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17 November 2018 The on-line newspaper devoted to the world of transports 20:06 GMT+1

November 9, 2017

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Original news
In increase the quarterly revenues of Friend International Shipping

The period July-september is closed with a net loss of -7,4% million dollars. Found signs of improvement of the market

The company of Friend International Shipping (DIS) has archived item the third trimester of 2017 with revenues totals pairs to 101,8 million dollars, with an increment of +24.7% regarding 81,1 million dollars in the period July-september last year. The single revenues Time base charter are piled to 65,5 million dollars, with an increase of +12.0% regarding the volume of transactions generated from the employment of the fleet in the third trimester last year. The Gross Operating Margin has been pairs to 9,0 million dollars (+13.5%). The operating result, of sign negative, has turned out of -264 thousand dollars and inferior of 85.4% regarding the turned out correspondent of -1,8 million dollars last year. DIS has concluded the third trimester of the 2017 with a net loss of -7,4% million dollars respect to a net loss of -7,5 million dollars in the same period of 2016.

"Although still the resumption of the market of the tankers has not been seen, much wait from the majority of the field analysts - the managing director of Friend International Shipping has commented, Marco Fiori - but has noticed some signs of improvement in the course of the third trimester of the year, in which DIS has realized a medium revenue ad pairs to about 12.000 dollars to the day, advanced of 18% regarding the level obtained in the same trimester of 2016. We attend a market very more solid in the next few months and for this reason at the moment we are not increasing our cover base Time-charter, so as to draw the maximum advantage from such attended strengthening".

"I consider - it has continued Flowers - are clear signs of improvement of the market, is from the side of the offer that give that of the question. From the side of the question, the elevated level of producing escorts of oil that has strongly penalized the market in the past couple of years, seems is being arranged on more reasonable levels. The increase of the attended world-wide economy for the next year would have, moreover, to give an ulterior thrust to the question for the transport of producing oil refined. At the same time, from the side of the offer, esteem that the number of deliveries of new ships would have to touch a level historically much low one within the end of 2017. Our investment strategy, joined to the sale of some of our older ships, will allow with DIS of having on hand, already from the beginning of the next year, one of the young and flexible fleets to the world in the market of the devoted tankers refined to the transport of. DIS will have moreover an exposure ad very higher at the market of the past, graces also to the delivery of our LR1. All this will afford to make totally forehead us to requirement demanded to us from our primary customers, allowing us to maximize to full load the results of our company".

In the first nine months of this year the total revenues of DIS have been attested to 289,2 million dollars, with an increase of +10.8% on the period January-september of 2016, of which 194,2 million dollars of revenues Time base charter (- 4.3%). EBITDA and EBIT have turned out pairs respective to 33,7 million dollars (- 29.9%) and to 5,9 million dollars (- 70.9%). The economic result clearly has been of sign negative and pairs to -13,6 million dollars respect to a profit clearly of 6,1 million dollars in the first nine months last year.

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