The company's LPG segment contributed the lion's share of profit, earning $56.2m before interest and tax, the result of fleet contributions up to 12 February 2013 and the establishment of a joint venture, Exmar LPG, with Teekay LNG partners which bagged $54.2m profit for Exmar. The new venture will hold Exmar's midsize and very large gas carriers.
Exmar also announced in the first quarter that it will build up to eight new midsize ships at Hanjin Heavy Industries & Construction, set for delivery from 2015.
Fleet coverage for the remainder of the year for the LPG fleet stands at 60% for midsize, 100% for VLGC and 80% for the smaller pressurised pressurised vessels.
In comparison to the same period in 2012, LPG time charter equivalents rates for the first quarter 2013 climbed from $20,972 to $22,012 in the midsize sector, $20,795 to $21,303 in the VLGC and $7,709 to $7,911 for the pressurised 3,500 cu m vessels.
Exmar's LNG outfit remained steadily profitable, adding $8.1m on an EBIT basis, with time charters fixed for each vessel.
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