Belgian shipowner Exmar has opened a new French company for its LPG-ammonia dual-fuel midsize gas carrier newbuildings.
In a results statement, it said Exmar LPG France will own and operate the six ships, which are on order at HD Hyundai Mipo in South Korea.
The first two 46,000-cbm dual-fuel vessels are due for delivery in 2025. One of them is listed on databases with the name Champagny.
The next four, which will emerge as among the world’s first ammonia dual-fuel ammonia carriers, are listed for handover dates in 2026.
The company said it also closed financing for the six newbuildings in October.
Exmar said it has sold five midsize gas carriers.
Of these, the 38,115-cbm Severin Schulte (ex-Warinsart, built 2014) has been delivered to its new owners and chartered back to Exmar.
The 5,019-cbm Sabrina, Helane, 3,518-cbm Debbie (all built 2009) and 3,451-cbm Magdalena (built 2008) are due for handovers during this quarter and the first three months of 2025.
Exmar more than doubled its third-quarter result, up at $81.9m from $39.5m in the same three months of 2023.
But revenue slumped to $278.9m from $345.4m a year earlier.
Exmar said revenue for its shipping segment in the first nine months was negatively affected by a claim provision.
It logged an $87.3m drop in third-quarter revenue for its infrastructure business due to the completion works for the Marine XII project in Congo.
It also won a new contract for the hull of a floating production facility for BP’s Kaskida development in the US Gulf.
Exmar said it continues to work on the development of new floating LNG production, floating regasification prospects and floating storage projects.
Its Exmar Ship Management arm’s fleet has shrunk due to asset sales by the owner but is “actively looking” to expand its third-party management and support its own LPG arm with fleet renewal.
“Efforts to grow our footprint in third-party LNG infrastructure operations and maintenance … are ongoing, as Exmar Shipmanagement continues to benefit from the long-term commitments in FSRU and FLNG infrastructure assets,” it said.
Exmar said the existing revolving credit facility at Exmar LPG has been upsized to $382m and extended until 2029.
