EXMAR NV Offers Trading Update

Friday, October 26, 2007
During the 3rd quarter an operating result (EBIT) of $7.1m was recorded by the LPG fleet, $16.5m for the 3rd quarter 2006, including $4.0m non-recurrent items. The EBIT for the first nine months of the current year amounts to $21.5m, compared to $49.4m for the first nine months of 2006, including $14.0m non recurrent items. Although freights remained firm, the Midsize segment suffered from increased idle time. Firming Black Sea Ammonia prices versus ample stocks in USA left no room for Atlantic spot movements. Middle East product, however, became gradually competitive enough to support long-haul liftings both to the Far East and Europe. Whereas originally LPG activity was also at a low, Indian imports resumed, which supported increased employment by the end of the quarter. The sentiment for the balance of the year is firm, reflected by several rewarding Time-Charters that have been secured in both Ammonia and LPG. The VLGC segment benefited substantially both from long-awaited increased Middle Eastern spot LPG supply as well as several long-haul movements even into the US. The latter had a substantial impact on the benchmark Baltic Freight Index, which moved 33% upwards compared to 2nd quarter. Two elder vessels were also sold for scrap. Rapidly increasing bunker prices and five newbuildings being delivered during the remainder of the year, however, make 4th quarter earnings somewhat difficult to predict. The LNG sector contributed $7.5m to the operating result (EBIT) during the 3rd quarter of the current year ($8.2m for the third quarter 2006). As expected the results have been affected by the off-hire days resulting from the dry docking of Excalibur during the month of September. The EBIT for the first nine months of the current year amounts to $25.1m (compared to $23.7m for the same period in 2006). While activity has been relatively quiet, results of a number of tenders during the 4th quarter will affect market perception both short and longer term. The offshore activities contributed $1.9m to the operating result (EBIT) during the 3rd quarter (compared to $2.2m for the 3rd quarter 2006). The cumulated EBIT over the first nine months amounts to $4.2mn ($5.9m for the same period in 2006). The EBIT of the Services & Holding division for the 3rd quarter amounts to -$0.4m (-$0.6m for the 3rd quarter 2006). The cumulative EBIT for the first 9 months of the current year amounts to -$1.8m (compared to $7.9m for the first nine months of 2006, including $11.0m non-recurrent items).
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DP World in Talks With Banks for $3b Loan

Dubai-owned port operator DP World is in talks with lenders to triple the size of an existing $1 billion loan, as well as extend the lifespan and reduce the interest rate,

Webinar to Examine 3D Laser Scanning in the Marine Industry

3D laser scanning has taken much interest in the maritime industry as it continues to find greater acceptance in the sector. In an up-close look at 3D laser scanning,

Royal Caribbean Profits Take a Hit

Royal Caribbean Cruises Ltd reported a much lower-than-expected quarterly profit as costs rose and passengers spent less onboard. Shares of the company, whose

Offshore

Norway's Oil Sector May Face More Project Cuts, Delays

More oil and gas projects in Norway could be put on hold because of rising costs, adding to a growing list of developments that have been delayed or called off,

Diamond Offshore profit falls as rig demand softens

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a 17 percent drop in quarterly profit as demand fell for rigs used in deep water drilling.

GulfMark Offshore Records its Highest Ever Q1 Revenue

Houston-based GulfMark Offshore President & CEO Quintin Kneen commented on his company's first quarter 2014 financial report: "We recorded our highest first quarter revenue ever,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1775 sec (6 req/sec)