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Exmar unveils LNG fleet earnings for 2013

LNG Industry,

Exmar’s operating result for its liquefied natural gas (LNG) fleet for the full year 2013 was US$ 26.9 million compared to US$ 30.3 million in 2012.

The LNG market was one of the most active segments of the shipping industry in the early part of 2013. As new tonnage capacity was made available, the rates have come gradually under pressure. Exmar remains committed to long-term charter, and is therefore not directly impacted by the rates fluctuations on the worldwide market.

Excel was in dry-dock in the fourth quarter of 2013, which impacted the results of the year with 20 days off-hire. The vessel redelivered from its last charter at the end of December and is currently waiting for employment. In the meantime, Excel continues to benefit from the minimum revenue undertaking under the facility agreement with Conocophillips.

In the fourth quarter, Exmar also incurred some additional costs for the maintenance and upgrade of its LNG fleet that had impacted results.

The top side installation on the Caribbean FLNG barge started on 6 December 2013 and is progressing well. Commercial operations are scheduled to commence for the second quarter 2015. Production of LNG during the first five years will be sold to Gazprom Marketing and Trading and sales and purchase agreement (SPA) discussions between Pacific Rubiales and Gazprom are ongoing.


Adapted from press release by Ted Monroe

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