LPG Market Rebounds in 3Q: Exmar

(Press Release)
Thursday, October 27, 2011

EXMAR NV today gave its trading update for the 3Q 2011, numbers which show broad improvement in shipping rates and prospects. The operating result (EBIT) of the LPG fleet in the third quarter was $2.3 million (compared to $1.8 million for the third quarter of 2010), including 72 offhire days.
EXMAR’s fleet continued to be supported by its contract portfolio during the third quarter. The coverage for the balance of this year is about 90% and 2012 is already covered for 58% at improved levels with first class
counterparties. Spot market conditions further strengthened as the Midsize vessels’ availability has been remarkably tight over the last months. Time Charter levels edged up on this basis. During the third quarter, EXMAR took over 4 BW Gas Midsize vessels and has therefore started to handle the North Sea Contracts of Affreightment, which is an addition to the EXMAR Midsize portfolio.
The LPG/C Gent (25.000 cbm fully Ref, built in 1985) was sold October 27 2011, and EXMAR will make a book profit of approximatively $4 million on this transaction in the fourth quarter 2011. The VLGC spot market is enjoying a strong recovery. On 30th June the Baltic Freight index was at $45 pmt (per metric ton) and is now at $75 pmt, which would improve the contribution of the VLGC even further in 4Q 2011.
EXMAR’s cover at fixed rates for the balance of the year is 55% and 2012 stands at 46% which therefore leaves a
fair upside to the expected strong market.

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