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).

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