of Friend International Shipping it has archived item 2016 with a loss of -12,8 million dollars



The company of navigation of Friend International Shipping (DIS) clearly has archived item 2016 with a loss of -12,8 million dollars (- 6,2 million to the devaluation of the five destined ships to the sale) respect to a profit clearly of 54,5 million dollars in the exercise anniversary precedence. The revenues Time base charter have recorded a bending of the -15,9% coming down to 261,4 million dollars regarding 310,7 million dollars in 2015. The EBITDA is piled to 55,0 million dollars (- 43.4%) and the operating profit to 10,1 million dollars (- 84.1%).

In the solo fourth trimester of the 2016 company has totaled a net loss of -18,9 million dollars on revenues Time base charter pairs to 58,4 million dollars respect to a profit clearly of 9,7 million dollars on revenues Time base charter for 67,5 million dollars in the period October-December of the year precedence. The EBITDA has been attested to 6,9 million dollars (- 69.0%) and the operating result has been of sign negative for -10,0 million dollars respect to a EBIT of positive sign for 12,2 million dollars in the last trimester of 2015.

The managing director of Friend International Shipping, Marco Fiori, has explained that the result negative achieved in exercise 2016 "has had to the difficult scene of market lived in the course of the second half of the year in which the hires they have reached historically low levels. The high level of the escorts obtained in the course of the months precedence and 2015, with the income of a number relatively elevated of ships of new construction delivered in the course of the 2016 has carried to a pressure to the decrease on the hires. However - it has specified Flowers - DIS maintains to a very positive vision of the market of the tankers in the long mean term".

"Creed firmly - it has clarified the managing director of the company - than our market has of fundamental below the very strong ones of which we will benefit in the years to come. From the side of the question we attend a good level of increase on the wake of the phenomenon of removal of the refineries from the main places of consumption that would have to increase the tonnage question miles. From the side of the offer instead an increase is previewed lowland for next the two years above all if compared to the historical data, with current orderbook of ships MR near the lower levels of last the twenty years and limited activity of investment in new ships at the moment. At the same time the new laws on the atmosphere that we will see to implement gradually, will carry to an ulterior reduction, from the side of the offer, favoring the shipowners with a young and modern fleet as ours".

Flowers have been declared "however satisfied of as DIS it has managed and diminished the impacts negatives of this correction of the market. On one side - it has specified - we have benefitted of ours traditionally elevated level of cover from contracts to standing charge (46% of the days ship available to a every day medium fixed rate pairs to 15.214 dollars) that it guarantees a good protection against the volatility of the market ad and from the other, we have gradually reduced our fleet in Time charter-in, in the short term, to the aim to diminish the exposure at the market. I believe that all this demonstrates as DIS has implemented a business strategy of success and has a flexible structure of costs that we can adapt quickly according to the market conditions".

"In addition to this - it has continued Flowers - we are many assets on the market of the sale of ships. We have recently announced the sale of two of our older ships and are working to other similar operations. In the majority of the cases we take rental the ships sold to third party for some year, this affords us to maintain the ability to our fleet in a market attended in improvement high and at the same time to improve also our liquidity and flexibility financial institution".

The financial director of Friend International Shipping, Carlos Balestra of Mottola, has remembered that the company "is continuing the implementation of own plan of investments altogether pairs to 755 million dollars in 22 ships of new construction. In 2016 - it has emphasized - they are invested 151 million dollars mainly relative to the five new ships delivered in the year. The remaining part of the plan piles to 223.4 million dollars and 74% of this will be financed with bank debit, already guaranteed today".