The Executive Committee of EXMAR NV reports its first quarter results 2022.
- Five-year charter agreement of the regasification barge FSRU S188 signed with GASUNIE
- Repurchase NOK 112.0 million of the NOK bond maturing in May 2022
- Firm discussions ongoing for the employment of the liquefaction barge TANGO FLNG
- Sale and delivery of the LPG-carrier BRUSSELS and agreement to sell the LPG-carrier EUPEN in the third quarter
Revenue (including intersegment revenue) during the first quarter 2022 was USD 1.9 million higher than in the same period
of 2021 mainly due to the contribution of the two new VLGCs which are operational since the second half of 2021 and higher
rates in all vessel types, partly offset by the unemployment of the LNG-carrier EXCALIBUR and lower number of midsize
Very Large Gas Carriers (VLGC)
The three VLGCs continued to perform under their current contracts.
The VLGC market prospects for the remainder of the year and into 2023 are promising with increased production expected.
Midsize Gas Carriers (MGC)
The Midsize market stayed stable during the first quarter of 2022 and prospects are positive for the remainder of the year
despite uncertainties caused by the tragic conflict in Ukraine. We expect an increase in LPG production and a replacement
of the loss of Russian export of ammonia by longer ton mile sourced from Middle East and Far East.
The LPG-carrier BRUSSELS was delivered to new owners in January 2022.
The market continues the gradual recovery after COVID-19 hit refinery production and prospects are positive due to
expected increased volumes and low newbuild order book.
The spot market is challenging due to shorter ton mile as a result of strong European product pricing. For our LNG-carrier
EXCALIBUR, currently unemployed, we remain positive and are working on various trading or infrastructure possibilities.
The decrease in revenue in the first quarter of 2022 versus 2021 is mainly due to the unemployment of the FSRU S188
since June 2021.
Consequently, EBITDA and EBIT of the first quarter 2022 were negatively impacted, but were partially compensated by
USD 2.7 million higher other operating income at our U.S. subsidiary (license income and a one-time COVID-19 grant).
Floating LNG barges
On March 17, 2022, EXMAR reached an agreement for a five-year charter for the employment of its floating storage and
regasification unit FSRU S188 with GASUNIE LNG Holdings BV (“GASUNIE”). As such, EXMAR and GASUNIE join forces
enhancing European energy security with the employment of the FSRU S188 as floating LNG import terminal at Eemshaven
in Groningen, the Netherlands. The barge will be transported from Singapore to the Netherlands in May and is expected to
arrive at its employment location Eemshaven early August 2022. Water heat recovery for the LNG regasification process
and power from shore are envisaged in order to further minimize the environmental impact within the port.
For TANGO FLNG, being a fast-track solution to develop LNG exports, various firm discussions are ongoing for its next
EXMAR Offshore Company in Houston realized higher engineering and license revenue following the award of the
engineering of a fourth OPTI®-based semisubmersible floating production system.
The decrease in revenue at the Supporting Services segment is mainly due to lower activities (less vessels) at EXMAR
Shipmanagement in 2022 and no one-off revenue (2021 included USD 0.4 million cancellation fees).
EBIT for Supporting Services in the first quarter of 2022 was USD -2.3 million compared to USD -1.1 million in the first
quarter of 2021.
EXMAR repurchased NOK 112.0 million of the NOK bond with maturity date May 27, 2022.
Update on liquidity position and going concern
We refer to the press release of March 18, 2022 and the 2021 annual financial report.
EXMAR’s 2021 Annual Financial Report and General Meeting of Shareholders on May 17, 2022
The EXMAR financial report 2021 and all documents for the General Meeting of Shareholders of May 17, 2022 are available
on our website > investor relations