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13 December 2019 The on-line newspaper devoted to the world of transports 21:50 GMT+1



November 13, 2019

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Original news
Tenth consecutive trimester in loss for of Friend International Shipping

In the period July-september the revenues Time base charter have grown of +8.7%

Still a trimester in loss, tenth the consecutive one, for the shipowning society of Friend International Shipping (DIS) that controlled work through operating of Tankers Friend a fleet of 48 product tanker of ability comprised between 35 thousand and 51 thousand gross capacities in tons, of which 23 ships of property, to which joins an unit of which the company it has the business management. In the period July-september of this year DIS has totaled revenues pairs to 82,1 million dollars, down of the -16,9% on the same period of 2018, of which 59,8 million dollars of revenues Time base charter (+8.7%). EBITDA and EBIT have been pairs respective to 21,4 million and 2,1 million dollars against sign results both negative and pairs to -2,2 million and -12,7 million dollars in the third trimester last year. DIS has closed the third trimester of the 2019 with a net loss of -8,1 million dollars respect to a net loss of -20,9 million dollars in the correspondent period of 2018.

In the first nine months of this year the revenues are piled to 260,5 million dollars, decreasing of the -13,5% on the same period of 2018, of which 186,1 million dollars of revenues Time base charter (+3.0%). The EBITDA has been of 69,3 million dollars (+784.9%) and the EBIT of 684 thousand dollars respect to an operating result of sign negative for -21,5 million dollars in the first nine months last year. Commenting the results on September 30, 2019 the president and managing director of Friend International Shipping, Paolo d' Amico, have specified that "in the first nine months of 2019, DIS has recorded a net loss of -32,5 million dollars against -41,2 million dollars realized in the same period of 2018. Excluding but some not recurrent mail - it has emphasized - the DIS result clearly would have been pairs to -15,1 million dollars in the first nine months of 2019 regarding -44,4 million in the same period of 2018, recording therefore an improvement of 29,3 million dollars year on year. Looking to the third trimester of the 2019 - it has still specified of Friend - DIS it has recorded a clearly rectified result of -5,9 million dollars against -20,9 million dollars in the third trimester of 2018. This important improvement is attributable to a market of the hires more favorable and to the efficiencies of costs reached in 2019".

of Friend it has announced that "DIS has realized an average TCE every day on the ad pairs to 12.786 dollars in the first nine months of 2019, that corresponds to an increment of 2.212 dollars to the day regarding 10.574 dollars recorded in the same period of 2018. DIS, coherently with its business strategy of along term - it has added - has maintained also an elevated level of cover to standing charge, pairs to 48.7% to a every day medium hire of 14.610 dollars. Average TCE total (ad and Time-charter) of the first nine months of 2019 have been therefore pairs to 13.674 dollars regarding 11.967 dollars of the same period last year".

Relatively to the future perspectives, Paolo d' Amico has explained that the company "remains very positive on the perspectives of market for the tankers. The fundamental ones - it has evidenced - are solid, with orderbook of ships to levels historically many low and with a question in increase for the transport by sea of producing refined. The new regulations IMO that, beginning from January 2020, will limit the present sulfur content in marine fuels to 0.5%, would have ulteriorly to stimulate the activity of the refineries and the question for our ships. Clarksons estimates for the next year an increment of the question for tankers pairs to about 6%. I consider that we are hardly at the beginning of a very positive cycle for the market and are already noticing some signs in such sense".


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