Belgium gas shipowner and infrastructure player Exmar enjoyed a substantial income boost in 2022 with the sale and charter of infrastructure and shipping assets turning the company into a debt-free entity.

Exmar logged a huge jump in its net results for 2022 up at $320.3m from just $11.6m a year earlier.

Revenue inched higher for the year at $155.6m from $148.2m in 2021.

The company highlighted the sale of its 500-tonne per annum, barge-based floating LNG (FLNG) production barge Tango FLNG (built 2017) to Eni for its Congo project.

Exmar received $646.7m resulting in a positive impact for EBITDA and EBIT of $315.7m gain on the sale, the company said.

The proceeds of the sale of the FLNG were partially used to repay the outstanding loan towards Bank of China and triggered the repayment and termination of a credit facility.

In connection with this, Exmar also secured a 10-year charter agreement also with Eni for its 138,000-cbm LNG carrier Excalibur (built 2022) which it now fully owns after buying out joint venture partner Seapeak’s 50% stake in the vessel. The ship is to be used as a floating storage unit for the Congo project.

“After receipt of the proceeds of the sale of the Tango FLNG end of August 2022, Exmar became net debt free,” the company said.

Exmar said that from August it also started receiving charter income from the 25,000-cbm barge-based FSRU Eemshaven LNG (built 2017, ex FSRU S188) which is fixed to Dutch energy company Gasunie for five years.

The shipowner said its “2021 EBIT included a $19.0m impairment charge on the Eemshaven LNG as a result of its unemployment, while in 2022 the market significantly improved and $18.3m was reversed”.

In August 2022 Exmar LPG — the company's joint venture with Seapeak — ordered two 46,000-cbm midsize LPG/ammonia carriers with LPG dual-fuel propulsion for delivery at the end 2024 and early 2025.

The joint venture followed this up in March with another pair of vessels.

“Exmar and its partners are currently assessing the possibility of having these equipped with dual fuel ammonia propulsion,” the company said. “These would be the world’s first deepsea going ammonia fueled vessels and thus almost zero CO2 emission.”

Talking about its different shipping sectors, Exmar touched on the VLGC sector where it controls three ships.

“Although the orderbook of newbuilds that will enter the market is substantial, the prospects into 2023 are promising with increased production and export of LPG expected,” the company said.

In the midsize gas carrier sector, which has traditionally been a strong business area for the shipowner, Exmar said this market experienced a “rate uplift” in 2022 on the back of the Russia-Ukraine conflict.

The company said LPG production increased, especially in the US, and the longer ton-mile-sourced ammonia from Middle East and Far East replaced the loss of Russian export of ammonia.

“We are optimistic for 2023, despite a substantial order book entering the market,” it added.

Exmar detailed that it sold its 35,229-cbm LPG carrier Bastogne (built 2002) during the year.

At the start of 2023, 80% of Exmar’s midsize fleet is covered by charter contracts.

The company also operates 10 smaller pressurised LPG carriers.