Jens Ismar, the former chief executive of bulker operator Western Bulk, has settled into his new position as head of LPG at Euronext-listed Exmar.
“You know, I am really a gas man. That is where I have my roots,” he told TradeWinds.
LPG is the biggest business segment for Exmar, accounting for $53.8m of its $98.8m revenue in the first six months of 2019.
Ismar does not replace anyone at Antwerp-based Exmar. He explained that the company’s plan is to streamline the LPG division and make responsibilities clearer.
“From time to time, this is a good idea, maybe also for newspapers,” he said.
He added that Exmar has not discussed spinning off the LPG business.
Exmar is primarily focused on the midsize and pressurised segments at the moment. With 19 ships in the midsize market, it controls nearly one-fifth of that segment, which has seen a 20% increase in freight this year.
Exmar has 10 pressurised ships and one semi-refrigerated vessel. It has the 83,200-cbm VLGC BW Tokyo (built 2009) on charter from Meiji Shipping for a further five years.
Managing VLGCs for Avance Gas
The company also carries out third-party management services for other owners, including running the VLGCs in the fleet of Oslo-listed Avance Gas.
Exmar has two VLGCs on order at Jiangnan Shipyard for delivery in 2021. They will use LPG as fuel, and the outfit has said this will mark a new era for the company and the industry. The duo is fixed long-term to Equinor of Norway.
Ismar has sat on the board of Exmar for nine years and is confident that the market will keep improving, especially as exports from the US are expected to continue next year.
He is also on the board at Kjell Inge Rokke’s listed vehicle Ocean Yield, where he holds 20,000 shares.
Ismar began his career as a broker assistant at Oslo’s Inge Steensland. In 1984, he joined Stemoco Shipping, which became Lorentzen & Stemoco. After rising to chief executive, he was recruited by BW Shipping in 2001. BW and Exmar concluded several joint projects while Ismar worked there. He joined Western Bulk in September 2008, just before the market collapsed.
Exmar reported a $7.8m loss for the first six months this year. The Saverys family controls 46% of the company.
