Antwerp, Belgium, February 01, 2009 --(PR.com
Cash flow from Operations (EBITDA) and Operating Result (EBIT) influenced by disappointing VLGC market but supported by the sale of the Midsize LPG vessel CARLI BAY;
- Contribution from LNG and Offshore divisions in line with expectations;
- This year again, falling USD interest rates have had a significant influence on financial results thru non-cash, unrealised loss on interest rate derivatives;
- The Midsize fleet will benefit from a high coverage ratio in 2009; the VLGC fleet enjoys a 50% coverage level for 2009 at acceptable levels, while spot market recovery remains a question mark;
- Long-term employment for the 3 LNGRV’s under construction (Exquisite, Expedient & Exemplar) is committed; financing of EXMAR’s share in these vessels is currently underway;
- Delivery of the OPTI-EX™ is planned for mid-2009; discussions on employment continue.
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