Avance Gas Holding Ltd. have entered a contract to sell the 2008-built VLGC Providence with expected delivery in May. The sale is expected to generate approximately USD 24.3 million in net cash proceeds and a book profit of approximately USD 4.8 million to be recognised in the second quarter 2022. Since January 2022, the Company has sold two older VLGCs in a strong second-hand market generating approximately USD 46.8 million in total net cash proceeds.

The sales follow the company's fleet renewal strategy, reducing average age and emissions while further strengthening balance sheet.