Marco Fiori, CEO of d'Amico International Shipping S.A. (Borsa Italiana: DIS), Discusses the Product Tanker Sector and

NEW YORK, NY, May 11 (MARKET WIRE) --

Barry Parker:

We have with us today, Mr. Marco Fiori, Chief Executive Officer (CEO) of
d'Amico International Shipping S.A. (MILAN: DIS). As a way of background,
the company is part of the d'Amico Group, one of the world's leading
privately owned marine transportation companies that traces its origin in
1936, and operates, through its fully owned subsidiary d'Amico Tankers
Limited (Ireland), in the product tankers market comprising vessels that
typically carry refined petroleum products, chemical and vegetable oils.
d'Amico International Shipping S.A. controls, either through ownership or
charter arrangements, a modern, high-tech and double-hulled fleet, ranging
from approximately 35,000 and 51,000 deadweight tons. The Company has a
history and a long tradition of family enterprise and a worldwide presence
with offices in key market maritime centers (London, Dublin, Monaco and
Singapore). The company's shares are listed on the Milan Stock Exchange
under the ticker symbol "DIS."

Barry Parker:

You just announced your financial results for the first quarter of 2009.
Are you pleased with your performance? Could you please elaborate on your
financial and operational highlights for the Q1 2009?

Marco Fiori:

Despite the difficult and challenging current market environment, we are
happy to report that d'Amico International Shipping has performed
considerably well in the First Quarter of 2009.

We reported a net profit of US$8.6 million and gross operating profit
(EBITDA) of US$15.5 million. Revenue for Q1 2009 amounted to US$71.4
million compared to US$72.9m in Q1 2008, due to the clean products market
demand decline, with the average number of our fleet's vessels being 36,
compared to 35.2 in the same quarter of the previous year.

We have a solid balance sheet with a conservative depreciation policy, and
cash reserves of about US$300 million which includes cash on hand and
credit lines not financing current Capex plan. We believe that our strong
and solid core business, the level of time charter earnings coming from
fixed contracts (56% for Q1 2009) and the low debt of 35%, have enabled us
to maintain a good profit margin for the first quarter of 2009.

Barry Parker:

Has the current global downturn affected d'Amico International Shipping
and if yes, how? Did you have to adapt your strategy to cope with the
changing market conditions?

Marco Fiori:

Even within the current market environment and worldwide downturn, our
Group has performed extremely well in the Q1 2009 and has succeeded to
maintain a good profit margin.

We are very cautious about the ongoing economic uncertainty which
influences the outlook of the shipping markets and our Group as well.
Freight rates are likely to remain under pressure during 2009. We believe
that the year 2010 will be positive with the product tanker rates expected
to recover in 2010.

d'Amico International Shipping has a strong financial position which we
believe is a key factor that will help us face these challenging times. We
have a low net debt position with flexible credit facilities at attractive
conditions that further solidifies our position to combat these difficult
markets. Our strategy includes expanding through sustainable fleet growth,
enhancing and developing our business with key clients and growing our
business driven by the market conditions and opportunities that may arise.

We have already secured a large portion of revenue at an adequate and
profitable level and have increased our fixed contracts coverage (56% for
the first 3 months of 2009). For 2009, we expect our fixed contract
coverage percentage to reach 60% on average, which reinforces our belief
that despite the current uncertain market conditions, the Group will be
able to cope.

Barry Parker:

What is your fleet composition at the moment? What is your new building
program?

Marco Fiori:

Our Company owns and operates a modern, flexible and young fleet with an
average age of 4.3 years compared to the industry average of 10.3 years.
Our fleet is in full compliance with the requirements of oil-major
companies and their tightening of vetting and screening procedures.

Today, the entire d'Amico Group controls about 76 owned and chartered-in
vessels, of which 37.2 are vessels of DIS fleet, operating in the product
tanker market, while the remaining 39 include 37 dry-bulk vessels
controlled by d'Amico Dry Limited and d'Amico Shipping Italia S.p.A. and 2
container vessels controlled by d'Amico Shipping Italia S.p.A.

During the first quarter of 2009, in March 2009 in specific, two vessels
were delivered to d'Amico Tankers Limited, including the M/T High
Enterprise a medium range chartered in vessel, which was delivered for a
period of 8 years and the M/T Handytankers Magic, a handysize chartered-in
vessel, which was delivered for a period of 6 years (in which d'Amico
Tankers Limited has a 25% interest).

The Group has established two joint ventures for the combined control of
vessels, with key strategic partners. The first is with DM Shipping Ltd
which will allow us to broaden the scope of our relationship with
Mitsubishi Group, including a new building programme of two MR vessels to
be delivered in the second half of 2009. The second joint-venture is with
GLENDA International Shipping which reinforces the commercial partnership
with Glencore Group, and has an order book for the purchase of 14 new MR
product/chemical tankers to be delivered between June 2009 and October
2011.

For the financial year 2009, we expect our average fixed contracts
coverage to be close to 60%, which would protect us against the weak spot
market conditions. Lastly we should note that our newbuilding program is
largely financed at attractive terms with sustainable equity
contributions (c.30%) having already been paid.

Barry Parker:

Could you please go over your debt position as of today?

Marco Fiori:

As at the end of March 2009, our net financial indebtedness amounted to
US$136.6m compared to US$142.2m as at 31 December 2008.

Our low net debt with the flexible credit facilities we have secured at
attractive conditions, and the significant amount of cash we have
available (of about US$300m), makes us confident that we are well
positioned to deal with the current world crisis.

Barry Parker:

Can you share with us your views on the outlook of the shipping market?
How do you see d'Amico International Shipping navigating in 2009 and
beyond?

Marco Fiori:

We are very cautious about the outlook of the shipping industry which we
believe is very much influenced by the current worldwide economic
uncertainty. Despite the overall outlook being cautious, we are confident
that DIS is well positioned to successfully manage the current financial
turmoil.

The key drivers that affect the product tanker freight markets for the
current year, and subsequently our Company's performance, include the
global downturn and present short-term negative outlook about oil demand
and worldwide GDP growth, and the large influx of new buildings mainly in
2009.

We believe that in 2009 the product tanker rates will remain under
pressure but moving on to 2010, the product tanker rates should recover
due to the phase-out of a large percentage of the single hull vessels due
to the IMO mandate in 2010. We are optimistic that the longer-term view
is positive and due to its strong cash position and significant portion
of revenue secured, our Company is in a solid financial position to face
these challenging times.

About Barry Parker:

Barry Parker is a financial writer and analyst. His articles appear in a
number of prominent maritime periodicals including Fairplay, Seatrade,
Lloyds Shipping Economist and Janes Transport Finance and Capital Link
Shipping.

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Tel. (212) 661-7566
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