of Friend International Shipping it clearly has archived item the third trimester with a profit of 283 thousand dollars



In the third trimester of this year the company of Friend International Shipping (DIS) has recorded a profit clearly of 283 thousand dollars on revenues Time base charter of 52,3 million dollars respect to a net loss of -3,7 million dollars on revenues Time base charter of 46,2 million dollars in the correspondent period of 2013. The EBITDA is piled to 6,0 million dollars (+5%) and the operating result has been of sign negative for -3,4 million dollars respect to operating liabilities of -2,2 million dollars in the period July-september last year.

"I am pleased - the managing director of DIS, Marco Fiori has commented - to announce according to trimester in profit for DIS. After a beginning of difficult year, a gradual improvement of the hires in the market of the tankers has been seen in the course of third trimester 2014 and our vision for the last trimester of the year is very positive. At the same time, and besides the volatility of short period recorded in the market of the hires, they are still very positive about the perspectives of the market of the tankers in the mean/along term. I refer, in particular, to fundamental the positive ones of market which: the United States that are becoming producing clean exporter of oil and the displacement of the ability to world-wide refining towards the Middle East and Asia. I believe that inside this scene, DIS has implemented a business strategy of success. If, on one side, we have increased, in the course of 2014, our cover with contracts to standing charge to profitable levels already guaranteeing a good percentage of the future revenues of DIS (beyond 50% over 14.700 dollars for 2014), by the other side also we are engaged to expand our fleet, so as to be ready to pick the maximum advantage in what we consider a rich market of opportunity. In fact, we have not only increased our fleet thanks to the plan of newbuilding that it previews the order of 16 new modern ships MR ‘ECO ship’, but have tried to grow also expanding our fleet of ships rental passive. Between August and November 2014 we have taken 11 new ships in Time charter-in for a contract year, with option of I renew, all to hire rates historically many lowlands (about 13.000 dollars/day). Thanks to these new units our fleet total counts about 49 operating ships, placing DIS between the main operators of market. We want to mainly employ these new ships rental on the market ad and I believe that these operations will begin already beginning from to generate turned out positive the next trimester".

"DIS - it has added Giovanni Barberis, CFO of the DIS and the group of Friend - has confirmed its solid capital structure also in the course of the first three trimesters of the year in course. Important ours slowly of investments pairs to 490,7 million dollars it is already entirely financed by primary financial institutions and, already we have today entirely covered the necessary quota capital for the plan of investments. Extremely we are satisfied also of the 11 new ships taken rental and delivered between the third and fourth trimester of 2014. These new contracts, allow in fact to reduce the average cost of the taken fleet rental and ours breakeven general".