Shipping Master Series

PRODUCT TANKER SECTOR Wednesday, December 10, 2025 Moderator: Mr. Gregory Lewis, Head of Maritime Research – BTIG Panelists: Mr. Carlos Balestra di Mottola, CEO - d'Amico International Shipping S.A. (DIS.MI) (OTCQX: DMCOF) Mr. Soren Steenberg Jensen, EVP, Head of Asset Management - Hafnia Ltd. (NYSE: HAFN) (OSLO: HAFNI) Mr. Robert Bugbee, President - Scorpio Tankers Inc. (NYSE: STNG) Mr. Kim Balle, CFO - TORM S.A. (NASDAQ: TRMD) (Copenhagen: TRMDA) The webinar explored the current state and future prospects of the product tanker market, with panelists discussing market drivers and trends including production increases, geopolitical factors, and trade route dynamics. The discussion covered various market impacts including refinery production changes, sanctions effects, and fleet management strategies, with particular attention to LR2 vessels and trading patterns. The panel concluded by examining market conditions and charter rates, noting strong demand and limited new builds, while discussing the profi