In the fourth trimester of 2012 of Friend International Shipping it is returned in profit



In the last trimester of 2012 of Friend International Shipping (DIS), controlled shipowning society from the Italian of Friendly Society of Spa Navigation, has recorded an improvement of the results closing the period with a result of exercise of positive sign after 14 consecutive quarterly periods concluded in loss. The company in fact has totaled a profit clearly of 988 thousand dollars on revenues Time base charter for 47,7 million dollars respect to a net loss of -1,2 million dollars on revenues Time base charter for 45,2 million dollars in the fourth trimester of 2011. The gross operating result is piled to 6,4 million dollars (- 37.5%) and the operating result has been of sign negative for -2,6 million dollars respect to an operating profit of 1,0 million dollars in the period October-December of 2011.

In the entire exercise anniversary the 2012 company has totaled a net loss of 106,0 million dollars on revenues Time base charter for 183,4 million dollars respect to a net loss of 21,0 million dollars on revenues Time base charter for 187,0 million dollars in the exercise anniversary precedence. The EBITDA has been attested to 20,2 million dollars (- 34.8%) and the EBIT has been negative for -103,1 million dollars respect to a EBIT negative for -6,0 million dollars in 2011. The results of the 2012 include burdens for 85,0 million dollars deriving from the devaluation of the fleet recorded in according to trimester.

"2012 - the managing director of Friend International Shipping has commented, Marco Fiori - have been characterized for a very uncertain macro-economic conjuncture that has negatively influenced also on the market of the tankers. The performance of DIS on the market ad has been therefore relatively weak person for good part of 2012, but strong signs of resumption have been manifested in the course of the fourth trimester of the year. Al clearly of the devaluation of the fleet of 85,0 million dollars - it has emphasized Flowers remembering that it is the result of a been extended contraction of the market prices of the tankers and the rates of chartering - the net loss of the period has been pairs to 21,0 million dollars. Although the medium revenues Time base realized charter in the course of the 2012 have been inferior regarding 2011, the result clearly of 2012 have been substantially online with that of the year precedence, graces above all to the efficiencies of costs realized from the society. The every day medium revenues of the 2012 have been inferior to those of 2011 to root cause of the reduction of the medium rate cover from contracts to standing charge, while the generated every day medium revenues on the market of the ad have been substantially online with those realized in 2011".

Flowers have evidenced also as "the positive results of the fourth trimester seem to confirm and to anticipate the current forecasts for a resumption of the market of the tankers in the course of 2013. To confirmation of this - it has explained - in the first months of new year DIS it has improved own performances of market, obtaining, in January 2013, returns medium every day on the ad pairs to 14.071 dollars".

The DIS managing director has declared himself moreover particularly happy that the increase of capital offered to the shareholders to November 2012 has been concluded with success through the subscription of 100% of the capital in offer, "generating - he has specified - proceeds correspondents to the equivalent in USA dollars of about 65,1 million euros. The elevated level of subscription - it has found Flowers - demonstrates that our project of expansion has been understood positively. In this way we can so face at best our development plan, maximizing the value for our whom convinced shareholders, as that this is the moment to invest for being able to collect in future the adequate returns. Al term of the offer - it has added - the majority shareholder, of Amico International S.A., stopped 74% of actions DIS and is time disposed to become diluted to the aim to increase the liquidity of the title on the market. Coherently with the scope persecuted from the capital increase - it has remembered the CEO of the company - DIS has started in the course of second half of the year 2012, own plan of increase stipulating contracts for the purchase of two new ships "ECHO" Handy and four new ships "ECHO" MR product/chemical tankers. These new ships will be most advanced and efficient in the within of the respective class of belongings, in terms of relationship speed/consumption and gross capacity/draught. Moreover the previewed delivery of these ships is perfectly coherent with our positive vision of market for the mean/along term. One of the main oil companies has already stipulated chartering contracts in the long term, on two of the ships under construction, to higher rates regarding those previewed for the ships of old generation and in a position to generating profit at the same time, increasing also the rate cover from contracts to standing charge. In October we have signed a contract for the sale of hull ship MR product tanker double High Wind, constructed in 1999, at the price of 12,2 million dollars. Such operation has generated 1,5 million dollars of proceeds from sale of ships in the course of the fourth trimester having reduced, at the same time, the medium age of the fleet".

"The market of the tankers - it has concluded Flower - comes from four years of cycle negative but many factors now seem to move in the right direction, that is towards a greater balance of the question and the offer of tankers in the near future. In the course of the fourth trimester of the 2012 one has assisted to an improvement of the market of the tankers and note a general return to the confidence in 2013. The vision of mean-along period for the market of the tankers is sure positive and for the segment of ships MR in particular, thanks to the consolidation of the ability to refining to out of the OCSE, attended for the next years that would have to carry to an increase in the question of tonnage-miles and more elevated rates than I use of the ships".