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Exmar confident on gas carrier outlook

Exmar remains confident on the outlook for VLGCs and mid-sized gas carriers (MGCs) as it reports a nine-month profit of $75.7m.

The nine-month result of $75.7m was down on the $96.8m Exmar recorded in the same period in 2013. However, the company was upbeat on the outlook for large and mid-sized LPG carriers.

“Despite substantial fluctuations throughout the third quarter of the year, VLGC rates have remained at record levels,” Exmar said. The year-to-date TCE for VLGCs was $46,644 per day, compared to $24,008 for the same period last year.

Looking ahead for the VLGC market it commented: “The outlook for the remainder of the year remains firm with only two newbuilding deliveries still within 2014. Although the influx of new tonnage will be markedly up with as many as 36 newbuildings entering the market during 2015, next year is still expected to be good.”

The company said the MGC segment remained firm the third quarter and it expected it to remain firm in the coming year as well. Year-to-date TCE rates for MCGs were $23,874 per day compared to $22,960 per day in the same period in 2013.

 

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