Exmar Expects Two VLGCs Delivery in 2021
Belgium-based floating assets specialist Exmar said that it has two newbuild 88,000 m³ Very Large Gas Carriers (VLGC) on order at Jiangnan Shipyard (China) which will use LPG as a fuel marking a new era for the Company and the industry.
Both vessels are committed to a long-term charter with Equinor after delivery in 2021, said the provider of floating solutions for the operation, transportation and transformation of gas.
Currently, Exmar controls one chartered vessel in this segment, the 83,300 m³ BW TOKYO that is chartered to Trafigura until the fourth quarter of 2019. The hire is determined by a mix of fixed freight elements as well as a straight link to the Baltic Gas Index.
Meanwhile, the Exmar Midsize Gas Carrier (MGC) fleet is prepared for the upcoming IMO 2020 Bunker regulations thanks to its completed newbuild program, fuel-efficient vessels and a relatively high cargo volume capacity, with a mix of the latest scrubber technologies and other innovations. This will minimize the impact of the new legislation and maintain competitiveness.
The MGC fleet coverage for the remainder of 2019 is over 90% with substantial coverage already signed up for 2020 at rates in line with improved Fully Refrigerated market conditions.
Exmar's pressurized fleet is well-positioned in the markets on both sides of Suez, with high coverage levels secured for the remainder of 2019.
Strong activity in both LPG and easy petrochemicals ascertain further strong demand for Pressurized vessels, especially when order books for such units are almost non-existent.
Exmar also owns one LNG gas carrier and is limited in exposure to recent market movements. EXCALIBUR remains on a long-term time charter contract beyond 2022 with Excelerate Energy.