The Board of Directors of EXMAR has approved the interim accounts for the period ending June 30, 2023. The interim
condensed consolidated financial statements have not been subjected to an audit or a review by the statutory auditor.
HIGHLIGHTS
· Delivery by Infrastructure business unit on contracts concluded in 2022 driving increase in HY 2023 result
· Shipping business unit performance reflecting healthy market conditions
· Order of 2 further 46,000 m³ midsize gas carriers in first quarter of 2023
· Delivery post sale of the midsize gas carrier BASTOGNE in February 2023
· In August 2023, a long-term time charter (in) was concluded for four newbuild 40,000 m³ dual fuel vessels with scheduled delivery in 2026 and 2027
Very Large Gas Carriers (VLGC)
The three VLGCs continue under their current employment. The VLGC market continues to perform well and prospects for the remainder of 2023 are positive.
Midsize Gas Carriers (MGC)
While 2022 was an eventful year for LPG and ammonia with increased freight and higher ton-mile, 2023 has seen a correction with reduced ammonia shipping demand, while LPG trade remained robust. Owners managed to keep MGC hire rates at good levels despite recent newbuilding deliveries.
In March 2023, the purchase option on another two 46,000 m3 Midsize LPG/ammonia carriers was lifted. The newly ordered vessels will be equipped with dual fuel propulsion and the contracts come with the possibility to have them ammonia fueled. In August 2023, a long-term time charter (in) with extension and purchase options was concluded for four newbuild 40,000 m³ dual fuel vessels. Delivery of these vessels is scheduled for 2026 and 2027.
The LPG-carrier BASTOGNE was delivered to its new owners in February 2023.
Pressurized
The suppressed trade in petrochemical gases in Europe and in Asia in Q2 2023 led to a reduction in the shipping of petrochemical gases.
The increase in revenue and EBIT in the first half-year of 2023 versus 2022 reflects the full impact of the employment of the FSRU EEMSHAVEN LNG and the LNGC EXCALIBUR as well as the engineering, procurement and conversion works for the CONGO LNG project with Eni. Revenue includes an adjustment that results from a change in the accounting (IFRS 15) of the CONGO LNG project, following new engineering, procurement and construction contracts entered with the customer. In application of this IFRS rule, both revenue and cost increase for first quarter by USD 29.9 million.
Floating LNG barges
FSRU EEMSHAVEN LNG is on hire to GASUNIE affiliate EemsEnergyTerminal. The FSRU has been running steadily at 300 MMscf per day on onshore power and utilizes recycled heating water from nearby industries, both of which significantly reduce its environmental impact.
LNG carrier EXCALIBUR is on hire to Eni Congo and is undergoing conversion to a floating storage unit (FSU) for use with the TANGO FLNG for its planned offshore LNG export terminal operations in Congo.
Engineering
Activity at EXMAR Offshore Houston (EOC) continues at high capacity in 2023. At DV Offshore, technical assistance and project support activities for offshore mooring and other installation generated a stable operating result.
The increase in revenue at the Supporting Services segment is primarily due to the full consolidation of BEXCO following the acquisition of the remaining shares in the company in November 2022.
Source: EXMAR