EXMAR LPG Parts with Two LPGs

EXMAR LPG (EXMAR and TEEKAY LNG PARTNERS Joint Venture) has announced the sale of the Very Large Gas Carrier FLANDERS TENACITY and the Midsize Gas Carrier EEKLO.

Both vessels are expected to be delivered to their new owners during the course of June.

The capital gain realised by EXMAR for its 50% share in EXMAR LPG will be approximately USD 18 million. This transaction will generate net cash proceeds of around USD 44 million.

The new building programme of Midsize Gas Carriers continues to be on track and, in addition to WAASMUNSTER (38,000 m³) delivered in April, EXMAR LPG will take delivery of the sister ship, WARINSART (38,000 m³), during the first week of June.

One other new building, WAREGEM (38,000 m³) is scheduled to be delivered in the fourth quarter of this year.

The remaining nine other Midsize LPG Carriers currently on order will be delivered between 2015 and the first quarter of 2018.

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May 26, 2014