NEWS
Exmar reports continued LNG carrier overhang
Antwerp , July 28 (LNG journal)
- The liquefied natural gas business continues to suffer from an overhang of carrier capacity for the spot market, according to Exmar, the Belgian-based shipping and offshore services company.
Exmar, which currently has six carriers in its fleet, made the point even as it announced a rise in first-half operating profit in its LNG business to $19.6 million compared with $12.2m the same period of 2004.
"The shortage of product reported in the first quarter continued through the first half of the year, as a result of which the surplus of tonnage remained," Exmar said in its earnings statement for the LNG part of its operations.
Exmar said that in these conditions its carrier Excalibur, idle since November, was fixed for short-term employment in June by Shell. A further six weeks' employment for the LNG vessel has been secured with Distrigas of Belgium.
Excel also reported that its LNG tanker Methania (131,325 m³/1978) was sold to Distrigas of Belgium at the end of June, pursuant to a new cooperation agreement. Exmar said it made a capital gain of $13 million from the deal. Exmar's ship management arm will continue the technical management and manning of the ship until 2014.
