Trading update as per 30th September 2008
For full press release please go to Exmar corporate website: www.exmar.be
During the 3rd quarter an operating result (EBIT) of USD 6.2 million was recorded by the LPG fleet (USD 7.1 million for the 3rd quarter of 2007). The EBIT for the first 9 months of the current year amounts to USD 18.3 million (compared to USD 21.5 million for the first 9 months of 2007).
EBIT for the 3rd quarter has been affected by 150 off-hire days incurred during the dry-docking and repairs of vessels and by increasing crewing expenses.
The market has been characterised in particular by a continuance of reduced Ammonia supply with resultant buoyant product prices whereas the LPG segment remained stable. Although the market has become increasingly illiquid due to a lack of spot requirements, employment levels have been satisfactory and Time-Charter levels remain firm. The balance of the year is fully covered and the year 2009 is covered for more than 80 % at rewarding levels.
CARLI BAY (25,000 m³/’98-built) has been sold to ABG Sundal Collier of Norway, who took delivery of the vessel on 14th October. The transaction resulted in a USD 19.9 million capital gain that will be recorded in the 4th quarter. The agreement in principle whereby Prime Marine from Greece and EXMAR would form a joint-venture including 4
Midsize newbuildings from Prime Marine (35,000 m³ with delivery ranging from mid-2009 to early 2010) and 5 second-hand vessels from Exmar has been put on hold due to the present financial environment.
As anticipated, 3rd quarter started on a very firm note and overall freight increases averaged 30 % whereas bunker expenses only increased by 15 % compared to 2nd quarter. As from mid-August, however, the market swiftly turned down due to a dramatic reduction of Middle East spot cargoes and increasing product price volatility. The latter
dampened trading activity and a substantial queue of idle vessels developed in the Arabian Gulf.
Market prospects for the 4th quarter are quite negative; however, EXMAR’s exposure to the spot market as from year end will be limited with only one vessel. The remaining 3 vessels will be employed under period commitments at reasonable levels.
MAGDALENA (3,500 m³) has been delivered on 24th October by Yamanishi Shipyard in Japan. The vessel is being marketed for short-term employment in Asia. When period market returns improve, the aim will be to secure Time- Charter employment. On 12th December, SABRINA (5,000 m³) will be delivered by Shitanoe in Japan. During 2009 EXMAR will take delivery of another 6 newbuilding pressurized vessels, whereas the last 2 will be delivered in 2010. As reported earlier, the entire pressurised fleet is owned in joint-venture with Wah Kwong of Hong Kong.
The LNG sector contributed USD 10.7 million to the operating result (EBIT) during the 3rd quarter of the current year (USD 7.5 million for the third quarter 2007).
The EBIT for the first 9 months of the current year amounts to USD 28.2 million (compared to USD 25.1 million for the same period in 2007). The improvement is mainly due to the contribution of the EXPLORER delivered in April 2008. 3 further vessels will be delivered in 2009 (EXPRESS in March, EXQUISITE in September and EXPEDIENT in December). EXEMPLAR is expected to be delivered in June 2010. Long-term employment has been secured for all these vessels.
The EBIT of the Offshore activities amounts to USD 0.1 million for the 3rd quarter (compared to USD 1.9 for the 3rd quarter 2007). The reduction is mainly due to the sale of the FARWAH in May 2008. The cumulated EBIT over the first nine months amounts to USD 4.3 million, including USD 1.8 million capital gain on the sale of the FARWAH
(USD 4.2 million for the same period in 2007). The hull of the OPTI-EX™ has left the yard (Samsung) and is on its way to Kiewit Offshore Yard (USA) for assembly
and installation of the topside. Final delivery ex-Yard fully commissioned is planned for mid 2009. The marketing of the OPTI-EX™ is active and EXMAR is in dialogue with two major National Oil Companies.
SERVICES & HOLDING
The EBIT of the Services & Holding division for the 3rd quarter amounts to USD – 0.8 million (USD – 0.4 million for the 3rd quarter 2007). The cumulative EBIT for the first 9 months of the current year amounts to USD -3.1 million (compared to USD -1.8 million for the first 9 months of 2007).
EXMAR is a diversified and independent shipping group serving the international gas and oil industry. Apart from providing the ships for the transportation of these products, it also performs studies and undertakes the management of commercial, technical and administrative activities for the industry.
