Friday, June 9, 2023
HomeFinance & EconomyEXMAR Reports Improved 2022 Results


To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

EXMAR Reports Improved 2022 Results

During its meeting of 28 March 2023, the Board of Directors of EXMAR reviewed the results for the year ending 31 December 2022.


· Closing of the sale of the floating liquefaction barge TANGO FLNG to Eni.

· 10-year charter agreement signed with Eni for EXCALIBUR, now owned for 100%.

· After receipt of the proceeds of the sale of the TANGO FLNG end of August 2022, Exmar became net debt free.

· Start of charter income as from August 2022 from the FSRU EEMSHAVEN LNG.

· Order of two innovative 46,000 m3 Midsize LPG/ammonia carriers with dual fuel LPG propulsion.


· March 2023, order of two additional innovative 46,000 m3 Midsize LPG/ammonia carriers with the possibility to have them ammonia fueled.

· Sale and delivery of the LPG carrier BASTOGNE (2002).

SHIPPING:The operating result for the Shipping segment in 2022 was higher than in 2021 as 2022 was positively impacted by higher revenue and lower operating charges.

Very Large Gas Carriers (VLGC)

The VLGC’s, FLANDERS PIONEER and FLANDERS INNOVATION, continued to perform under their current contracts with Equinor. BW TOKYO VLGC performed well in the BW VLGC pool during the course of 2022, thanks to increased market rates. Although the orderbook of newbuilds that will enter the market is substantial, the prospects into 2023 are promising with increased production and export of LPG expected.

Midsize Gas Carriers (MGC)

The MGC market experienced a rate uplift in 2022, substantially influenced by the Russia-Ukraine conflict. LPG production increased, especially in the USA. Furthermore, the longer ton mile sourced ammonia from Middle East and Far East replaced the loss of Russian export of ammonia. We are optimistic for 2023, despite a substantial order book entering the market. At the beginning of 2023, 80% of EXMAR’s Midsize fleet is covered on contracts.

The LPG carriers EUPEN and BASTOGNE were sold and delivered to their new owners in 2022 and 2023 respectively. The joint-venture between EXMAR and SEAPEAK signed in August 2022 newbuilding contracts for the delivery of two new design 46,000 m3 Midsize LPG/ammonia carriers with dual fuel LPG propulsion. Delivery is scheduled end 2024 and early 2025.

In March 2023, two additional 46,000 m3 Midsize LPG/Ammonia carriers were ordered. EXMAR and its partners are currently assessing the possibility of having these equipped with dual fuel ammonia propulsion. These would be the world’s first deepsea going ammonia fueled vessels and thus almost zero CO2 emission.


Due to refinery cuts and demand destruction in the Far East, pressure was put on shipping rates. In Europe, the sanctioning of Russian LPG increased ton mile and gave support to the market. EXMAR’s pressurized fleet of 10 ships remained dedicated to well-established industrial and long- term partners, both in North-West Europe and in Asia.

Related Posts


Finance & Economy
Shipping News

Trafigura publishes 2023 interim results showing a strong performance

Trafigura, a market leader in the global commodities industry, released its 2023 Interim Report today for the six-month period ended 31 March 2023. The results...

Globus Q1 results hit by weak dry bulk market

Globus Maritime Limited, a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the quarter ended March 31, 2023. Revenue $8.6 million...

BW LPG appoints new CFO

BW LPG announced that it has appointed Ms Samantha Xu as Chief Financial Officer (CFO), effective 1 September 2023. Ms Xu has over 20 years...

Frontline Posts Highest First Quarter Results Since 2008

Frontline plc reported unaudited results for the three months ended March 31, 2023: Highlights Highest first quarter profit since 2008 of $199.6 million, or $0.90 per...

Diana Shipping posts slightly lower Q1 profit; takes out $123m in loans

Diana Shipping reported net income of $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023....

Celestyal Participates In Promotion Of The Tourist Destination Of Central Macedonia

Celestyal, the award-winning, number one choice for travellers to the Greek Islands and the...

Capesize, panamax gains drive Baltic index higher

The Baltic Exchange’s main sea freight index rose for a fourth straight session on...

Baltic rises to over 3-month peak on firm demand for larger vessels

The Baltic Exchange’s main sea freight index rose on Wednesday to scale its highest...

Baltic index logs best day in nearly 3 months

The Baltic Exchange’s main sea freight index posted its biggest single-day gain since mid-March...

Taiwan Shipping Firms Set to Hand Out Bumper Bonuses Again

Taiwanese shipping companies are handing out bumper mid-year bonuses despite a slump in global...

Iraklio port tender set for another delay

The opening of the binding financial offers for 67% of Iraklio Port Authority had been scheduled for Thursday, but this is no longer expected...

APM Terminals extends concession of Kalundborg container terminal

APM Terminals has reached an agreement with the Port of Kalundborg to extend the concession of Kalundborg container terminal by 10 years to 2033. In...

US West Coast port workers shut terminals in showdown over pay

The employers of more than 22,000 dock workers at U.S. West Coast seaports on Friday said the union representing those laborers “is staging concerted...

DP World Completes Terminal Expansion Project Vancouver Port

DP World has completed the AED954 million ($259.78 million) Centerm expansion project, increasing container throughput at the Port of Vancouver by 60 percent. The terminal...

DP World completes AED 954 million Vancouver port expansion

DP World and the Vancouver Fraser Port Authority have celebrated two historic events – the completion of the Centerm Expansion Project at DP World...