Still a trimester in loss for Premuda



The shipowning society Italian Premuda has reached to record the nineteenth archived item quarterly period with a net loss. The company in fact has closed the second trimester of the 2016 with an economic result clearly of sign negative and pairs to -5,7 million euros, in improvement respect to a net loss of -25,3 million euros in the same period last year. The revenues Time base charter are diminished of the -20,7% coming down to 11,5 million euros and the operating result has been of sign negative and pairs to -3,3 million euros respect to a result of sign negative for -24,1 million euros in the period April-june of 2015.

In the first semester of the 2016 Italian company it has recorded revenues Time base charter pairs to 22,6 million euros, with a decrease of the -24,5% on the first half last year. Operating result and result clearly have been both of sign negative and pairs to -8,1 million and -12,9 million euros regarding results of sign negative for -27,9 million and -39,9 million euros in the first six months of 2015.

Premuda has explained that the result of the first semester of this year negatively is influenced "by a market of the hires of cargos dries turned out much inferior to already the negatives book values to you in the first semester and entire exercise 2015, only partially mitigated from the defined commercial covers in the past and still available; from the reduction of the fleet employed regarding the correspondent period of the exercise precedence for the dismissioni realized in last part of exercise 2015 and for the maintenance in disarmament for the entire semester of the motor-ship Four Springs; from the lack of revenues by the FPSO Four Rainbow, today possessed from the connected Anteros, remained in disarmament for all the first semester waiting for a new project of employment; from the weight of the interests liabilities, still burdened from the elevated one spread applied on the last operations realized, waiting for a possible reduction in the within of the agreement for the restructure of the debits; from the weight of the costs of structure, that they continue to discount the burdens of the process of restructure of the debits, not still concluded".

Moreover the company has evidenced that "it compares with the correspondent period of the exercise precedence are not homogenous as the same one was burdened by some factors regarding having negatives not recurrent nature in particular: long periods of pause for damages and work that had regarded three units dry; devaluations of three units for which the sale to third party in the short period was previewed; passive differences of change, not 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". Premuda has specified that "to clearly of such factors, the loss of first semester 2015 would have turned out of 14,3 million euros, however advanced to the correspondent value of 12,8 million euros realized in first semester 2016".

The Italian society has announced that after the closing of first semester 2016 the cession to Pillarstone of the credits boasted from Unicredit, Carige and Group has assumed effectiveness Understanding regarding the various societies of the Premuda group ( on 6 July 2016) and that they are at the moment in course the procedures for the transfer of the guarantees to they correlated (naval mortgages, allocation of the insurance covers, pledge on actions). Premuda has specified that to the term of the summery pause they will resume the negotiations with Pillarstone and the other banks creditors for the finalizzazione of the agreement for the restructure of the debits, "indispensable foundation - Premuda has remembered - of the business continuity". The company has emphasized that, taken into consideration the trend of reduction of means own producing from the market of the hires, "turns out indispensable to conclude the process in fast times, not beyond the end of the current exercise".

"The eventuality that is not reached to the definitive agreement within the above-mentioned term - has specified the company - it is shaped as an important uncertainty that can raise meaningful doubts on the ability to the Premuda group to continue to operate on the base of the foundation of the business continuity. The administrators of Premuda however have maintained the reasonable conviction that the probabilities to reach to an agreement with the creditors are advanced regarding the hypothesis of failure of the negotiations and to the consequent one to happen of other scenes of concorsuale nature and therefore, on the base of this have managed the relation relative financial institution to first semester 2016 on the base of the business continuity".