In the first half of 2012 Premuda it has achieved a net loss of 6,6 million euros



The shipowning society Italian Premuda Spa has concluded the first semester of the 2012 with a net loss of 6,6 million euros on revenues Time base charter of 51,6 million euros respect to a net loss of 833 thousand euros on revenues Time base charter of 53,1 million euros in the first half of 2011. The operating result has been negative for 1,8 million euros respect to a positive result for 3,7 million euros in the first six months last year. Cash flow (turned out + amortizations) consolidated of first semester 2012 is piled to 8,5 million euros against the correspondent value of 12,5 million euros of first semester 2011.

Premuda has evidenced that in the first semester of this year the society has operated "in a context of market marked from an offer of exceeding tonnage widely the question and therefore from installments of hire consequently depressed, that the operators of the marine field have strongly penalized all". Premuda has specified that "the result of the period strongly is influenced by the decrease recorded in the installments of hire in the section of cargos dries, only partially limited from the commercial covers defined in the past and still available and by the strengthening of the dollar regarding the first semester of the exercise precedence. Ulterior factors negatives, of not recurrent nature - it has specified the Italian company - have been the losses recorded because of the insolvency of a charter (with a burden of about million euro) and smaller revenues of the FPSO Four Rainbow for the reduction of the production deriving from the damage to the subsea happened in last part of the exercise precedence, partially compensated from the relative insurance compensation for loss of hire".

Premuda has announced that the third trimester of 2012 "is begun with values of the hires down is for cargos liquids that for cargos dry. In this last section, moreover - it has found the company - the decrease turns out less emphasized for the types of ship of our directed interest. For the prosieguo of the exercise not there are at the moment elements that can make to think to a radical change of direction. For how much it at the end concerns the FPSO Four Rainbow - it has continued Premuda - after the conclusion of the contract with Eni Australia, which reached term of the first semester, the unit is placed in disarmament waiting for the definition of a new employment. The great interest found for the specific field, and the insufficient number of unit in good conditions and immediately available, us is profitable trusting on the possibilities to define, in a reasonable temporal arc, a new project to which assigning the unit, with much promising economic expectations".

Premuda considers that the result of the entire exercise anniversary 2012 "cannot that to reflect the course negative of the first semester (situation - it has emphasized the company - moreover common to the great majority of the companies of our field), prescinding from extraordinary factors and eventual necessities of "impairment" of assets patrimonial that could happen in relation to the course of the markets".