The Executive Committee of EXMAR NV today reports its first quarter results 2023
KEY EVENTS FIRST QUARTER 2023 AND OUTLOOK
The figures discussed below are all based on the proportional consolidation method
Revenue (including intersegment revenue) during the first quarter 2023 was USD 1.4 million higher than in the same period of 2022 mainly due to higher rates in all vessel types.
Very Large Gas Carriers (VLGC)
The three VLGCs continued to perform under their current contracts. The VLGC market continues to perform well and prospects for the remainder of 2023 are promising with expected production and export.
Midsize Gas Carriers (MGC)
The Midsize market remained firm during the first quarter of 2023. While demand remains stable some uncertainties remainwith the substantial newbuilding order book due to be delivered for the remainder of this year. The introduction of the IMO regulations may bring some downward pressure on hire rates for older units.
In March 2023, the option on another two 46,000 m3 Midsize LPG/ammonia carriers was lifted. The newly ordered vesselswill be equipped with dual fuel propulsion and the contracts come with the possibility to have them ammonia fueled.
The LPG-carrier BASTOGNE was delivered to its new owners in February 2023.
Pressurized
The market continues the gradual recovery after COVID-19 hit refinery production and prospects are positive due to expected increased volumes and low newbuild order book.
The increase in revenue and EBIT in the first quarter of 2023 versus 2022 is mainly the result of the employment of the FSRU EEMSHAVEN LNG and ENI related contracts signed in 2022
Floating LNG barges
EEMSHAVEN LNG is performing as per expectations under the five-year charter with GASUNIE affiliate EemsEnergy Terminal BV with a 100% commercial uptime in the first quarter of 2023. Since March 2023 the unit is fully operating with shore power and shore heat for its regasification operations.
The Marine XII gas valorization project of ENI, using the TANGO FLNG (formerly owned by EXMAR and since 2022 by ENI) and EXMAR’s LNGC EXCALIBUR under a 10-year charter, had its first stone laying ceremony on 25 April 2023.
Engineering
ENI relies for the implementation of the Marine XII project on the EXMAR expertise with fully fledged EXMAR teams working in Antwerp, Houston and Dubai on the engineering, procurement and conversion of the units for deployment late 2023 in the Republic of Congo. The performance of Exmar Offshore Company has been very strong, with engineering
services ongoing for the hulls of several semi-submersible Floating Production Systems.
SUPPORTING SERVICES
The increase in revenue at the Supporting Services segment is primarily due to the contribution of BEXCO (since November 2022). EBIT for Supporting Services in the first quarter of 2023 was USD -1.0 million compared to USD -2.3 million in the first
quarter of 2022.
CHANGE OF EXECUTIVE COMMITTEE MEMBER
The Company announces that Mr. Laurent Verhelst, representing Cometecco BV, was appointed as Chief Financial Officer and member of the Executive Committee as per 1 May 2023. Commetecco BV will continue the function of Mrs. Christine Verhaert, representing Finmore BV.
SAVEREX NV INTENTION TO LAUNCH A VOLUNTARY AND CONDITIONAL PUBLIC TAKEOVER BID ON EXMAR NV
We refer to the press release of April 3, 2023 and the 2022 annual financial report, available on our website > news center.
EXMAR’S 2022 ANNUAL FINANCIAL REPORT AND GENERAL MEETING OF SHAREHOLDERS ON MAY 16, 2023
The EXMAR financial report 2022 and all documents for the General Meeting of Shareholders of May 16, 2023 are available on our website > investor relations.
Source: Hellenic Shipping News
