The Walt Disney Company

- No specific new fundraising through equity or debt is mentioned for the immediate future. - The company continues to execute its strategy of gradually repaying expensive debt and refinancing at lower costs. - New facilities were drawn down for $42 million in Q1 2026 across 3 ships. - The company expects to be active again with financing in the remaining part of 2026, primarily related to debt management. - There is an emphasis on refinancing and managing debt in 2027, coinciding with delivery of 4 LR1 vessels. - No plans for significant new equity issuance or major new debt fundraising beyond these refinancings and repayments are indicated as of this call. - Liquidity is strong with cash equivalent of $189.6 million and a very low net financial position relative to fleet value (2%).

- d’Amico is committed to an investment plan comprising 10 vessels totaling approximately $512 million. - Outstanding commitments are around $137 million, mainly planned for 2027 and 2029, coinciding with delivery schedules. - Vessel deliveries planned: 4 LR1s in 2027, 4 MRs and 2 Handys in 2029. - Recent market conditions have made the exercise of purchase options on leased vessels less likely this year; the company continues to monitor for value-generating opportunities. - No additional fleet investments are currently planned beyond these 10 vessels. - If an unexpected market correction creates attractive entry points, the company may consider further investments opportunistically. - The fleet is being modernized with eco-designed vessels; currently, 96% of the fleet is eco-designed. - Total investment in new buildings plus vessels on water amounts to over $500 million.

- Fleet expansion planned with 10 new vessels ordered, including 4 LR1s in 2027 and 6 MRs/Handys by 2029. - Fleet size expected to grow from an average peak of 28.3 vessels in 2026 to 34.7 vessels by 2029. - Market conditions support positive growth with strong spot market rates (over $30,000/day) and robust demand. - Delivery of new vessels aligns with increased capacity and anticipated market demand. - Aging fleet (20+ years) percentage rising, suggesting potential for fleet renewal and improved operational efficiency. - Strong market fundamentals and geopolitical factors expected to maintain favorable pricing and volumes. - Capital allocation strategy focuses on selective fleet expansion, opportunistic investments, and dividend/buyback balance. - Sensitivity analysis shows incremental $1,000/day rise in spot rate could add approximately $3 million to bottom line in 2026.

- Q2 2026 earnings expected to be extremely profitable with 81% of days fixed at a blended TCE of over $33,000/day, including 21% at nearly $60,000/day. - Sensitivity: Every $1,000/day increase in spot rates translates to approximately $3 million additional annual bottom-line profit. - Projected net result for full year 2026: - Breakeven scenario: ~$83 million net profit. - At $20,000/day remaining spot rate: ~$98 million net profit. - At $22,500/day remaining spot rate: ~$105 million net profit. - At $25,000/day remaining spot rate: $112.5 million net profit. - Contract coverage for 2027 is lower, so earnings sensitivity increases with an expected $8 million impact per $1,000/day spot rate change. - Fleet expansion planned with 10 new vessels delivering through 2029, supporting medium-term growth. - 55% contract coverage in 2026 at $23,400/day average; 23% coverage in 2027 at $23,500/day. - Overall outlook is positive but sensitive to spot rate fluctuations and market conditions.

- At the end of March 2026, d’Amico had 10 vessels under construction. - These include 4 LR1 vessels scheduled for delivery in 2027. - Additionally, 4 MR vessels and 2 Handy vessels are expected for delivery in 2029. - The company has outstanding commitments of around $137 million for these vessels. - Recent ordering activity shows a total of 28 vessels ordered in the first four months of 2026 (annualized to just over 80 vessels for the year). - This order volume in 2026 is significantly lower than previous years: over 200 vessels ordered in 2025 and over 150 in 2023. - The order book for MR and LR1 segments peaked at the end of 2024 and has been declining since, standing at 13.5% of the fleet at the end of March 2026. - Fleet growth remains under 1% for sub-20 years fleet in 2026, supporting market balance.