In the third Premuda trimester it has recorded a net loss of -9,8 million euros



The shipowning society Italian Premuda has concluded the third trimester of this year with a net loss of -9,8 million euros on revenues Time base charter for 13,9 million euros respect to a net loss of -18,7 million euros on revenues Time base charter for 15,3 million euros in the correspondent period of 2014. The operating result has been of sign negative for -7,3 million euros respect to operating liabilities of -10,4 million euros in the period July-september last year.

In the first nine months of the 2015 company January-september has totaled a net loss of -49,8 million euros on revenues Time base charter for 43,8 million euros respect to a net loss of -34,1 million euros on revenues Time base charter for 46,8 million euros in the period last year. The operating result has been of sign negative for -35,2 million euros respect to a result of sign negative for -19,3 million euros in the first nine months of 2014.

Premuda has specified that the economic results negatives of the third trimester and the first nine months of the 2015 are influenced by various factors, between which the "reduction of the fleet regarding the correspondents periods of the past exercise as a result of the happened dismissioni of two unit tanker (Four Island and Four Bay) and long periods of pause for damages and work that has regarded three units dry; the market of the hires of cargos dries still very unsatisfactory, single partially limited by the commercial covers defined in the past and still available; the lack of revenues by the FPSO Four Rainbow, remained in disarmament for the first nine months of the year waiting for a new project of employment; the devaluations of three units for which already it is defined the sale within the end of the exercise; the passive differences of change, realized, relative to the adaptation to the fine changes of period of relative the dollar denominated financings to the societies of the group that manage the budget in euro and for which - in reason of the current situation of default in do not confront of the credit system - more is not applied "hedge accounting" that it would have made to find (as in the past, before the start of the process of restructure of the debits) such mail directly to net worth; the weight of the interests liabilities, burdened from the elevated one spread applied on the last realized operations and from the increase of the consequent indebtedness to the investments carried out in the last exercises; the weight of the structure costs, burdened from the expenses today supported against the process of restructure of the indebtedness, still not completed".

The financial situation of the Premuda group on 30 September evidences a indebtedness financial clearly of 349,3 million euros, with liquid availabilities pairs to 13,9 million euros.