Improvement of the quarterly result of Friend International Shipping



of Friend International Shipping (DIS) it has concluded the first trimester of this year with a profit clearly of 7,6 million dollars on revenues Time base charter for 50,1 million dollars respect to a net loss of -1,5 million dollars on revenues Time base charter for 44,5 million dollars in the first three months of 2012. The EBITDA is piled to 11,5 million dollars (+100%) and the EBIT has been positive for 3,4 million dollars respect to operating liabilities of -3,2 million dollars in the first three months last year.

"A strong resumption in the field of the tankers - it has explained DIS - has characterized the first trimester of 2013, in which the medium revenues they have reached the higher levels from first trimester 2009. This bounce - it has emphasized the company - has afforded to DIS to clearly realize a profit pairs to 7,6 million dollars in first trimester 2013, allowing them to close in profit for according to consecutive trimester and recording the best one turned out quarterly from almost four years. The revenues Time base charter have been attested to levels very higher regarding the same period last year, in fact the every day medium revenues on the market ad have been pairs to 14.272 dollars in the course of first trimester 2013, representing the best one turned out on such market in last the fifteen trimesters. Hard increment also of the operating profit for DIS with a good margin on the EBITDA pairs to 23%, that is 10 points in more regarding the same period last year, thanks to the optimal course recorded at the level of revenues Time base charter and to the meaningful efficiencies obtained on the side of the costs".

DIS has confirmed its very positive vision on the market in the mean/along term and has remembered to have in such fine optical stipulated to trimester 2013 contracts for the purchase of two ulterior new ships "ECHO" product/chemical tanker, than it under construction carries the total of the ships to eight single units in six months, specifying that thanks to such operation DIS it has also the option for the order of two ulterior ships near the Hyundai Mipo Dockyard Co. yard Ltd to extremely competitive conditions.

DIS has specified the reasons for which the company it considers the perspectives of mean/along term of the field of the tankers extremely positive: "for the years to come - it has found the company - a substantial increase of the question of tonnage-miles is attended and an important improvement in the rate I use of the ships. The next years will see, in fact, a consolidation of the trend in existence of relocation of the refineries towards the zones of oil production, above all Asia and Middle East. The increase of the oil question will come, moreover, supported mainly from Countries not OCSE and above all from China and India. According to brought back how much from the International Energy Agency, in next the five years China and India producing will assume a fundamental role as refined Exporting countries of. It put up producing volumes of will be exported by the United States and, at the same time, numerous refineries in Europe will close because of refining margins by now many limiting. The United States have been transformed from the main importer of producing refined to the exporting greater second to the world. The exports of the refined producing United States of oil have been pairs in average to 3,1 million barrels to the day in the course of 2012, regarding 2,9 million 2011 and hardly a million in 2005, while the esteem for the 2016 are attested to about four million barrels to the day. All these factors will generate for the tankers, a substantial increment of the longer travels. From the side of the offer one attends to us, instead, than the effects of the current consisting volume of orders of ships of new construction they will be compensated by the fort increment estimated for the question tonnage-miles. The clean increase of ships MR is estimated, in fact, to levels comprised between hardly 2% and 4% in average until 2016 and would have to remain, therefore, very beneath of the increase projections it attended in the same period for the transport by sea of producing oil. Considered these factors and according to also to brought back how much in numerous analyses of field, we expect rates on the market ad in increase in the medium term and fair market values of the ships that will follow the same trend".