The group’s LNG fleet contributed an operating result of $18.5m for the first half, with the company pursuing a number of LNG projects including floating liquefaction and floating regasification to enable LNG import projects. Construction continues on the groups FLNG unit at Wilson Heavy Industries in Nantong, where the Exmar has also ordered an FSRU earlier this year.
The lion’s share of revenue came from the LPG sector’s $32.8m operational results in H1. Three older LPG vessels were sold during the period, returning a capital gain of $22.3m.
The market for VLGCs is at a historic high, with average time charter equivalent rates of $40,545 per day in the first half of this year, up from $21,643 in the same period last year. Exmar attributes the rise in rates to recent arbitrage between US and Asian prices, along with increasing tonne-miles for cargoes as products become more available out of the US Gulf. The Exmar VLGC fleet has 100% coverage for 2014, with 60% at fixed rates.
At the end of June Exmar raise NOK700m through an unsecured bond, with the proceeds earmarked for LNG and offshore infrastructure project development.
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