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.


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