Exmar: LNG Fleet Earns USD 31 Million in 2011 (Belgium)
EXMAR reported the provisional results for the fourth quarter and the entire year 2011.
HIGHLIGHTS 2011 / 2012
‐ Cash Flow from Operations (EBITDA) for the year 2011 is USD 139.9 million and the Operating Result (EBIT) is USD 37.3 million.
‐ These figures include a profit before tax of USD 41.3 million on the sale of OPTI-EX® to LLOG, a loss of USD 26.7 million on the sale of two VLGCs to BW Gas and a profit of 4.0 million on the sale of GENT (25,000 m³ – built 1985).
‐ Operating result has been affected by a weak LPG market in 2011 with sharp recovery in the fourth quarter.
‐ OPTI-EX® delivered to LLOG in July 2011. First production in December 2011.
‐ EXMAR and LLOG reached an agreement in principle on the prepayment of outstanding amounts owed under the Asset Purchase Agreement resulting in a cash payment of USD 250 million and an additional profit of USD 24.0 million to be recorded in the first quarter 2012.
‐ Change in fair-value of hedging instruments (interest rate and EUR / USD FX) resulted in a non-cash, unrealized loss of USD 35,1 million included in the Financial Result.
‐ Coverage ratio 2012 for Midsize and VLGC fleet: 70% and 51%, respectively. Midsize spot market present conditions in a flat trend. VLGC spot rates have dropped significantly the last 2 months.
The operating result (EBIT) for the full year 2011 is USD 31.0 million (compared to USD 92.8 million in 2010 including USD 47 million profit on the sale of EXMAR’s interest in LNG/C EXCALIBUR and LNGRV EXCELSIOR).
The LNG market was clearly the best performing of all shipping markets in 2011. LNG spot market is enjoying record levels on the back of strong growth in LNG production in the Middle East Gulf and increased demand from Asian countries.
In March, EXCELERATE incurred an unscheduled off-hire. The result was affected by this event. Depending on employment of EXCEL (which is presently open in July 2012) all ships will be fully employed in 2012. EXCALIBUR will require drydocking for completion of its 2nd special survey in October with consequent effect on results.
LNG World News Staff, January 27, 2012