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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

All Set for the Long Beach Arts Month

A gala reception Saturday, Oct. 4, will kick off a month-long art exhibition showcasing the Port of Long Beach in images captured by professional and amateur photographers.

MOL Restructures Asia to S. Africa Service

Mitsui O.S.K. Lines, Ltd. (MOL) announced the restructuring of its existing Asia to South Africa liner services into two direct loops. One service will call South China,

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

Offshore

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

Crowley Receives Heavy-Lift Deck Barge in Singapore

Crowley Maritime Corporation’s solutions group announced today that it has received the first two of potentially four, new heavy-lift, ballastable deck barges (HDBs)

Signet Transports Second LLOG Rig to GofM

On September 14, five Signet Maritime ASD/Z-Drive tugboats, the SIGNET ENTERPRISE, SIGNET RELIANCE, SIGNET MAGIC, SIGNET WEATHERLY, and SIGNET VOLUNTEER successfully

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1869 sec (5 req/sec)