Shipping company, Exmar has released its financial results for the first nine months of 2014 and announced that VLGC rates remain at record levels.
The company reported a nine month profit of $77.9 million, down from $97.4 million in 2013. Capital gain came from the $9.2 million on the sale of the Flanders Harmony. The Waregam was delivered to the fleet in September this year, and Exmar say it is already contributing to the revenue.
Despite the drop in profit, the company was positive about the outlook for the gas carrier market.
In a statement, Exmar said: “Despite substantial fluctuations throughout the third quarter of the year, VLGC rates have remained at record levels.” The year so far has seen TCE for VLGC at $46,644 per day, compared to $24,008 for the same period last year.
According to Exmar, the outlook for the rest of the year is also good. “The outlook for the remainder of the year remains firm with only two newbuilding deliveries still within 2014. Although the influx of new tonnage will be markedly up with as many as 36 newbuildings entering the market during 2015, next year is still expected to be good."
There midsize market has also remain firm during the third quarter, which Exmar stated was a result of consistently high LPG volumes being traded in the Indian Ocean, Atlantic Ocean and the North Sea.