Exmar drops as unemployed LNG ships deepen Q1 loss

EXMAR NV

29/04/2022 08:43

** Shares in Exmar  EXMR.BR  drop 6.7% after the Belgian
ship owner's barges' idling deepened its losses in Q1
    ** Exmar posted a consolidated loss after tax of $7.7
million  urn:newsml:reuters.com:*:nL2N2WQ275
    * The group reached a five-year charter agreement last month
to charter its S188 ship, but continues to seek a user for
another one, it said
    ** Altough the company said "firm" discussions are underway
to find a user to charter its liquefaction vessel TANGO FLNG,
KBC notes the group gives no guidance on the timing of a 
possible deal
    ** "A redeployment of the TANGO FLNG is crucial to bring
Exmar back to writing black numbers on the bottom-line", the
broker says
    ** The company also said the spot market for LNG was
challenging due to shorter ton mile as a result of strong
European product pricing
    ** "Times will remain difficult for Exmar until (at least)
Q4", says KBC, which downgrades the stock to "hold" from "buy"
    

 (Reporting by Diana Mandiá)
 ((diana.mandiaalvarez@thomsonreuters.com))