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15 December 2018 The on-line newspaper devoted to the world of transports 18:18 GMT+1

March 1, 2018

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of Friend International Shipping it has closed the last exercise anniversary with a net loss of -38,1 million dollars

Flowers: 2017 have been a difficult year for the market of the tankers

In 2017 of Friend International Shipping (DIS), company with a fleet of tankers for the transport of producing oil refined, chemicals and to oils vegetables, have recorded an increase in weight of the net loss anniversary that is piled to -38,1 million dollars regarding -12,8 million dollars in the exercise anniversary precedence. The revenues have totaled 391,0 million dollars (+12.6%), of which 257,4 million dollars of revenues Time base charter (- 1.5%). The EBITDA has been attested to 36,8 million dollars (- 33.0%) and the operating result has been of sign negative and pairs to -11,4 million dollars respect to an operating profit of 10,1 million dollars in 2016.

In the solo fourth trimester of the 2017 company has marked a net loss of -24,5 million dollars on gross revenues of 101,8 million dollars, of which 63,3 million dollars of revenues Time base charter, respect to a clean expert of -18,9 million dollars on gross revenues of 86,1 million dollars, of which 58,4 million dollars of revenues Time base charter. The value of the EBITDA is come down of the -54,4% to 3,2 million dollars and the operating result has been of sign negative for -17,3 million dollars respect to a result of sign negative for -10,0 million dollars in the quarter October-December of 2016.

The managing director of Friend International Shipping, Marco Fiori, has confirmed that 2017 have been a difficult year for the market of the tankers and therefore for the company, year characterized from a difficult context of market - he has specified the financial director of DIS, Carlos Balestra of Mottola - in which "DIS he has concentrated himself on the strengthening of own budget and its position of liquidity, in sight of the completion of the plan of investments of 755 million dollars on new ships, started in 2012".

Flowers have announced that "DIS has recorded an average every day on the market ad pairs to 12.026 dollars in the 2017 regarding 13.302 realized dollars year precedence. This difference - it has explained - is due to a market very weaker-than-expected, above all in the first half of the year regarding the first semester 2016 (first semester 2017: 12,492 dollars vs. first semester 2016: 16,848 dollars), partially compensated from a second part of 2017 in clean resumption regarding the same period last year (second half of the year 2017: 11,638 dollars vs. second half of the year 2016: 10,111 dollars). At the same time, we have benefitted of a cover base Time-charter of 33% to an average every day of 15.433 dollars, than Time base has allowed us to realize a average total every day charter equivalent (ad and Time-charter) pairs to 13.150 dollars, a satisfactory level seen the current context of market and that it once again demonstrates as our prudent business strategy, that it previews the cover of the fleet through Time contracts long period charter, afford us to constantly mitigate the effects of the market cycles negatives".

"Although it is extremely difficult to preview the exact moment in which the resumption will happen - has continued Flowers - firmly they are convinced that the market of the tankers is finally moving towards a positive cycle. All the fundamental ones head in the right direction and every variable one seems to indicate a resumption of the hires. For 2018 in fact an increasing is previewed oil consumption, also thanks to the acceleration of the increase estimated for the world-wide economy and of this it would have to benefit also the question for marine transport of producing oil refined. During the last few years, the industry of the refining quickly has a structural change that has seen great part of the refining ability to move itself from some of the main centers of consumption towards the traditional aerial of extraction, mainly in the Middle East. This phenomenon has sure increased the tonnage question miles for the tankers, that it would have to be ulteriorly strengthened thanks to the previewed start of new mainly to the export of producing destined refineries. The high level of refined producing escorts of, that it has contributed to depress the question in the past couple of years, seems to be itself finally orderly on more normal levels. All these positive factors - it has concluded Flowers - would have to supply impulse to the question while at the same time the increase of the offer previewed for the next years extremely is limited. Esteem, in fact, than the clean increase (delivery of new ships less demolitions) in the segments of market in which DIS work, it is hardly 2.1% in 2018 and of 1.7% in 2019; such levels represent rates of growth between lowest of last the 15 years".

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