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04 June 2020 The on-line newspaper devoted to the world of transports 19:04 GMT+2

May 7, 2020

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Original news
Positive the results of the first trimester of Friend International Shipping

The company previews good future perspectives for the market of the product tanker

Of Friend International Shipping (DIS) it has closed the first trimester of this year with a profit clearly of 1,5 million dollars on revenues pairs to 94,4 million dollars respect to a net loss of -5,5 million dollars on revenues for 91,0 million dollars in the correspondent period of 2019. The single revenues Time base charter are piled to 71,4 million dollars (+11.8%). The EBITDA has been of 33,0 million dollars (+47.1%) and the EBIT of 13,9 million dollars (+168.2%).

The president and managing director of the DIS, Paolo d' Amico, have emphasized that "excluding some not recurrent mail he is from the first trimester of the 2020 that give the first trimester of 2019, the clearly rectified result of DIS would pile to 6,3 million dollars in the first trimester of the year, regarding -4,4 million dollars in the same period of 2019, recording therefore an increment of 10,7 million year on year. This meaningful improvement - it has explained - is attributable to a market of the hires very more fort regarding last year. In the first trimester of 2020, DIS has realized in fact a medium every day ad pairs to 17.354 dollars regarding 13.583 in the first trimester of 2019 (+27.8% and 3,771 dollars/day). The good results ads realized from DIS in first trimester 2020 - it has specified of Friend - still more would be elevated if negatively they were not impattati by an adjustment of about 0,9 million dollars on travels last year, that it has reduced our medium ad of about 600 dollars/day".

Commenting the evolution of the activity of the company and the market in the course of the first trimester, of Friend it has explained that "at the beginning of the year the perspectives for the field of the tankers were extremely positive, thanks to strong the fundamental legacies to the implementation of IMO 2020 and the consequent previewed positive effects on the question for the transport by sea of producing oil refined. This, joined to an increase of the very contained offer, graces also to endorsements, installation of "scrubber" and congestion in the ports, has supplied a strong support at the market. However, towards February, the market of the tankers has begun to weaken itself, to root cause of being propagated of the Covid-19 in China with negative consequences on the question of oil and the activity of refining of the main importing country of crude oil world-wise. The abrupt decrease of the consumption of refined in China has been, however, compensated from greater exports from the same China on long routes towards Europe and the USA".

"At the beginning of March - it has remembered moreover of Friend - the countries members of the OPEC+ have not reached an agreement for the cut of the production that compensated collapse of the price of the oil caused from the explosion of the virus. The lower prices of the oil, besides to reduce the bunker costs, improving directly the "TC equivalent earnings" of the ships, have created new opportunities of arbitrage. The naphta has become, for example, competitive regarding the LPG as raw materials for the petrochemical industry and has begun to being transported on very long distances, from the Middle East or Europe to Japan. The increase of the production of crude oil, joined to an abrupt collapse of the question, has carried the curve of the prices to term of the oil in "contango", creating a strong incentive to the increase of the escorts world-wise. The systems of storage to earth have reached almost the full ability quickly and have pushed great oil amounts of crude oil and producing to being stoccati on board of the oil tankers. This phenomenon has been extremely favorable for our industry, compensating the impact negative on the question of oil and the activity of caused refining diffusing itself of the Covid-19 and from the connected measures of confinement in western Europe and the United States. Beginning from the March end and above all entering in according to trimester of the year, the market of "product tanker" has never reaches levels previously touched in almost all the geographic routes and areas".

"As we know - it has continued of Friend - the world-wide economy is crossing a period of great uncertainty and the full impact of the Covid-19 is still from determining. Therefore, also benefitting of the current hard context of market, we prefer to maintain an approach ahead prudent going. For this reason, if the just conditions had to be manifested, we will try to newly draw advantage from the interest of "oil-major" and important "trading-house" in order to fix some of our ships with contracts to period to profitable levels, to the aim to safeguard our liquidity from potential corrections of market that could happen in future. In spite of it is, at the moment, very difficult to make market forecasts in the short term, because of the effects of this world-wide pandemic, over the long term we remain very positive on the perspectives for our field, whose fundamental they continue to being very solid. The number of new tidy constructions is to levels historically many low, graces mainly to the lack of capitals and the uncertainties tied to the technological developments necessary in order to reach the objectives of reduction of the emissions previewed from IMO 2030/2050. By the side of the question, the transport by sea of producing oil refined is previewed in increase over the long term, graces also to the concentration of the increment of the ability to world-wide refining in Middle East and Asia, in countries that are already important refined producing clean exporter of". Moreover - it has added of Friend - "the market of "product tanker" would have to benefit of the fiscal and monetary stimuli that will follow the control of the Covid-19".

Currently the consistency of the fleet of Friend International Shipping is of 45,5 product tanker to which two ships in business management join.

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