3.1 Semi-refrigerated / ethylene carriers
This segment includes semi-refrigerated and ethylene carriers from 8,000 cbm and up. The group has seven ships in this segment, of which five are managed by ESE. Solvang’s ships in this segment achieved good average earnings in line with 2011, which was considered a good year for this segment. The improvement for ethylene carriers began in the fourth quarter of 2010, continued in 2011, and with some quarterly variations, has stayed strong in 2012. Main reason is high export volumes from the Middle East.
The “Clipper Harald” is on a time charter (TC) until October 2015, and the charterer has an option to extend the contract for an additional five year period.
The “Clipper Skagen” is on a TC until September 2013.
This segment is defined as fully refrigerated LPG ships from 57.000 – 60.000 cbm. The fleet consist of six ships, marketed by IGC. Two of the ships are on shorter-term employment, while three are on 3 year TC plus options, and the “Clipper Mars” is on a TC until 2022.
The average earnings on TC basis showed a significant increase from 2011, where earnings for 2012 was at a fairly satisfactory level. The positive trend has continued into 2013.