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15 August 2020 The on-line newspaper devoted to the world of transports 12:26 GMT+2



July 30, 2020

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Original news
In according to trimester the revenues Time base charter of Friend International Shipping they are increased of +26.0%

The period has been archived item with a profit clearly of 15,6 million dollars

according to trimester of this year of Friend International Shipping (DIS) it has recorded revenues pairs to 91,0 million dollars, with an increment of +4.1% on the same period of 2019, of which 78,7 million dollars of revenues Time base charter (+26.0%) generated from the activity of the fleet of product tanker of the company. The EBITDA has been attested to 46,5 million dollars (+82.5%) and the EBIT has been of 25,0 million dollars respect to operating result of sign negative for -6,6 million dollars in the period April-june last year. DIS has closed the second trimester of the 2020 with a profit clearly of 15,6 million dollars respect to a net loss of -18,8 million dollars in the correspondent period of 2019.

Commenting the course of the activity of the company in the course of according to trimester of 2020, the president and managing director of the DIS, Paolo d' Amico, have found that "the first trimester of the year is characterized by the explosion of the COVID-19, that it has quickly carried various nations to adopt sundries measures of control and confinement in the attempt to control being propagated of the pandemic. This - it has explained - has had an effect much negative on the question of oil and the activity of refining. At the beginning of the year, the hires of the product tanker have weakened themselves remarkablly reaching the minim around February half. At the beginning of March, the members of the OPEC+ are not successful to reach an agreement on the cuts to the production necessary to contrast collapse of the price of the caused oil being propagated of the virus. This has in fact carried to a "commercial war" between Russia and Saudi Arabia, with the nations oil manufacturers who have found itself more not limited from quotas than production, carrying to an abrupt collapse of the price of the crude oil, that it is passed by 60 dollars to Barile of February half to 20 dollars to March Barile. The increase of the production of oil, joined to the abrupt decrease of the question, has generated a curve of the future prices of the oil in steep contango, stimulating the increase of escorts world-wise. The warehouses to oil earth have quickly exhausted their storage capability, pushing great oil amounts of crude oil and producing on tankers used for storage to sea (to half May, product tanker equivalents almost 15 million gross capacities in tons were used for storage). The increment of storage to sea and the increase of the deriving congestion in the ports beeing exhausted of storage capability to earth - it has continued of Friend - has reduced drastically the offer of ships and carried to a fort increment of the hires of the product tanker towards the April end, when the market has reached levels record in almost all the geographic routes and aerial".

"To April - it has continued the president and CEO of the DIS - the OPEC together to other producers of crude oil has been come to an agreement in order to reduce the offer of oil within june of about 14 million barrels respect to April. The price of the oil so is gone back by 20 dollars to Barile to April to about 40 dollars to Barile to the end of June. All this with the gradual slackening of the measures of lockdown, has carried to a partial resumption of the oil question, with a consequent one gone back of the price and a flattening of the curve "forward". The reduction of storage to sea, with an increasing number of ships returned on the market, joined to the strong contraction in the oil production, has carried in June to a collapse of the hires in almost all the segments of tankers, with low hires on almost all the routes for good part of July".

"As all we know - it has observed Paolo d' Amico - to preview the evolution of the question of marine transport of refined in the short term is at the moment a rather arduous task, also because of the risk of a second big wave of contagions from Covid-19, continuation from ulterior measures of control and partial confinement world-wise. Over the long term, we consider however that fundamental and the perspectives for the industry of the product tanker are very positive. The book orders is to historically low levels, thanks to the lack of capitals and to the uncertainty deriving from the attended technological developments necessary in order to reach the objectives you mail from IMO 2030/2050 for the reduction of the emissions. Regarding the question for marine transport, one previews that this will continue to grow, since the majority of the ability to additional refining is previewed in Middle East and Asia, in nations that are already important refined producing clean exporter of".

"Although the uncertain picture of short term - it has concluded of Friend - I consider that DIS is very very placed in order to face any type of market adequately".


PSA Genova Pra'



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