EXMAR report 2025

2.1 Shipping 31 Source: Fearnleys, Shipping Review & Outlook 2025 VLGC SPOT EARNINGS, $/DAY RT/C H/C-P TCE average 2021 2022 2023 2024 Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep 2025 Average TCE p.d. $160,000 $40,000 $60,000 $80,000 $120,000 $100,000 $140,000 $0 $20,000 2.1.2 Market developments 2.1.2.1 VERY LARGE GAS CARRIERS (VLGC) The VLGC market in 2025 was volatile, reacting to global developments and disruptions. With VLGCs lifting more than 70% of the LPG volumes lifted in 2025, an increase of around 3% year-on-year, rates still averaged around USD 50,000 per day, which is above the average of USD 44,500 per day in 2024. 12 newbuilding vessels were delivered in 2025 with 36 scheduled for 2026. The orderbook by end of 2025 stands at 108 VLGCs total, around 26% of the fleet, with 14 orders placed during the year of 2025. EXMAR owns two 88,000 m³ LPG-fueled VLGCs, FLANDERS INNOVATION and FLANDERS PIONEER, both operating under long-term time-charter agreements with Equinor ASA (Norway). In addition, EXMAR currently controls BW TOKYO, which exited the BW VLGC pool during 2025 and has full time employment for the vessel.