Exmar reported a 2016 profit that was triple the level seen a year earlier.
But much of the gains stemmed from one-time items, including a non-cash benefit from its acquisition of the remaining share of a joint venture with Wah Kwong and a cancellation fee from its floating liquefied natural gas (FLNG) venture off Colombia.
The Euronext-listed company said its consolidated result was $35.8m, compared to $11.2m in 2015.
Revenue dropped to $96m for the year compared to $112m in the prior year. The company's operating profit for 2016 was $1m compared to a $29m loss in 2015.
The Nicolas Saverys-led shipowner says the result included a $14.3m boost from its acquisition of the remaining 50% of the pressurised LPG fleet owned with Wah Kwong.
Additionally, Exmar secured a $9m termination fee for the cancelled contract for the Caribbean FLNG project with Pacific Exploration and Production.
Exmar said its LPG business continues to be hampered by high ship supply, particularly in the VLGC segment. It saw time-charter equivalent earnings of $26,771 per day on VLGCs last year, half the level seen in 2015.
VLGC earnings have been even weaker with time-charter equivalent rates at just around $13,000 per day through February.
In its LNG business, Exmar said it will take delivery of the Caribbean FLNG before the end of April, with a $200m final instalment due on the unit. Exmar says it is close to lining up financing on the final payment with the Bank of China and an undisclosed European bank.
Exmar said the sale of its floating storage and regasification unit (FSRU) business to Vopak is still proceeding, but timing of a closing is still unclear.
