Exmar reports first half results

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

29 Aug 2008

The board of directors of EXMAR NV has drawn up the accounts for the period ending 30th June 2008. This press release also refers to the one distributed on 30 July 2008 (provisional results). During the first 6 months of the year, an operational result (ebit) of usd 12.1 million was recorded by the LPG fleet (compared to usd 14.4 million for the first six months of 2007).

ebit for the 2nd quarter has been affected by 124 off-hire days incurred during the dry-docking of two Midsize vessels.
During the first 6 months of the year, an operating result (ebit) of usd 17.5 million was recorded by the LNG fleet (compared to usd 17.6 million for the first six months of 2007). This has been affected by the fact that lng/c excel was off-hire for her first scheduled dry-dock and repair period amounting to about 20 days.
LPG
The 3rd Quarter started on a firm tone for the VLGC fleet due to continued tight vessel availability but caution remains on the general outlook in the light of 14 newbuildings being delivered prior year-end and the unpredictable availability of Middle Eastern
spot volumes.
The MGC fleet is covered for about 75 % for the balance of the year and results are expected to remain stable.
LNG
All the LNG vessels are covered on long-term employment and results for the second semester should show improvement with no planned repair periods due and the effect of the EXPLORER in full operation.
In the OFFSHORE and the SERVICES AND HOLDING divisions the results are expected to be in line with the expectations.

Source: Exmar