EXMAR report 2025

2.1 Shipping 32 -15 -10 -5 0 5 10 15 20 25 30 35 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Source: Steem, VLGC & MGC Annual Review #vessels: 138 Order book: 60 (44%) Average age: 11 yrs FULLY-REF MGC FLEET PROFILE Delivered Ordered Scrapped Future Scrapped # of vessels 2.1.2.2 MIDSIZED GAS CARRIERS (MGC) MGCs largely followed the trends of the VLGC market. Average 1 year time charter rate was USD 850,000 pcm in 2025 for a 38,000 m³ vessel, whilst being USD 1,016,000 pcm on average in 2024. Yet, compared to 10 years moving average around USD 750,000 pcm, this suggests a strong freight market from a historical perspective. In the spot market, which had a weaker beginning to the year, there was a significant rate increase seen in the second half of 2025. This could be largely attributed to most tonnage being taken on the time charter, leaving the industry with mainly one significant spot Owner and as a result rates developed accordingly. 7 newbuilds joined the MGC fleet in 2025, leaving the orderbook at the end of the year around 60 vessels for delivery including 2029. EXMAR owns and operates 17 MGCs, with a substantial newbuild program of another 14 MGCs to be delivered between 2026 and 2028. This includes the world’s first ammonia dual fueled vessels (4 total on order) where the first delivery will take place in 2026.