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

Technology

Torqeedo Introduces New Deep Blue Inboard

Torqeedo now offers a shaft drive version of its 40 and 80 horsepower Deep Blue motor. An electric drive designed for marine use from the ground up, the Deep Blue inboard shares the safety,

Protea to Launch Heavy-Lift Cranes at Nor-Shipping

Protea, a global manufacturer of offshore handling equipment, will launch two types of heavy lift cranes at Nor-Shipping 2015 in Oslo, June 2-5. Tomasz Paszkiewicz,

Inmarsat 3rd Global Xpress Satellite's Launch Delayed

Inmarsat has provided an initial update on the launch schedule for Inmarsat-5 F3 (I-5 F3) following the failure of the preceding Proton Breeze M launch from

Finance

US Funding for Air Emissions/Alternative Energy Projects

The U.S. Maritime Administration (MARAD) announced that up to $1.3 million in Federal funding is now available through cooperative agreements for projects supporting

WCI Applauds Increased USACE Funding

Today WCI applauded the leadership of Senate Appropriations Committee Chairman Thad Cochran (R-MS) and Senate Energy & Water Development (E&WD) Appropriations Subcommittee

Shipping Freight Rates Drop Amidst Overcapacity

Shipping freight rates on the world's busiest route, from Asia to Northern Europe, fell by the largest percentage amount since 2008, reflecting wild volatility

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
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: 0.1231 sec (8 req/sec)