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Profit slips for Exmar in 2014

Profit slips for Exmar in 2014
Exmar has reported a $68.3m profit for 2014, down from $104.9m in 2013.

The company said that in proportionately consolidated terms, its revenues dropped from $405.9m to $331.2 between 2013 and 2014.

Exmar's LPG fleet recorded an operating result of $55.4m for the year, including a $33.6m capital gain on the sale of four vessels. The result is down from $73.5m in 2013, which included a $52.8m gain on the sale of half of Exmar LPG to Teekay LNG Partners.

VLGC time charter equivalent (TCE) earnings were $48, 474 per day in 2014, almost doubling 2013's $24,952 as the US shale boom drove LPG activity.

In its prospects for 2015 Exmar does not expect the downturn in the offshore market to affect its offshore activities as its accomodation barges continue under long term contracts and it continues to take a tariff fee on the floating production unit Opti-Ex.

The company's LPG carrier fleet is set to continue expanding, with eight vessels due for delivery between June 2015 and January 2018. VLGC have outperformed expectations for the first few months of 2015, following on from all-time highs in 2014.