of Friend International Shipping it depends on a next improvement of the reference market



of Friend International Shipping (DIS) it has closed the second trimester of this year with a net loss of -8,0 million dollars respect to a profit clearly of 6,4 million dollars in the correspondent period of 2016. The revenues are piled to 96,2 million dollars (+11.2%), with 62,1 million dollars of revenues Time base charter (- 10.5%). The EBITDA has been pairs to 8,2 million dollars (- 55.9%) and the operating result has been of sign negative for -1,2 million dollars respect to a positive EBIT for 9,2 million dollars in the quarter April-june last year.

In the first semester of the 2017 company, that it takes part of the group of Friend and that work a fleet of 55 product tanker of which 45 ships Mediums Ranges and ten Handysize, it has totaled revenues pairs to 188,1 million dollars (+4.6% on the first half of 2016), with revenues Time base charter that have been attested to 128,7 million dollars (- 10.9%). EBITDA and EBIT have been pairs respective to 24,7 million dollars (- 38.5%) and 6,1 million dollars (- 72.1%). The economic result clearly has been of sign negative and pairs to -6,2 million dollars respect to a profit clearly of 13,6 million dollars in the first six months last year.

"The hires in the market of the tankers - the managing director of the DIS, Marco Fiori has explained, commenting these results - have maintained themselves on levels of weakness in the course of according to trimester 2017. This mainly because of the numerous deliveries of new ships on the market, with the intense phase of maintenance and to an anchor high level of producing escorts of oil. Therefore they are satisfied enough of the results reached from our society in the course of first semester 2017, in this context. I believe that, once again, the prudent business strategy of DIS, based on efficient a mix between ships employed on the market ad and rented ships in the long term, I have afforded us to mitigate the effects negatives of the weak person market seen in according to trimester 2017, partially had also to a seasonality effect. In the first semester 2017 our every day hire on the market ad has been pairs to 12.492 dollars, while the total every day medium hire (that he comprises is contracted ad that Time charter) has been pairs to 13.614 dollars. All this, with our efficient operating platform from a point of view of costs, has afforded us to generate a EBITDA pairs to 24,7 million dollars, with a margin of the EBITDA of 19.2%, that task is given good results the difficult market lived in the period in question".

"At the same time - it has continued Flowers - the factors that have negatively influenced on the level of our revenues Time base charter are only temporary and partially legacies to an effect of seasonality of our market of belongings. All the fundamental ones of market of mean/along term - it has emphasized - carry beginning from to think to a good resumption the end of 2017/inizio 2018. On one side, current orderbook of tankers Medium Range it is to its level more low of last the 15 years with limited productive ability available in the yards in order at least next the two years. This would have to limit the arrival of new tonnage on the market. From the other side, the world-wide question of producing refined is attended in increase in the next few years, to such an extent to exceed the correspondent increase from the side of the offer. In addition to this, the displacement of the ability to refining far from the main places of consumption will sure carry to an increase in the tonnage question miles for the refined produced ones. I believe that all this can carry to a strengthening of the market and an increase of the hires".