of Friend International Shipping it has archived item the third trimester with a net loss of -7,5 million dollars



The company of Friend International Shipping (DIS) has concluded the third trimester of the 2016 with a net loss of -7,5 million dollars respect to a profit clearly of 14,7 million dollars in the correspondent period last year. The revenues are piled to 81,1 million dollars (- 27.4%), of which 58,5 million dollars of revenues Time base charter (- 31.2%). The operating result has been of sign negative for -1,8 million dollars respect to an operating profit of 21,8 million dollars in the period July-september of 2015.

In the first nine months of this year the shipowning company has recorded a profit clearly of 6,1 million dollars, down of the -86,4% regarding 44,8 million dollars in the same period of 2015. The revenues have been attested to 261,0 million dollars (- 19.4%), of which 202,9 million dollars of revenues Time base charter (- 16.5%). The operating profit has been of 20,1 million dollars (- 61.0%).

The managing director of DIS, Marco Fiori, has been said rather satisfied of the clearly realized profit in the first nine months of 2016 "considered - he has specified - the particularly challenging market that he has characterized the third trimester of this year". "In fact - it has explained Flowers - after a first trimester particularly hard, the market of the ad has begun to slow down already from according to trimester in order reaching levels then historically many low in next the three months of the year".

"The relative stability of the price of the oil - it has found Flowers - has created pressures on the margins of refining with consequent slow down in the production carrying instead to a greater one uses of the producing escorts of oil. Besides this, in the course of the first nine months of the year a great number of ships of new construction is introduced on the market, having increased so the total offer of tonnage/miles. DIS - it has emphasized Flowers - however has succeeded to limit the impact partially negative of this correction of market, graces in particular to its traditional one elevated level of cover from contracts to fixed rate (47% of the days ship available to a every day fixed rate pairs to 15.959 dollars) that it has afforded us to mitigate the effects generated from the volatility of the market ad, being guaranteed a good level of revenues and generation of case. In spite of this volatility of market of short term, I believe that the market of the tankers has of strong fundamental the below ones. I refer in particular to the displacement of the ability to world-wide refining towards the Middle East and Asia, factor that will afford an ulterior increase of the question of tonnage-miles with relatively limited number of new ships that will be introduced on the market in the years to come. Meantime - it has concluded Flowers - we expect however an improvement of the market conditions to leave already from next the two trimesters, that they would have also to benefit of rather cold a winter season in the western hemisphere".