The company said it was forced to idle
several units during the period due to a decline in LPG exports from the Middle
East but expects the tides to turn in response to heightened demand and
increased product availability.
Exmar believes its stable of midsize gas
carriers will continue to benefit from activity in the East and Asia in the
months to come as well and noted that coverage with “first class counterparties” for
2013 has already topped 64%.
The commentary came as the company
reported a fourth quarter operating result of $14.7m on turnover of $157.8m and
an 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 earnings
before interest and taxes of $2.6m on turnover of $126.1m and carded a
full-year operating result of $37.3m on revenues of $453.7m.
In
the 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 offshore
arm slumped to a loss of $16.5m.
Exmar
said it expects its joint venture with Teekay Corp to be firmed up by next
month and noted the alliance, which will control a fleet of 23 gas carriers when pen meets paper,
intends to add more vessels to the mix going forward.
The
company offered little detail about its
partnership 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 previously
announced acquisition of outstanding 50% stakes.
