EXMAR report 2025

Innovations 36 INNOVATIONS Construction of newbuild MGC vessel EXMAR is currently supervising the construction of seven midsize gas carriers (MGCs). Three vessels, each with a capacity of 41,000 m³, are under construction at CIMC SOE in China. One vessel, MERIBEL, has already been delivered at the start of 2026. All vessels are equipped with dual-fuel LPG propulsion, enhancing fuel flexibility and reducing emissions. In addition, four MGCs with a capacity of 46,000 m³ are under construction at HD Hyundai in South Korea. These vessels will be fitted with state-of- the-art propulsion systems, featuring the world’s first ammonia dual-fuel engines, and are scheduled for delivery from Q2 2026 onward. In addition to our owned vessels, EXMAR has committed to chartering six dual-fuel LPG MGCs under construction at YAMIC in China. These vessels include:  Four 41,000m³ dual-fuel LPG carriers  Two 49,000m³ dual-fuel LPG carriers, designed as ideal replacements for the current large gas carrier (LGC) fleet Scheduled for delivery in 2026 and 2027, these vessels will expand our capacity to meet diverse client demands while increasing the overall versatility of our fleet. Beyond the MGC program, EXMAR has also committed to two 7,500 m³ fully pressurized vessels under long-term time charter. These vessels will be constructed at Kyokuyo in Japan, with deliveries expected in late 2027 and 2028. Suezmax EXMAR has placed an order for four modern Suezmax crude oil tankers, equipped with open-loop scrubbers, at Daehan Shipyard in South Korea. This shipyard has an established track record in the construction of this vessel class, offering proven build quality and dependable project execution. A comprehensive pre-contract yard audit was conducted, confirming the yard’s technical and operational capabilities. Suezmax tankers represent a core segment of the global crude oil transport market, combining scale with broad trading flexibility. With deadweights ranging from 120,000 to 160,000 tons, these vessels can transport approximately one million barrels of crude oil. Their dimensions allow access to a wide range of ports and routes that are unavailable to larger tanker classes. The Suezmax segment serves key trading regions including Africa, Europe, the Americas, and Asia. Despite ongoing fleet growth, a substantial portion of the existing Suezmax fleet is aging and facing declining commercial relevance. More than 40% of the fleet is over 15 years old, underlining the need for modern replacement tonnage. EXMAR’s investment addresses this market dynamic and supports a diversified, efficient, and future-ready fleet portfolio. 2.1 SHIPPING