In the first trimester 2014 Premuda has reduced the net loss to -3,3 million euros



The shipowning society Italian Premuda has concluded the first trimester of this year with a net loss of -3,3 million euros respect to a net loss of -4,3 million euros in the correspondent period of 2013. The revenues Time base charter are increased of +1.4% to 16,5 million euros. The operating result has been of sign negative for -1,8 million euros respect to operating liabilities of -1,9 million euros in the first three months last year.

"The result of the period - it has explained the shipowning company - still is weighted down by the lacked contribution the FPSO Four Rainbow, remained in disarmament waiting for the definition of a new project of employment. With respect to such unit 2014 remember that, as brought back in the report on consolidated financial statement 2013 to which we make I send back, in the within of the arbitrateed one started in it confronts of the precedence charter, in March unexpectedly are rejected the demand for relative an integrating compensation to the last contractual period, in spite of a precedence praise arbitral already had established not the validity of the last contractual extension exercised by the counterpart; one is still waiting for the publication of the motivations in order to estimate the possibilities to name the decision. Members between the credits remain in being our claim for the lacked payment hires () and for the endured damages in the past because of the presence, in the oil, of producing outside specific and against introduced defensive claims from counterpart. The outcomes of the litigations still in being are attended within first semester 2015".

"As already evidenced in the budget on December 31, 2013 - it has continued Premuda - the generalized difficulties of access to the credit and the insufficient profit of the ships employed on the market ad they have returned the start necessary, in the course of exercise 2013, of negotiations with the credit system times to obtain a remodeling of the terms of reimbursement of the financings. In order to safeguard the liquidity available, the societies of the group have introduced a formal demand for standstill and have suspended the reimbursement of the installments vital of the mortgages beginning from the expirations on June 30, 2013, limiting itself to correspond the single interests. This has determined a situation of lacked respect the contractual terms regarding all the credit institutions that would have so the faculty to demand the immediate one re-enter from the debt positions. In reason of this, all the debits towards banks are represented as poor within the next exercise. With the aid of advisors the VSL and Lazard an industrial plan and a proposal of maneuver are managed financial institution, in advanced phase of negotiation with the credit institutions. The proposed plan does not preview sacrifices online vital for banks and it is reasonably trusting of being able to realize, in limited a temporal arc, a satisfactory agreement that make to fail the current situation of nonperformance. On the base of such considerations intermediate statement of management anticipates is written up (so as the budget of exercise 2013) on the foundation of the business continuity".

With respect to the current perspectives of the market, Premuda has evidenced that "in April the 2014 market has had meaningful worsenings regarding the first trimester. The waits of the analysts and the operators - however it has specified the society - are for a trend newly in increase, species for the section of cargos dry, to begin from the second half of the year. It remains obviously much difficult to anticipate the future of markets so birds and influenced very many factors, not only economic. To the effects of the possible results of our fleet in exercise 2014, the residual one covered from charterings already defined must however be remembered that the running market is applicable to 45% about of the total time/ship available for the period April-December, being".