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.

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

Technology

Korean Registry Okays Transas ECDIS

Transas, one of the world's leading providers of integrated navigation solutions, received ECDIS type-approval from the Korean Registry (Korea Marine Equipment Research Institute),

INTERSCHALT VDR Earns CCS Certification

INTERSCHALT maritime systems AG, the provider of maritime software, services and systems for navigation and communications systems (NavCom) and manufacturer of Voyage Data Recorder (VDR) systems,

Nautilus Awards Contract for Dewatering Plant Design

Nautilus Minerals Inc. has awarded a contract for the design of the Solwara 1 dewatering plant to be used on the company’s production support vessel to the Brisbane

Tanker Trends

Eni Mulls Mozambique LNG Supply Deal

Italian oil and gas group Eni is holding discussions with a potential buyer of liquefied natural gas (LNG) supply from its floating export project in Mozambique, an executive said on Thursday.

Long Beach Port Celebrates Environmental Successes

Shipping lines, environmental organizations, trucking companies, terminal operators and a railroad were honored today, July 29, by Long Beach Mayor Dr. Robert

Nigeria LNG to Receive Four Ships in 2015

Nigeria Liquefied Natural Gas Company (NLNG) expects to take delivery of four LNG carrier ships before year-end and another two next year, its chief executive said,

Finance

Asia Dry Bulk-Capesize Rates Could Soften

Capesize market "overheated" as rates near eight-month highs; optimism for a busier fourth quarter looms. Freight rates for capesize bulk carriers are likely

Eni Mulls Mozambique LNG Supply Deal

Italian oil and gas group Eni is holding discussions with a potential buyer of liquefied natural gas (LNG) supply from its floating export project in Mozambique, an executive said on Thursday.

Vale Sells Four 'ValeMax' Bulkers to China Merchants

Brazilian mining company Vale SA said on Thursday that it expects to receive $448 million from the sale of four dry-bulk iron ore ships to China's state-owned China

 
 
Maritime Security Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1325 sec (8 req/sec)