Exmar: LNG Fleet Earns USD 16.3 Million in First Semester (Belgium)

Exmar: LNG Fleet Earns USD 16.3 Million in First Semester

Exmar reported the provisional results for the second quarter and first semester 2012.

The company had an operating result (EBIT) of USD 52.7 million for the first semester 2012 (USD – 11.6 million for the first semester 2011).

The financial result has been negatively influenced by the change in fair value of interest rate derivatives entered to hedge the interest rate exposure on long-term financing of the fleet, which resulted in a non-cash unrealised loss of USD -1.0 million (2011: USD -3.7 million), and by USD -0.3 million unrealised exchange loss (2011: USD 1.6 million).

The consolidated result after taxation for the first half 2012 amounts to USD 33.5 million (2011: USD -37.9 million).

Excluding the change in fair value (Mark-to-Market) of hedging instruments, consolidated result after tax would have been USD 34.5 million.

LNG

The LNG fleet recorded an operational result (EBIT) of USD 16.3 million during the first six months of the year.

The EXCEL was successfully fixed since mid-July for a two months time-charter at USD 152,500 per day and we are in continuous discussions with various potential charterers.

However, due to the existing Facility Agreement that guaranteed in the past a minimum earning for the vessel the contribution to the Profit & Loss accounts will be capped at approximately USD 60,000 per day for the remaining of the year.

On 1 st June Exmar signed a building contract for its Floating Liquefaction, Regasification and Storage Unit (FLSRU) with Wison Offshore of Shanghai.

The construction of the unit to be delivered to PRE during the first quarter of 2015 for a 15 years contract is progressing according to plan.

[mappress]
LNG World News Staff, July 30, 2012; Image: Exmar

 

Related news

List of related news articles