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Exmar down in historically strong year for gas transport

Belgian Exmar Group did not reach the same heights in its 2014 result as it did the year before. Divestment of old tonnage boosted the company's gas vessel division and 2015 looks strong for the biggest ships.

Photo: Petredec

Belgian Exmar Group failed to reach the same levels in 2014 as the carrier achieved the year before. The company made a 2014 result before taxes of USD 79.7 million, compared to USD 105.7 million in 2013, according to the annual report - and this despite an increased revenue of USD 163.5 million, up from USD 121.6 million the year before.

As for the company's gas fleet, Exmar achieved an operating profit (EBIT) of USD 4.4 million in the quarter and USD 55.4 million for the full year, a setback from 2013 in which the carrier made USD 73.5 million, though this result also included the divestment of half of Exmar LPG to Teekay LNG Partners along with capital injections totaling USD 55.8 million. Exmar also opted to divest ships last year for a USD 33.6 million cash profit, according to the annual report.

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