EXMAR (EXM) Q3 2024 earnings summary

Executive summary

• Opened EXMAR LPG France to own and operate 6 new dual fuel LPG/NH3 Midsize Gas Carriers under construction in Korea.

• Sold and delivered one MGC and sold 4 pressurized ships for delivery in late 2024 and early 2025.

• Engineering affiliate signed a contract with BP for a new Opti-Ex design, the fifth to be deployed in the US Gulf of Mexico.

Financial highlights

• Revenue (proportionate consolidation) for the first nine months: $343.7M, down from $412.6M year-over-year.

• Adjusted EBITDA: $129.4M, up from $104.5M year-over-year.

• Operating result (EBIT): $97.9M, up from $54.4M year-over-year.

• Net result for the period: $81.9M, up from $39.5M year-over-year.

• Gain on sale of Bexco NV shares of $19.6M, excluded from Adjusted EBITDA.

Outlook and guidance

• VLGC market rates normalized after a strong start; arbitrage remains open, supporting demand.

• MGC time charter rates healthy, spot market softer; ammonia market uplifted activity.

• Pressurized segment expects spot rates to rise in Europe due to winter seasonality.

• Infrastructure segment focused on new floating LNG and storage projects.