Decided bending of the economic results of Friend International Shipping in according to trimester



In according to trimester of this year of Friend International Shipping (DIS), controlled of Friendly Society of Spa Navigation, it has recorded a profit clearly of 1,4 million dollars (included 6,4 million dollars of capital gain from the sale of ships embedded to April 2014) on revenues for 72,3 million dollars, with bendings respective of the -90,0% and -5,3% on 13,9 million dollars (comprised the 13,9 million one capital gain from the sale of ships) and 76,3 million dollars in the correspondent period of 2013. The revenues Time base charter are piled to 48,6 million dollars (- 1.1%). The EBITDA has been attested to 10,4 million dollars (- 52.3%) and the operating result to 1,7 million dollars (- 87.9%).

In the first semester of the 2014 DIS it has totaled revenues for 141,1 million dollars, with a decrease of the -9,4% on the first half last year. The single revenues Time base charter have been pairs to 95,1 million dollars (- 4.3%). The EBITDA is piled to 14,2 million dollars (- 56.3%). The EBIT has been of sign negative for -2,5 million dollars respect to an operating profit of 17,3 million dollars in the first six months of 2013. DIS clearly has archived item the first half of this year with a net loss of -5,4 million dollars respect to a profit of 17,7 million dollars in the first semester of 2013.

of Friend International Shipping it has evidenced that "the results of first semester 2014 clearly are influenced by a greater weakness of previewed of the market of the tankers in the course of the first months of the year. Such weakness of the market - it has explained the company - is due mainly to two seasonal reasons: the rigid winter in the United States, that it has increased the internal consumption of producing oil, so reducing the exports and the transports by sea, and the closing for maintenance of many refineries in the Gulf of Mexico, than extending itself more of the previewed one, has caused an ulterior reduction of the exports from the USA".

"In the course of the first semester of the year - the managing director of DIS, Marco Fiori has commented - the field of the tankers has been unexpectedly more weak person of the waits because of seasonal phenomena mainly deriving from the particularly rigid winter in the United States and from the closing, for maintenance, of numerous American refineries. However, rather they are satisfied of the results reached from DIS in this particular period. In fact our performance on the ad has been better of the average than market and is successful in the long term to mitigate the temporary weakness of the field of the tankers thanks to good levels of cover, to profitable rates. At the same time, I share the positive vision of the majority of the broker, the specialistic analysts and the traders on the perspectives of our field. They remain, in fact, unchanged fundamental positive of the market of the tankers, guided mainly from the United States, that producing are becoming clean exporter of oil, from the displacement of the ability to world-wide refining towards the Middle East and Asia and from the changes in the regulations that will take effect 2015 beginning from. Own by virtue of our positive vision of the market we are realizing considerable slowly of investments in ships of a new construction "ECHO" and at the same time we are also trying to grow expanding our fleet rental every time that of it we have the opportunity".

"DIS - it has added Giovanni Barberis, CFO of the DIS and the group of Friend - has succeeded, also in these difficult conditions of the market of the tankers, to demonstrate to be able to generate positive cash flows. This is the result of a series of factors as our business strategy characterized from a mix efficient of ships employed on the ad and ships in Time charter, our competitive structure of costs and our constant focus on the management of the floating capital. DIS, moreover, is continuing in its plan of renewal of the fleet also through the sale of its older ships. In the course of according to trimester 2014, we have finalized the sale of the Sky of Paris, generating a capital gain of 6,4 million dollars and newly confirming the made conservation tillage appraisal budgetary on our fleet".