of Friend International Shipping it has closed first trimester 2014 with a net loss of -6,8 million dollars



In the first trimester of the 2014 shipowning society of Friend International Shipping (DIS) it has recorded revenues Time base charter for 46,4 million dollars, with a bending of the -7,3% regarding 50,1 million dollars in the first three months last year. The EBITDA is piled to 3,8 million dollars (- 64.3%) and the EBIT has been of sign negative for -4,2 million dollars respect to an operating profit of 3,0 million dollars in the first trimester of 2013. DIS clearly has archived item the first three months of the 2014 with a net loss of -6,8 million dollars respect to a profit of 3,2 million dollars in the correspondent period of 2013. "This - it has explained the company - has had to a market of the tankers weaker-than-expected during the first months of the exercise in course, mainly for the following reasons: the rigid winter season in the producing United States that the internal consumption of oil has increased, so reducing the exports and the transports by sea, and the closing for maintenance of many refineries in the Gulf of Mexico, that it has ulteriorly reduced the exports of the Country. These two factors negatives - it has specified DIS - are considered seasonal effects mainly, than therefore they only temporary influence on the entire field of the tankers and that it is previewed will endure a radical change of direction in according to trimester. In fact, the inferior results of the first trimester to the forecasts have not modified outlook generally positive on the perspectives of the market to mean and long term".

"In the course of the first trimester of the 2014 - it has clarified the managing director of Friend International Shipping, Marco Fiori - field of the tankers she has been more weak person regarding the waits because of seasonal phenomena. In fact, the hard winter in the United States and the closing for maintenance of numerous American refineries producing oil by the United States have temporary reduced the exports of. However firmly they are convinced that features of "air pocket" and I only expected that the situation is inverted quickly, with the United States the guide of the resumption of the market. At the same time, I believe that the business strategy of DIS has demonstrated once again of being of success also in a difficult scene as the current one. We have supplied to riposizionare wide part of our fleet in the Atlantic, so as to draw the maximum advantage from the bounce of the market that we attend in that area. At the same time, DIS has succeeded to mitigate the temporary weakness of the market, thanks to good levels of cover in the long term, to profitable levels. As ulterior sign of our confidence in the positive perspectives of market of our field, we have ulteriorly increased orderbook of others three ships MR "ECHO" in the course of first trimester 2014, carrying our plan of investments to 16 ships of new construction for a total of 490,7 million dollars. Halves of the ships under construction already have been fixed with Major oil to rates in the long term high and in a position to generating bonds levels of profit. Seven of the ships currently in order will be delivered in the course of 2014, supporting the DIS results so already beginning from this year".

"We are convinced - the financial director of the DIS and the Group of Friend has confirmed, Giovanni Barberis - than the weakness of the field of the tankers has been only expression of a seasonal phenomenon and the scene is previewed in resumption very soon. However, also in these difficult conditions of market, we are able to mitigate the results negatives graces to a prudent one elevated level of cover from contracts to standing charge and to a conservation tillage appraisal of the fleet, that it affords to obtain temporary capital gains also if of "air pocket". In fact, to March 2014, DIS has agreed the sale of the ship Handysize MT Sky of Paris at the price of 13,6 million dollars, generating a capital gain of beyond six million dollars, in the course of according to trimester of the year. We are, moreover, very proud to once again announce that the net worth of the fleet has grown of 46% in last the twelve months, creating value for our shareholders".