Exmar is battling drooping revenues from waning freight rates to post the healthy result in poor market conditions. Earnings have fallen the most in the VLGC sector and less sharply in midsize gas carrier.
Exmar has three 150,900-cbm LNG newbuildings under construction at Daewoo shipbuilding & Marine Engineering (DSME) for which financing is yet completed.
LPG export volumes from the Middle East have declined sharply and the lack of long-haul trading opportunities resulted into a substantial fleet surplus. Overtonnaging in the VLGC sector has been evident for a number of years.
The midsize gas carrier fleet is also hurting with substantially reduced ammonia movements gradually increasing pressure on this segment during the first half of the year.
Exmar hopes to secure financing the first two vessels on order fairly shortly and will begin working on the financing of the third vessel in the course of the fourth quarter 2009 with an objective of securing commitment by the first quarter 2010.
It is not clear when market improvement in the gas sector is likely to come in the current economic environment.
Exmar has three 150,900-cbm LNG newbuildings under construction at Daewoo shipbuilding & Marine Engineering (DSME) for which financing is yet completed.
LPG export volumes from the Middle East have declined sharply and the lack of long-haul trading opportunities resulted into a substantial fleet surplus. Overtonnaging in the VLGC sector has been evident for a number of years.
The midsize gas carrier fleet is also hurting with substantially reduced ammonia movements gradually increasing pressure on this segment during the first half of the year.
Exmar hopes to secure financing the first two vessels on order fairly shortly and will begin working on the financing of the third vessel in the course of the fourth quarter 2009 with an objective of securing commitment by the first quarter 2010.
It is not clear when market improvement in the gas sector is likely to come in the current economic environment.
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