In the first trimester of Friend International Shipping it has totaled a profit clearly of 7,2 million dollars (- 36.7%)



In the first trimester of this year the company of Friend International Shipping (DIS), controlled of Friendly Society of Spa Navigation, has recorded a profit clearly of 7,2 million dollars on revenues Time base charter pairs to 75,1 million dollars, with decreases pairs respective to -36,7% and -2,5% on the correspondent period of 2015. DIS has explained that the variation of the economic result clearly regarding first trimester 2015 is due almost entirely to the positive impact deriving from the activity of management of the risk of the society (mainly on changes, costs for the fuel bunker and interest rates), that has affected positively the result of the slid exercise. DIS has specified that excluding such "not recurrent" result, the result of first trimester 2016 is substantially online with the exercise precedence. The total revenues of first trimester 2016 are piled to 93,4 million dollars (- 8.5%), the EBITDA to 21,6 million dollars (- 0.3%) and the operating profit to 12,7 million dollars (+5.8%).

Manifesting satisfaction for the results achieved in the first trimester of the 2016 managing director of Friend International Shipping. Marco Fiori, has specified that, "after to have last year recorded three very strong trimesters, the hires of the tankers on the market ad slightly have fixed a ceiling price themselves in the course of the fourth trimester of 2015 above all for a seasonal effect and for maintenance of the systems of refining in the Gulf of the United States. However, in December, the market has recommenced to grow confirming a good level of force also in the first three months of 2016. DIS, in fact - it has observed Flowers - has realized a every day hire on the market ad pairs to 18.076 dollars in the first trimester of the year, having marked an increment of 15% regarding the trimester precedence (fourth trimester 2015: 15,673). I remain therefore trusting on the perspectives of our field that I see to characterize itself for good levels of profit in the course of 2016, although lasting of a sure level of volatility in the course of the year. At the same time the perspectives of long mean term of the field of the tankers are extremely good thanks to the displacement of the ability to world-wide refining towards the Middle East and Asia, factor that an ulterior increase of the question of tonnage-miles will afford with relatively limited number of new ships that will be introduced on the market between 2016 and 2018".

Flowers have moreover remembered that the company is getting ahead own plan of investments "with - has specified - 38,6 million dollars of Capex in the course of the solo first trimester 2016 on the total previewed investment of 755 million dollars begun in 2012 for the order of 22 tankers of new construction. In the light of all this - it has still remembered Flowers - during freedom of expression we have closed the contract for a credit line of 250 million dollars with a pool of nine primary international bank groups. The first tranche of this credit line has the scope to refinance seven already existing ships, extending the expiration of the debit previously in being from 2017 to 2021; while the second tranche has the scope to slowly finance the remaining part of our total one of investments".

"Absolutely they are convinced - it has concluded Flowers - than DIS, thanks to its efficient operating platform and its proven business strategy, today is very placed in order to maximize its returns in so a favorable context of market".