EXMAR report 2023

When and why did you decide to join the family firm? Was it important for you to follow in your father’s footsteps? Carl-Antoine: I came aboard in 2017, in a turbulent period for EXMAR, and I still stand a hundred percent by my decision. The past seven years have been a crash course, the equivalent of 20 years’ experience. I have experienced so many situations at Infrastructure and Shipping and been in the ideal position to follow the exciting dynamics between shrewd, commercially driven people like my father, and a new generation. That delivered exciting insights. Nicolas: As I have said, I am happy that Carl- Antoine took on the challenge. In our business it is important to have a leader from the family to react fast and make decisions quickly. Opportunities are not slow in coming. 2023 was a top year for EXMAR. All departments worked flat out. Nicolas: It has indeed been an excellent year. After the sale of TANGO FLNG to Eni in 2022 it was all hands to the pump in 2023 to ensure it was in full working order. We also converted the LNG tanker EXCALIBUR to FSU for the same Marine XII block gas development project in Congo. It was an intense high-tech project that all our departments around the world – from Antwerp and Paris to Houston – worked on closely together. That was truly unique, a first in our 40-year history, and an achievement for the people at Infrastructure to be proud of. They succeeded in getting everyone on the same page and keeping them there! A very fine experience. Carl-Antoine: So for me, the word of 2023 is: collaboration. And it is not only in Congo that we are reaping the rewards of that. More than ever, we are showing our best side together in our other projects too. For the development of ammonia engines, for instance, we utilized all our expertise at every level: crew, captains, technical and commercial teams… everyone was involved. Thinking and acting in unison. That is something we want to do even more in the future. Speaking of ammonia, EXMAR has opted for ammonia as fuel in the transition to zero-emission shipping. Why? Because it is a highly toxic substance and cleaning the tanks is a real challenge. Carl-Antoine: Ammonia is a logical choice for EXMAR. We have four decades’ experience in gas transportation and are now the world’s largest ammonia transporter. We know the product and its value chain better than anyone. Our people on board know how to handle it and our tankers have been sufficiently technically advanced to transport it safely for years. We have even developed our own technology for cleaning. So in the transition to zero-emission shipping (the IMO has targeted 2050, Ed.) ammonia was a no-brainer for EXMAR. But is this the only way to go? We continue to follow all paths and constantly question ourselves. The first two vessels with ammonia dual-fuel engine are now under construction. Nicolas: They should be ready by 2026. That is right. There are high expectations and we are investing a lot of energy into this, but do not forget that we have done a huge amount to reduce carbon emissions in recent years. We pioneered LPG and LNG, which emit a lot less than HFO, as early as 20 years ago. There was a logic in that back then, as we knew the product well and we were transporting it. The operation of EEMSHAVEN LNG for Gasunie in Groningen also fits in with EXMAR’s green agenda. Nicolas: EEMSHAVEN LNG is a good example of a virtually carbon-neutral operation. The power comes from onshore; we recover residual heat from the local petrochemical industry, which means we do not need to burn fossil fuels on the barge where LNG is gasified. It proves that we are Carl-Antoine Saverys The word of 2023 is: collaboration 04 FOREWORD