EXMAR report 2025

1.3 Our roots and our businesses 21 1.3.4 EXMAR Shipping EXMAR is a leading shipowner and operator specializing in the transportation of LPG, NH 3 , and petrochemical gases. These industrial niche shipping markets predominantly feature established players with a long-term operational focus, in which EXMAR stands out through its commitment to innovation and operational excellence. The unique characteristics of the products transported require highly sophisticated vessels as well as specialized operational skills both on board the vessel and ashore. Having acquired expertise and knowhow as a shipbuilder, EXMAR has become a globally renowned owner and operator in shipping, ship building and ship management for the transport of gaseous molecules, with a focus on pioneering energy supply chain solutions and maritime technical innovation. This has been made possible by our in-house ship management and technical department. The current fleet includes vessels of various sizes, which are either fully owned, owned in joint venture, or time chartered. The vessels include the following types of gas carrier: 1.3.4.1 FULLY REFRIGERATED GAS CARRIERS (MGC, VLGC) Most of the EXMAR fleet consists of fully refrigerated vessels with prismatic cargo tanks designed to carry products at low temperatures (mostly fully refrigerated LPG and ammonia) and near-ambient pressure. This is made possible by installed refrigeration plants that ensure the efficiency of the vessels for long-haul trading. The capacity of these fully refrigerated gas carriers is usually more than 20,000 m³ to benefit from economies of scale. On December 31, 2025, EXMAR owns thirteen (13) midsize gas carriers in joint venture and has another four (4) vessels in time charters, all with a capacity between 38,000 m³ and 46,000 m³. To expand its fleet, EXMAR placed orders with shipyards for a total of ten (10) newbuild MGCs with a capacity of 46,000 m³. The first two (2), COURCHEVEL and CHAMPAGNY were delivered in 2025 and have dual-fuel LPG propulsion. The other eight (8) vessels will be delivered throughout 2026, of which the first one, MERIBEL, was delivered at the start of 2026. Four (4) of these newbuilds are fitted with an ammonia engine for near-zero CO 2 -emission transportation. They are being built in South Korea at HHI. Another four (4) vessels with a capacity of 41,000 m³ are being built in China at CIMC with delivery as of 1Q2026. EXMAR has also committed to chartering from a Japanese owner 6 vessels of 41,000 m³ up to 49,000 m³ with a dual-fuel LPG engine. These are expected to be delivered from 3Q2026 onwards. Once all vessels are delivered, EXMAR will have thirty-one (31) MGC vessels in its fleet. EXMAR currently owns two state-of-the-art, LPG-fueled VLGCs with a capacity of 88,000 m³ and operates one vessel on time charter with a capacity of 83,000 m³. 1.3.4.2 FULLY PRESSURIZED GAS CARRIERS EXMAR owns five (5) fully pressurized (FP) vessels with capacities of 3,500 m³, of which one vessel, FATIME, was sold at the beginning of 2026. The usual cargoes are LPG or less complex petrochemical gases carried at near-ambient temperatures in cylindrical steel pressure tanks, designed to withstand pressures of up to 20 bar. To renew its fleet, EXMAR has placed an order for two (2) newbuild FP vessels of 7,500 m³ with a Japanese owner and for delivery in 2027 and 2028. 1.3.4.3 TANKERS EXMAR placed an order of four (4) Suezmax tankers with a modern, fuel-efficient design from the leading Korean yard Daehan. Deliveries are scheduled for 2027 and 2028.