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21 July 2019 The on-line newspaper devoted to the world of transports 04:20 GMT+2

March 21, 2019

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Original news
of Friend International Shipping it has closed 2018 with a net loss of -55,1 million dollars

Paolo d' Amico: our market of reference is returned on profitable levels towards the turn of the year, with clear confirmed signs of improvement also at the beginning of 2019

of Friend International Shipping (DIS), society controlled of Friendly Society of navigation that through controlled operating of Tankers Friend the work a fleet of 50 tankers of ability mainly comprised between 35 thousand and 51 thousand gross capacities in tons, has archived item the 2018 with a net loss of -55,1 million dollars respect to a net loss of -38,1 million dollars in the exercise anniversary precedence. The revenues are piled to 339,0 million dollars (+2.1%), of which 244,9 million dollars of revenues Time base charter (- 4.9%). The EBITDA has been of 17,5 million dollars (- 52.4%) and the EBIT has been of sign negative for -17,3 million dollars respect to an operating result of sign negative for -11,4 million dollars in 2017.

In the solo fourth trimester of 2018 is recorded an improvement of the performances. The period is closed with a net loss of -13,9 million dollars on revenues Time base charter pairs to 64, to million dollars respect to a net loss of 24,5 million dollars on revenues Time base charter pairs to 63,3 million dollars in last the trimester of the year precedence. The EBITDA has attested to 9,7 million dollars (+206.3%) and the operating profit to 4,2 million dollars respect to a EBIT of sign negative for -17,3 million dollars in the fourth trimester of 2017.

"2018 - it has commented the president and managing director of Friend International Shipping, Paolo d' Amico - have been unfortunately one of get worse years of the last decade for the tankers. DIS is, however, succeeded to mitigate the effects of this negative conjuncture, graces to a prudent business strategy and maintaining to a constant focus on the strengthening of own capital structure. The market - it has explained - has been rather weak person in the course of the first nine months of 2018 and has succeeded in to touch historically low levels in the third trimester and the first month of the fourth trimester of the year. This has carried our company to record a net loss of 55,1 million dollars in 2018. However we are truly satisfied to have seen our market of reference to return on profitable levels towards the turn of the year, with clear confirmed signs of improvement also at the beginning of 2019, regarding the year precedence".

"In the 2018 - moreover Paolo has announced d' Amico - DIS it has recorded an average every day on the market ad pairs to 10.798 dollars against 12.026 recorded dollars the year precedence. At the same time, we have benefitted of a cover base Time-charter pairs to 34.2% to an average every day of 14,850 dollars. Our average every day total (ad and timecharter) has been pairs to 12.184 dollars to the day, that it represents a satisfactory level rather, sight the strong weakness of the market of the hires who we have had to face. This demonstrates once again that our prudent strategy to cover a part of our fleet with contracts in the long term allows us to mitigate substantially the effects of the cycles negatives".

About the future perspectives, of Friend it has evidenced that "the majority of the analysts and of the operators of the industry they have a very positive vision on the market of the product tanker and I - has specified - share totally this thesis. By the side of the question - it has specified the president and CEO of the company - the transport by sea of producing oil is previewed in increase of already 3% in 2019, supported from a wait of fort increment in the oil consumption and from an esteem of increase of the world-wide ability to refining pairs to 4,9 million barrels to the day between 2019 and 2021 (according to Clarksons). In particular, one expects to us that 2019 will be characterized by one of the greater increments anniversaries in the ability to refining from many years, with an esteem of 3,1 million additional barrels to the day (according to Clarksons). At the same time, the clean increase of the fleet in the segments in which we operate (MR and LR1) is previewed to be limited at less than 2.0% in next the two years. It is Moreover diffuse opinion that the important normative changes that they will take effect January 2020 beginning from, limiting the present sulfur content in marine fuels, will already beginning from generate an increase of the question for our type of ships half 2019".

"I consider - it has concluded of Friend - than the recent investments carried out from joined DIS and our prudent business strategy to an organization and a fleet composed high-quality from ships extremely modern and poured them, will allow us to benefit to full load of the next one attended positive cycle of our market of reference. Our plan of investments, based on 22 ships of new construction that we have begun to order in 2012, is time almost come to an end, with the last LR1 estimated in delivery in the third trimester of 2019. At the same time, we strongly remain concentrated to strengthen the DIS capital structure. To such scope, the board of directors of DIS has approved of this today a vital increase of pairs to the equivalent in dollars of 44 million euros, to the aim to reduce own lever financial institution and to improve our position of liquidity. Once again our shareholder of control, of Amico International S.A., that she has supported DIS during this difficult period, through increases of capital, exercise anticipated of own warrants and directed loans, has declared own irrevocable and unconditioned engagement entirely to sign this ulterior offer of rights".

Evergreen Line
Vincenzo Miele

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