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



In the first six months of the 2016 shipowning society of Friend International Shipping (DIS) it has recorded a profit clearly of 13,6 million dollars on revenues pairs to 179,9 million dollars with decreases respective of the -54,8% and the -15,2% on the first half last year. EBITDA and EBIT are piled respective to 40,2 million dollars (- 10.9%) and 21,9 million dollars (- 28.2%).

Being profitable you today notice the results achieved in the first semester of this year, DIS has specified that the variation of the profit clearly regarding first semester 2015 "is due mainly to a weakening of the market of the tankers, above all in according to trimester of this year, and 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".

The company has specified that, "in such scene, the every day rate DIS ad has been of 16.848 dollars in the first semester 2016 regarding 19.026 dollars in the same period of the year precedence. In particular, after a first trimester substantially online with the exercise precedence (first trimester 2016: 18,076 dollars vs. first trimester 2015: 18,503 dollars), the market ad quickly has a correction in according to trimester, for which DIS it has realized a every day rate ad of 15.560 dollars regarding 19.533 in the same trimester of the 2015 dollars".

DIS clearly has archived item the second solo trimester of this year with a profit of 6,4 million dollars on revenues pairs to 86,5 million dollars, with decrease respective of the -65,8% and the -21,4% on the period April-june of 2015. EBITDA and EBIT have been attested to 18,6 million dollars (- 20.7%) and 9,2 million dollars (- 48.0%).

Al 30 last June the fleet of the DIS was constituted by 50 tankers, of which 27 of property (22 MR and five Handysize) and 23 rental (19 MR and four Handysize).

The managing director of Friend International Shipping, Marco Fiori, has expressed satisfaction for the results obtained in the first semester of 2016: "after a first trimester much bond - it has observed - the market on the ad has marked a small correction in the course of according to trimester. Although in fact a good level of question at the end of the period, the recent increase of the price of the oil has but carried to a contraction of the margins of refining with consequent reduction of the productivity of the refineries and greater I use of the escorts of producing by the market operators. Many new ships are, moreover, delivered in the course of the first six months of the year. Although therefore a temporary volatility that could penalize the market, in particular this year, I believe that the factors that have generated some turbulence in according to trimester are only temporary and creed therefore that the market of the optimal continuous tankers to having of the fundamental ones and are on the right roads lengthwise term. I refer in particular - it has clarified Flowers - to the trend of the refineries that are moving far from the places of consequent consumption with continuous increase of the tonnage question miles, let alone to the limited increase of the previewed world-wide fleet for next the three years at least. I consider however that the results of according to trimester of the year have once demonstrated more as the prudent strategy of DIS that over the long term previews just a mix between ships of property and ships in Time charter and a good level of given ships rental, afford to our society to exceed the negative corrections that can be introduced on the market, being carried however good returns to our shareholders".