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HomeFinance & EconomyExmar Posts Improved First Half Results

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Exmar Posts Improved First Half Results

EXMAR revenue increased by USD 1.1 million in the first half of 2022 compared to the same period in 2021 and is the combined effect of the contribution of the two new VLGC’s (operational since the second half 2021), higher rates in all vessel types, partially offset by the unemployment of the LNG carrier EXCALIBUR and a lower number of midsize vessels in the fleet.

The operating result for the Shipping segment in 2022 was higher than in 2021 as 2022 was positively impacted by higher revenue, lower operating charges and lower net depreciations and impairments.

Revenue in the Infrastructure segment decreased in 2022 by USD 57.4 million as 2021 included an early termination fee of USD 56.8 million and charter income under previous contract.

Consequently, EBITDA and EBIT of the first-half 2022 were negatively impacted.

In 2021, EBIT included USD 19.0 million impairment charge of the EEMSHAVEN LNG (former FSRU S188) as a result of its unemployment, while in 2022 the market significantly improved and thus USD 18.3 million was reversed.

Revenues at the Supporting Services segment decreased, primarily due to lower activities (less vessels) at EXMAR Shipmanagement and no one-off revenue (2021: USD 0.5 million cancellation fees).

Update on liquidity position
The uncertainties for EXMAR with regard to the going concern assessment relating to the liquidity position and the covenant compliance, as disclosed in the 2021 annual report, have been resolved.

Intermediary dividend
The Board of Directors of EXMAR has decided to convene a special general meeting of shareholders to decide on the distribution of an intermediary dividend of gross 0.95 euro per share.

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