purchase optionHandytanker Liberty 34,620 2006 Dalian, China Marshall Islands LLOYDS 100% IMO IIITevere 37,178 2005 Hyundai, South Korea Marshall Islands DNV 50% IMO IIIFox 37,025 2005 Hyundai, South Korea Marshall Islands DNV 50% IMO IIIElbtank Denmark 37,274 2002 Hyundai, South Korea Marshall Islands DNV 50% IMO IIITorm Ohio 37,999 2001 Hyundai, South Korea Marshall Islands DNV 50% IMO IIITime charter with purchase optionMalbec 38,499 2008 Guangzhou, China Marshall Islands DNV 100% IMO IIIHandytankers Marvel 38,603 2008 Guangzhou, China Marshall Islands DNV 100% IMO III35 1.DIS‟ economic interest

DIS‟ New Building ProgramName of vessel /Hull NumberEstimatedtonnage (dwt)MR/Handysize Estimated delivery date Builder, Country Flag 2 Classification Society 2 Interest 1 IMOClassifiedOwned2186 - GLENDA Melanie 47,000 MR October 2010 Hyundai MIPO, South Korea Liberia Intention Lloyds 50% IMO III2187 - GLENDA Melody 47,000 MR January 2011 Hyundai MIPO, South Korea Liberia Intention Lloyds 50% IMO III2201 - GLENDA Meryl 47,000 MR February 2011 Hyundai MIPO, South Korea Liberia Intention Lloyds 50% IMO III2292 - GLENDA TBN 74,000 LR1 January 2011 Hyundai MIPO, South Korea Liberia Intention Lloyds 50% IMO III2164 - GLENDA Myrna 47,000 MR February 2011 Hyundai MIPO, South Korea Liberia Intention Lloyds 50% IMO III2293 - GLENDA TBN 74,000 LR1 February 2011 Hyundai MIPO, South Korea Liberia Intention Lloyds 50% IMO III2188 - GLENDA Michiko 47,000 MR March 2011 Hyundai MIPO, South Korea Liberia Intention Lloyds 50% IMO III2202 - GLENDA Melissa 47,000 MR March 2011 Hyundai MIPO, South Korea Liberia Intention Lloyds 50% IMO III361. Denotes economic interest (for the owned vessels it refers to the joint venture companies DM and Glenda)2. Most Likely3. DM shipping‟ vessel, owned by DIS for 51% and by Mitsubishi for the remaining 49%. Vessel in Time Charter to DIS operating subsidiary d‟Amico Tankers Ltdfrom DM Shipping for 100%