Press release
Trading update as per 30th September 2008
The Executive Committee of EXMAR NV today reported its trading update for the 3rd quarter 2008. The key figuresare:
For full press release please go to Exmar corporate website: www.exmar.be
LPG
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.
EXMAR and BW Gas jointly agreed to terminate their participation in their respective Pools. Since 1st September EXMAR and BW Gas operate and market their own vessels independently.
Midsize
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.
VLGC
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.
Pressurised
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.
LNG
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.
OFFSHORE
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
DMR House
8-10 Cleave Avenue,
Farnborough, Orpington
Kent BR6 7DR
UNITED KINGDOM
Tel: +44 (0) 1689 860660
Fax: +44 (0) 1689 850484
e-mail: impcomms@yahoo.co.uk
This release was published on openPR.
Permanent link to this press release:
Copy
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: …
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
Chlorella Market Reach USD 465.85 Million USD by 2030
Market Growth Fueled by Increased Adoption of Plant-Based Proteins and Health Supplements
Global Chlorella Market size was valued at USD 303.75 Mn. in 2023 and the total Chlorella revenue is expected to grow by 6.3 % from 2024 to 2030, reaching nearly USD 465.85 Mn. . The growth of the market is majorly due to increase in the consumer awareness about health, the inclination towards plant-based food such as chlorella and…
Bamboo Clothing Market: USD 1.83B to USD 3.27B by 2030
Bamboo Clothing Market Poised for Robust Growth with Sustainability and Eco-Friendly Trends Driving Demand
The global bamboo clothing market is experiencing substantial growth, spurred by a significant shift towards sustainable fashion and eco-friendly materials. As consumers become increasingly conscious of their environmental impact, bamboo fabric-known for its natural, biodegradable properties-is gaining popularity in the fashion industry. This market is expected to continue its upward trajectory, driven by rising demand for eco-conscious…
Biometrics Market: "Biometrics: USD 34.3B to USD 112.4B by 2031"
Biometrics Market Market Scope:
Key Insights : Biometrics Market size was valued at USD 34.3 billion in 2022 and is poised to grow from USD 39.1 billion in 2023 to USD 112.4 billion by 2031, growing at a CAGR of 14.1% during the forecast period (2024-2031).
Discover Your Competitive Edge with a Free Sample Report :https://www.skyquestt.com/sample-request/biometrics-market
Access the full 2024 Market report for a comprehensive understanding @https://www.skyquestt.com/report/biometrics-market
In-Depth Exploration of the global Biometrics…
Advanced (3D/4D) Visualization Systems Market Size, Trends, Growth, Share to sur …
Fatpos Global has carefully studied specific areas, such as application and product type, in the global Advanced (3D/4D) Visualization Systems Market research study. During the predicted period of 2022 to 2032, each kind gives data on sales. The Advanced (3D/4D) Visualization Systems Market analysis examines into the characteristics and financials of the leading participants.
As per the analysis research report, the Advanced (3D/4D) Visualization Systems Market to…
$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…
IOT Solutions Market worth USD 553.9 million USD by 2026
"The global IoT solutions market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of cybersecurity as a service market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa."
These days many businesses are adopting a market research report…