Shipping group Exmar has released it annual results for 2013, reporting an operating result (EBIT) of US$100.3 million, a positive gain compared to 2012's US$ 88.9 million in 2012.
According to Exmar, this result was positively influenced by the sale of 50 per cent of company subsidiary Exmar LPG to Teekay LNG Partners for US$52.8 million, as well as the sale of the LPG carrier 'Donau'.
The consolidated result after taxation for 2013 amounts to US$ 104.9 million (US$ 56.4 million in 2012).
The company also commented on its prospects for 2014 for its LNG and LPG divisions.
LNG
"Exmar's LNG fleet is expected to perform in accordance with the underlying time-charter contracts. The construction of the 'Caribbean FLNG' barge is progressing well, and Exmar, in joint venture with Pacific Rubiales, will also start the construction of a re-gasification barge in the second quarter of 2014, with delivery scheduled for 2015. Discussions for the employment of this barge are ongoing."
LPG
"The majority of the LPG fleet has contributed to a joint venture with Teekay LNG from early 2013, and will continue to enjoy a stable and diversified coverage portfolio. Exmar LPG (the joint venture) has recently taken delivery of its first newbuild, the 38,000m3 'Waasmunster', with a further two new midsize gas carriers to be delivered in the course of 2014. Nine additional vessels will be delivered between June 2015 and January 2018.
"Additionally, the sale of the 35,754m3 'Temse', built in 1994, as well as the 85,826m3 'Flanders Harmony', built in 1993, will generate a capital gain of approximately US$10.4 million for Exmar's share of Exmar LPG in the first and second quarters of 2014."
"The LPG market has been very active in the first part of 2014, similar to the position at the end of 2013, with rates for the very large gas carriers reaching all-time highs after a weaker first two months of the year."
{WISroYQ symbol='EXM.BR'}
