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 Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Royston Appoints New US Distributor

Diesel power engineering specialist Royston has appoint a new U.S.-based distributor, citing growing interest in its advanced Enginei marine fuel management and monitoring systems.

SSI Hires Holder for US Sales

SSI has hired CAD/CAM specialist Robert Holder as part of its sales force in the U.S. market.    According to SSI, the hiring is intended to meet the expanding

MacGregor Wins Orders for Pusnes Deck Machinery

MacGregor, part of Cargotec, announced it has secured orders for a series of Pusnes deck machinery packages for several shipowners. The Pusnes equipment has been


Ship Conversion: Offshore Survey Vessel to Become a Flotel

Dutch shipowner C-Bed has contracted Wärtsilä Ship Design to supply the design for rebuilding its Seismic Survey Vessel, the Viking II, for use as a hotel vessel

Deepwater Downturn: Bump in the Road or Long-Term Slowing of Growth?

IMA/World Energy Reports has just completed a comprehensiveassessment of the five year outlook for the deepwater sector.  The new report – the 19th annual floater

Tidal Energy from Deep and Slow Waters

Deep Green, an underwater kite construction from the Swedish company Minesto, is set to be deployed in 2017 at the Holyhead Deep site off the coast of Anglesey, Wales.

Maritime Contracts Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.0977 sec (10 req/sec)