Improvement of the financial results of Friend International Shipping in 2013



In the 2013 shipowning company of Friend International Shipping (DIS), controlled from the Italian of Friendly Society of Navigation, it has recorded a volume of transactions of 293,4 million dollars (- 9.8% on 2012), of which 191,2 million dollars of revenues Time base charter, with an increment of +4.2% regarding 183,4 million dollars in 2012. The EBITDA is piled to 46,0 million dollars (+127.5%). The operating profit has attested to 13,7 million dollars respect to operating result of sign negative for -103,1 million dollars in 2012. DIS has closed the 2013 with a profit clearly of 18,8 million dollars respect to a net loss of -106,0 million dollars in the exercise anniversary precedence (correspondent to a loss of -21,0 million dollars if the devaluation of the value of the fleet recorded in 2012 is excluded).

DIS has emphasized to have recorded in the 2013 its better annual performance on the market ad from 2008, with revenues every day Time base charter on the market ad pairs to 13.746 dollars, with an increase of 18% regarding the exercise precedence.

"2013 - the managing director of Friend International Shipping has explained, Marco Fiori - have been a very competitive year for the market of the tankers, that it has shown clear signs of improvement already from the end of 2012. The macro-economic scene has finally shown a radical change of direction in the first part of the year, being profitable the 2013 more important year in terms of performance financial institution from 2008. As a result, the medium revenues every day "ads" have grown of 18% regarding 2012, affording us to distribute an important dividend. This more positive scene has afforded us to raise our expectations of mean/along term".

The current consistency of the fleet of the company is of 41 tankers, of which 35 MR and six Handysize. DIS has remembered to have carried out in the 2013 gross investments pairs to 83,8 million dollars mainly legacies to own program of construction of new ships: in the course of the exercise, in fact, the company has ordered to the South Korean yard Hyundai Mipo Dockyard Co. the construction of others seven tankers MR and Handysize echo design, (from 50.000 gross capacities in tons and 39.000 tpl), whose delivery is previewed in 2014, in 2015 and 2016. The society therefore has currently in being contracts for the construction of a total of 12 tankers, (six tankers MR and six handysize) four of which already they are delivered in the first two months of this year. Moreover DIS has ordered to the Hyundai Mipo Dockyard Co. yards the construction of a joint venture ship in with Venice Shipping and Logistics Spa. The total investment for the modernization of the fleet is of about 383.0 million dollars.