Exmar's gas infrastructure business pushed the Belgian company to higher profits for the first quarter.
The Euronext-traded company has disclosed a $16.7m profit for the first three months of 2020, which is a significant improvement from the $11.4m loss posted for the same period last year.
Its floating LNG and offshore businesses — together under Exmar Infrastructure banner since January — earned $12m in Ebit for the first quarter, which is roughly three-quarters of the company's $16.3m total.
For the same period last year, the infrastructure business reported a $3.2m loss.
Exmar said its Tango FLNG unit produced its fourth gas cargo as it "continues to perform above expectations" in offshore Argentina as its barges Nunce and Wariboko begin long-term charters with Sonangol and Total, respectively.
Its shipping business earned $5.2m in Ebit, a jump of $1.2m year on year, with its only VLGC, the 83,300-cbm BW Tokyo (built 2009), earning a time-charter equivalent rate of $30,903 per day versus $13,920 per day in the same quarter last year. Its midsize LPG carriers earned $20,276 per day for the quarter, up from $18,091.
However, its 10-ship pressurised fleet saw slight declines for its larger vessels.
Its third segment, supporting services, posted a loss of $900,000 against a $500,000 deficit for the first quarter of 2019.
In March, Exmar said it had enough liquidity to meet its needs and obligations up until the end of 2020, boosted by the Bank of China releasing a $40m loan for the Tango FLNG.
This money was used to pay down debt.
Exmar said it has $527.6m in net financial debt, versus the $605.3m for the first quarter last year.
