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Exmar first half boosted by LPG sale

Exmar first half boosted by LPG sale
Profit at gas carrier and offshore logistics company Exmar almost tripled to $90.9m in the first half of 2013, up from $33.6m for the same period in 2012.

The sale of 50% of Exmar LPG to Teekay LNG Partners reaped $54.2m while a change in the fair value of financial derivatives bagged the company a further $27m

Turnover in the first half dropped to $217.1m for 2013 from $228.8m in 2012.

The group's LNG, Offshore and LPG segments contributed $15.5m, $2.9m and $57.1m respectively for the first half of the year.

For the LPG business, Exmar's high coverage for the second quarter in its VLGC fleet limited the rewards it gained from the higher rates and longer voyages enjoyed by the sector in general. For the balance of 2013, fleet coverage for the midsize, VLGC and Pressurised fleets stands at 85%, 75% and 100% respectively.