d’Amico International Shipping S.A.
Interim Management Statements – Third Quarter 2009

Luxembourg, 29 October 2009 - The Board of Directors of d’Amico International Shipping S.A. approves Q3 2009 Results and the Company’s 2010 financial calendar.

‘Difficult market environment reflected by the Q3 Net Loss of US$ 11.4 million (US$ 7.8 million excluding non cash forex items), but operating cash-flow at break-even level and relevant cash on hands’ The steady supply of ships, driven by the large influx of new buildings into the market, has resulted in significant pressure on the spot rate. Considering the difficult operating environment, characterized by the world economy recession combined with vessel over-capacity, the d’Amico International Shipping (DIS) results should be considered as relatively good. The significant percentage of fixed contracts coverage, the strong market positioning, together with efficiencies in general and administrative costs and the solid balance sheet allowed DIS to sail at the water line, close to its break-even level.

THIRD QUARTER 2009 RESULTS

• Time charter equivalent Earnings (TCE) of US$ 42.6 million
• Gross operating profit of US$ 4.2 million (9.7% on TCE)
• Net loss of US$ 11.4 million (US$ 7.8 million net of loss on exchange rate)
• Cash Flow from Operating Activities at break-even level (negative amount of US$ 0.4 million)
• EPS / loss of US$ 0.076

NINE MONTHS 2009 RESULTS

• Time charter equivalent Earnings (TCE) of US$ 141.1 million
• Gross operating profit of US$ 28.7 million (20.3% on TCE)
• Net loss of US$ 4.2 million (US$ 3.6 million net of loss on exchange rate)
• Net debt of US$ 150.5 million with cash on hands of US$ 112.0 million
• Cash Flow from Operating Activities of US$ 28.2 million
• EPS / loss of US$ 0.028

OUTLOOK

d’Amico International Shipping’s outlook remains substantially in line with the disclosure previously shown this year, confirming that it is still significantly influenced by the current weak product tanker demand and an uncertain worldwide economic scenario. As a consequence, DIS management maintains a very cautious approach regarding it. Product tanker rates have declined since the beginning of the current year, with the largest correction in Q2. There were no substantial further large reduction in Q3 and no further larger decrease going into the last quarter of the current year is expected. The rates remain under pressure and a stabilisation or an improvement, also considering the relevant net fleet growth, would not occur until economies start to improve, generating a demand support.

d'Amico International Shipping