In the first Premuda trimester it is incurred in a net loss of 1,29 million euros



In the first trimester of this year the shipowning society Italian Premuda is incurred in a net loss of 1,29 million euros respect to a profit clearly of 3,43 million euros in the correspondent period of 2010. The revenues Time base charter are piled to 26,79 million euros, in increase of 5.0% regarding 25,51 million euros in the first trimester last year, and the operating result is diminished of 60.3% coming down from 3,93 million to 1,56 million euros.

In occasion of the today's approval of the quarterly budget by the board of directors, Premuda has evidenced that the result of the first trimester of this year "derives essentially from the costs and the losses of hire connected to "the White" cyclone that has determined an interruption of about 20 days of the activity of the FPSO Four Rainbow, with an impact negative of about 4,2 million euros". As a result of the passage of the cyclone, in fact, the Floating Production Storage and Off-loading unit Four Rainbow has had to carry out a logoff from the oil field Australian Wollybutt. "In absence of such event, although the fort decrease of hires (between 28% and 43% for the various types of ship regarding the same period of the exercise precedence) that it has meaningfully reduced the result of the fleet, however limitedly to the share of the time/ship not covered from satisfactory contracts of chartering available to beginning year - it has emphasized the company - the result of the trimester would have been of positive sign".

For how much it concerns the FPSO Four Rainbow, Premuda has announced that the charter Eni Australia has not exercised the option in order to extend the contract of employment for the period May 2012-May 2013 and therefore (independently from the evolution of the litigations in course) the contract of employment of the unit will stop to first of May 2012. "This - it has found Premuda - allows to have certainties on the availability of the unit for ulterior employs/projects, in a specific scene of much promising market, also in reason of the good general conditions of our unit after the important recently executed work".

With respect to the course of the market at the beginning of this year, Premuda has explained that regarding the first trimester last year the market of cargos liquids has recorded consisting
bending (decrease of 28.5% for the Suezmax and 33% for the Aframax), while for the market of cargos the medium value of the hires recorded in the first part of 2011 dries evidences a fort decrease of the hires regarding first trimester 2010 (43% for the Supramax; 39.5% for the Handysize). The recent natural disasters, with the consequent repercussions on the surrounding economic areas and the geopolitical tensions that are still interesting some areas of production of the crude oil - have found Premuda - they have unquestionably contributed to determine - with particular reference to the section tanker - such negative contingency.

The Italian company has specified that according to trimester of this year it has seted off with hires in ulterior bending regarding the first trimester in the cisterniero section and in light increase for how much concerns instead the bulk sand banks.

About the future course of the markets, Premuda has observed as the long period perspectives "are heavily dependent evolving itself, on one side, of the current negative economic conjuncture that is still conditioning the traffics of many great economic regions (Europe, the United States, Japan), and from the other, of the financial situation with particular reference to the attitude of the bank system and to the relationship of change euro/dollar; and above all to permanere or attenuating themselves of it anticipates esubero of offer of new tonnage regarding dynamics of the transport question".