Presentation

EXMAR was founded in 2003 and is headquartered in Belgium, where it is also listed on the Brussels Stock Exchange. The company has evolved from a pure shipping company to a vertical energy supply chain provider focusing on the LPG and LNG markets. EXMAR has a market capitalization of USD ~150m and had net debt of USD 280m as of YE’19. The company is backed by majority shareholder Nicolas Saverys who controls ~44% of the shares outstanding.

As of YE’19, EXMAR’s main efforts are focused on the LPG space, where the company wholly owns ten pressurized LPG vessels and two VLGC newbuildings. Further, EXMAR has engaged in several 50-50 JVs, and through them control 20 midsize LPG vessels and one semi-refrigerated. The LPG fleet is employed on a mix of short-term and long-term contracts. The LNG portfolio has solid contract coverage, consisting of one FLNG barge, one FSRU barge and one LNG carrier which are wholly owned, in addition to two accommodation barges owned through joint ventures.

EXMAR has been through a significant de-risking process during the last few years. The company’s two main LNG assets, the FLNG and the FSRU, have secured long term contracts with YPF and Gunvor, respectively, as well as long term financing from Chinese financiers. During Q2, YPF did however declare force majeure, a claim that Exmar is disputing. In addition, EXMAR has refinanced its pressurized LPG fleet, freeing up USD 60m and refinanced its NOK bond, extending the maturity until 2022.