IMPRESS COMMUNICATIONS LTD
8-10 Cleave Avenue,
Kent BR6 7DR
Tel: +44 (0) 1689 860660
Fax: +44 (0) 1689 850484
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Trading update as per 30th September 2008 here
News-ID: 58127 • Views: 1402
More Releases from Exmar NV
Exmar extraordinary shareholders’ meeting
The extraordinary shareholders’ meeting held today, 13th November 2009 has, subject to the approval of a prospectus by the CBFA and the signing of a hard underwriting agreement with the underwriting syndicate, decided to increase the share capital with a maximum of EUR 100 million by issuing new shares with VVPR strips. All existing shareholders will have the opportunity to participate in the transaction through the exercise of preferential rights. The
PROPOSAL CAPITAL INCREASE
The Board of Directors of EXMAR has decided to propose to the shareholders to proceed with a capital increase of EUR 100 million. Saverex NV, the reference shareholder of EXMAR, will participate in the capital increase with an amount of EUR 50 million. Sofina SA will also participate in the transaction in accordance with its current shareholding in the company (approx. 1.3%). Sofina SA has confirmed a further support to
Fluxys LNG and Exmar examine project to build second jetty at Zeebrugge liquefie …
Fluxys LNG is to launch the detailed study into building a second jetty at the Zeebrugge liquefied natural gas terminal, the aim being to enable regasification ships to moor. For its part, Exmar is prepared to book long-term capacity with Fluxys LNG. The two companies have signed a Memorandum of Understanding setting out their agreement. Pascal De Buck, Member of the Fluxys Executive Board and Commercial Director: “Enabling reception of
EXMAR Provisional results 2008
The Executive Committee of EXMAR reported today the preliminary results for the 4th quarter and full year 2008. HIGHLIGHTS Cash flow from Operations (EBITDA) and Operating Result (EBIT) influenced by disappointing VLGC market but supported by the sale of the Midsize LPG vessel CARLI BAY; - Contribution from LNG and Offshore divisions in line with expectations; - This year again, falling USD interest rates have had a significant influence on financial results thru non-cash,
More Releases for USD
$100,000,000 USD job contract for travel - $3,000,000 USD referral commission.
Khoja Consultants invites companies, teams or venture capitalists for a $100,000,000 USD contract for travel. The selected company will be providing all accommodations and expenses for a 6-month long business trip around the world. Khoja Consultants expects five-star treatment including close security with private planes, hotels, secured vehicles and helicopters if necessary. More details on the job contract and application are provided at - www.KhojaConsultants.com. There is a $3,000,000
Polyurethane Dispersions Market worth USD 2.04 Billion USD by 2020
The report " Polyurethane Dispersions Market by Type (Water-Based Polyurethane Dispersions and Solvent-Based Polyurethane Dispersions), by Application (Coatings, Adhesives & Sealants, Synthetic Leather Production, Fiber Glass Sizing, and Others) - Trends & Forecasts to 2020", The global polyurethane dispersions market is projected to reach USD 2.04 Billion by 2020 at a CAGR of 6.8% between 2015 and 2020. This growth is fueled by the high potential from the textile and
Retail Analytics Market worth USD 5.1 Billion USD by 2020
According to a new market research report "Retail Analytics Market by Business Function (Marketing and Customer Analytics, Merchandizing and In-Store Analytics, Supply Chain Analytics, Strategy and Planning), by Type, by Solutions and by Services - Global Forecast and Analysis to 2020", defines and segments the global retail analytics market on the basis of business function, solutions, services, deployment types, and regions along with providing an in-depth analysis and market size
Metabolomics Market USD 1.24 Billion by 2020
The global metabolomics market is estimated to reach USD 1.24 Billion in 2020, growing at a CAGR of 15.6% from 2016 to 2020, according to a market research report Metabolomics Market 2013-2020, published by iHealthcareAnalyst, Inc. Visit the Metabolomics Market 2013-2020 report at https://www.ihealthcareanalyst.com/report/metabolomics-market/ Metabolomics is the scientific study of chemical processes involving metabolites, whereas metabolome represents the collection of all metabolites in a biological cell, tissue, organ or organism, which
Radiopharmaceuticals Market USD 350 Million by 2020
Radiopharmaceuticals Market 2013-2020 report estimates the global radiopharmaceuticals market to reach nearly USD 350 Million in 2020, at a CAGR of 4.9% from 2016 to 2020 - iHealthcareAnalyst, Inc. Visit the Radiopharmaceuticals Market 2013-2020 report https://www.ihealthcareanalyst.com/report/radiopharmaceuticals-market/ Medicinal radiocompounds or radiopharmaceuticals are a group of pharmaceutical drugs which have radioactivity and they can be used as diagnostic and therapeutic agents. Radiopharmaceuticals are used in the field of nuclear medicine as radioactive tracers
Orthobiologics Market USD 5.8 Billion by 2020
Orthobiologics Market 2013-2020 report estimates the global orthobiologics market to reach nearly USD 5.8 Billion in 2020, at a CAGR of 6.2% from 2016 to 2020 - iHealthcareAnalyst, Inc. Visit the Orthobiologics Market 2013-2020 report https://www.ihealthcareanalyst.com/report/orthobiologics-market/ The global orthobiologics market report provides market size (Revenue USD Million 2013 to 2020), market share and forecasts growth trends (CAGR%, 2016 to 2020). The global orthobiologics market segmentation is based on product types (allograft, bone