The Board of Directors of d’Amico International Shipping S.A. approves FY 2009 Results:

ACCEPTABLE RESULTS IN UNPRECEDENT LOW MARKET - EBITDA OF US$ 30.8 MILLION, AND NET LOSS OF US$ (13.4) MILLION, (US$ (0.09) PER SHARE)

FY 2009 RESULTS
• Time charter equivalent earnings (TCE) of US$ 185.6 million
• Gross Operating Profit/EBITDA of US$ 30.8 million (17% on TCE)
• Operating loss/EBIT of US$ (6.4) million
• Net loss of US$ (13.4) million
• Net debt of US$ 171.4 million
• Cash Flow from Operating Activities of US$ 18.1 million
• EPS of US$ (0.089)

Luxembourg, 23 February 2010 – The Board of Directors of d’Amico International Shipping S.A. (Borsa Italiana: DIS) (the Company or the Group), a leading international marine transportation company focusing on the product tanker market, today examined and approved the 2009 full year financial results.

MANAGEMENT COMMENTARY
Paolo d’Amico, Chairman of d’Amico International Shipping S.A. commented:
“As a consequence of the Global Economic downturn, in 2009 the product tanker industry has experienced an unprecedented low market. . Taking into consideration that 2009 has been the most testing operating environment for many years, attributed to the world economic situation, decreased Oil Product demand and with added pressure of tonnage supply increasing, the d’Amico International Shipping (DIS) results should be considered fairly acceptable. The significant percentage of fixed contracts coverage, the strong market positioning, together with some costs efficiencies, allowed DIS to mitigate the effects of the weak market, continuing to generate a positive operating cash flow and maintaining a solid financial position.”

SUMMARY OF THE RESULTS IN 2009
In 2009 the Time Charter Equivalent Earnings of DIS were of US$ 185.6 million (US$ 251.6 million in 2008), while Gross operating profit (EBITDA) was of US$ 30.8 million, representing the 16.7% on time charter earnings (US$ 201.2 million in 2008) and a net loss of US$ 13.4 million compared to the net profit of US$ 147.8 million realized in 2008. The Operating cash flow in 2009 was of US$ 18.1 million (US$ 102.7 million in 2009). The comparison with the previous year results, when DIS results were also positively influenced by the significant gain on disposal on four vessel for the amount of U$ 98.4 million, clearly show the completely different environment in which DIS operated in 2009 with respect to the 2008 market peak. The 2008 figures have been restated as a consequence of the recognition of the amount US$ 7.3 million as prior year adjustments, already disclosed during 2009. This amount arises from the M/T High Harmony and M/T High Consensus sale price reduction agreed late in March this year. The price decrease was not made known to DIS at the original agreement (Q4 2008). If these facts had been known then management would have assessed the need for receivables write-down at the 31 December 2008 financial position date. Consequently, in accordance with IFRS applicable rules, the comparative 2008 figures have been restated to show the effects of the above mentioned amount as it would have been occurred at the end of the previous year.

Detailed report available at: www.damicointernationalshipping.com

d'Amico International Shipping