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Monday, August 31, 2009

EXMAR releases first half results

Sunday, 30 August 2009

The Board of Directors of EXMAR has drawn up the accounts for the period ending 30th June 2009. LPG: Spot conditions since the beginning of the semester confirm the challenging outlook for 2009; no substantial improvement is expected until the end of the year. However, EXMAR’s VLGC and MGC fleets are covered for 55% and 90%, respectively, which reduces the exposure on the spot market. The performance of the second semester should be in line with the first six months.
The delivered Pressurized fleet is covered for approx. 60% for the balance of the year.
LNG: The entire LNG fleet will be in continuous employment during the second semester (or, in the case of the EXCEL, covered by the minimum revenue undertaking from a third-party), with the exception of the EXCELSIOR that will go in planned dry-dock during three weeks after her regas season at Bahia Blanca in Argentina.
Two more LNGRV’s, namely the EXQUISITE and Hull 2271 tbn EXPEDIENT will have joined the fleet by the end of the year. Financing of EXMAR’s share in these two vessels is still underway.
OFFSHORE: Although positively influenced by the contribution of the NUNCE, earnings are expected to be affected by the absence of revenues for the OPTI-EXTM and the KISSAMA (during its refurbishment process).
Source: Exmar