Exmar gains from sale

Exmar has reported first quarter EBITDA of $52.5m on turnover of $107.2m. Earnings were boosted by the $24m booked on the sale of the Opti-Ex offshore unit; absent this gain, EBITDA fell slightly from the $29.7m posted in the same period last year. There was a significant improvement in earnings from Exmar’s LPG tanker operations, although the company notes that the VLGC sector was weak in the first two months of the year and the potential impact of further sanctions on Iran is difficult to gauge at present.