](https://splash247.com/wp-content/uploads/2026/07/Kruibeke-mgc-Exmar.jpg)
Belgian gas shipowner Exmar has agreed to sell five LPG carriers, a move that will reduce the global availability of medium-sized LPG tonnage and add to the earnings of the Antwerp-based operator with an expected $35 million profit on the transaction, according to Splash247.
Fleet Clearance Details
The sale package includes three midsize gas carriers—Kortrijk (built 2016), Wepion (built 2018), and Kruibeke (built 2017)—each with capacities between 38,200 and 38,500 cubic metres. Also being sold are the fully pressurised vessels Joan and Elisabeth (both built 2009), each with a capacity of around 3,540 cubic metres. Buyers and transaction prices have not been disclosed. Deliveries to new owners are scheduled across the second half of 2026 and the first half of 2027.
| Vessel Name | Year Built | Type | Capacity (cubic metres) |
|---|---|---|---|
| Kortrijk | 2016 | Midsize gas carrier | 38,200 – 38,500 |
| Wepion | 2018 | Midsize gas carrier | 38,200 – 38,500 |
| Kruibeke | 2017 | Midsize gas carrier | 38,200 – 38,500 |
| Joan | 2009 | Fully pressurised | 3,540 |
| Elisabeth | 2009 | Fully pressurised | 3,540 |
The $35 million gain is based on the vessels’ book values and Exmar’s ownership stakes in the ships, Splash247 reported.
Ongoing Fleet Renewal
Exmar has been clearing out older tonnage while taking delivery of a large midsize gas carrier newbuilding programme. In 2025, the company sold the 2014-built 38,000 cu m Waregem and three ageing pressurised vessels. Those will be replaced by two 7,500 cu m vessels scheduled for delivery on long-term charter in 2027 and 2028. In June 2026, Exmar took delivery of the 46,000 cu m Antwerpen, the first of four ammonia dual-fuel midsize gas carriers.
Current Fleet Composition
Exmar’s fleet currently comprises 48 vessels and offshore units, including:
- 39 LPG and ammonia carriers
- 2 LNG vessels
- 2 FSRUs (floating storage and regasification units)
- 4 Suezmax tankers
- 1 offshore unit
This tally includes owned, joint venture, chartered, managed, and under-construction tonnage.
Implications for Shippers and Operators
The sale of five LPG carriers—especially the removal of three midsize vessels from the active fleet—will tighten availability in the LPG shipping segment, potentially supporting spot rates for remaining midsize tonnage. Shippers relying on midsize LPG carriers may face reduced capacity options through the delivery window of the sold vessels (H2 2026 to H1 2027). However, the upcoming delivery of new dual-fuel ammonia carriers (starting with Antwerpen) signals a shift toward greener tonnage, which may align with shippers’ sustainability goals. Operators should monitor availability on major LPG trade lanes, such as the US Gulf to Asia and Middle East to Europe, as Exmar’s fleet clearance reduces the number of regularly employed midsize vessels.
Watch List
- Newbuilding deliveries: Two 7,500 cu m vessels on long-term charter in 2027/2028 and three more ammonia dual-fuel midsize carriers following the Antwerpen.
- Further fleet sales: Exmar may continue to prune older tonnage as the newbuilding programme progresses.
- Market rate impact: Reduced midsize LPG carrier supply could lift spot and short-term charter rates in the second half of 2026.
Sources:
