The company said it was forced to idleseveral units during the period due to a decline in LPG exports from the MiddleEast but expects the tides to turn in response to heightened demand andincreased product availability.
Exmar believes its stable of midsize gascarriers will continue to benefit from activity in the East and Asia in themonths to come as well and noted that coverage with “first class counterparties” for2013 has already topped 64%.
The commentary came as the companyreported a fourth quarter operating result of $14.7m on turnover of $157.8m andan annual gain of $87.4m, which amounts to a consolidated result after tax of$54.4m.
In the comparable period a year prior, the Belgian gas specialist eked out earningsbefore interest and taxes of $2.6m on turnover of $126.1m and carded afull-year operating result of $37.3m on revenues of $453.7m.
Inthe fourth quarter of 2012, its LPG, LNG and offshore divisions contributed$3.7m, $5.9m and $5.5m to the bottom line, respectively.Twelve months prior, the same units reported operating profits of $10.5m and $8.5m while the offshorearm slumped to a loss of $16.5m.
Thecompany offered little detail about itspartnership with Wah Kwong but said it took delivery of the 35,000-cbm Brugge Venture (built 1997) and Touraine (built 1996) in December after completing the previouslyannounced acquisition of outstanding 50% stakes.
