of Friend International Shipping it has archived item 2010 with a net loss of 20,5 million dollars



The shipowning society of Friend International Shipping (DIS) has closed the 2010 with a net loss of 20,5 million dollars on revenues Time base charter for 199,3 million dollars respect to a net loss of 13,4 million dollars on revenues Time base charter for 185,5 million dollars in exercise 2009. The gross operating result (EBITDA) has been positive for 30,4 million dollars (- 1.1%) and operating result (EBIT) of the exercise has been negative for 2,0 million dollars respect to an operating loss of 6,4 million dollars in 2009.

DIS has specified that the net loss of 20,5 million dollars achieved in 2010 comprises a loss on changes of 7,8 million dollars deriving from the conversion of the debit expressed in yen Japanese and that such loss is caused by the weakness of the USA dollar regarding the Japanese uniform, element that moreover continues to characterize the world-wide economy. Excluding such mail of merely accounting character it is for the 2010 who for the exercise precedence - it has explained the company - the net loss has been of 12,7 million dollars in 2010 regarding a net loss of 16,0 million dollars in 2009.

Commenting the data of the project budgetary for 2010, that he is examined and approved of today by the board of directors of the company, the managing director of Friend International Shipping, Marco Fiori, has found that last year "the hire rates are improved of the 25-30% regarding the second half of the year of 2009 and, besides some period of relative peak, has remained stable for all the course of the year". Flowers have emphasized as, "although the generally difficult operating context, DIS have confirmed own competitiveness, realizing performances advanced to those of the average of the reference market. The solid position financial institution and the meaningful resources financial institutions available - it has added - places in evidence the DIS ability to contain lessened the consequences negative financial institutions deriving from the current not favorable cycle of the market of the tankers". "A meaningful quota revenues of 2011 - it has specified - already is guaranteed thanks to contracts to standing charge, whose incidence on the total of the turnover clearly of the year in course is previewed of 45%, unchanged regarding the exercise precedence. At the beginning of 2011, DIS has renewed various of such contracts to standing charge, in expiration, with some of the main oil companies. Such contracts, that they confirm the high competitive level and the quality of the fleet, are concluded to chartering rates such to strengthen the case generation".

"of Friend International Shipping - it has concluded the managing director - confirmation own prudent vision on the perspectives of the market for the first months of 2011, manifesting greater optimism for the next periods. This to light of the progressive consolidation, over the coming years, of the ability to refining outside from the countries of area OECD, that it will involve the increase of the question of tonnage for miles and of the rates I use of the refining ability".