HIGHLIGHTS
- The average time charter equivalent (TCE) rate was
$27,548 /day compared to$27,730 /day in Q2 2021. TCE includes a ballast cost of$689 /day for three TC contracts entered in Q3. - Daily operating expenses (OPEX) were
$8,610 /day, down from$9,311 /day in Q2 2021. OPEX was impacted by Covid-19 crew and freight cost of$650 /day. A&G expenses were$1,549 /day, compared to$1,357 /day in Q2 2021. - In
September 2021 , the Company entered into three Time Charter Agreements for a period of 2 years at an average hire level of approximately$30,000 /day net to Owners. - In
October 2021 , the Company signed a term sheet for the refinancing of the VLGC Iris Glory (2008) by way of a sale leaseback transaction. The loan amount is$41.65 million and bears an implied 22-year age adjusted profile and a tenor of 9 years and will generate net cash proceeds of approximately$16.6 million subject to credit approval, normal documentation and closing procedures. - In
October 2021 , the final results of the mandatory offer were announced and following the settlement,Hemen Holding Limited owns 59,382,696 shares inAvance Gas representing approximately 76.70% of the registered share capital and voting rights in the Company. - The board declared a dividend of
$0.05 per share for Q3 2021 corresponding to$3.8 million . - For the fourth quarter of 2021, we estimate TCE rate of approximately
$28,000 /day contracted for 94% of vessel days including approximately 50 waiting days (Northbound) in thePanama Canal .
The VLGC freight market was impacted by low US inventory levels, high US LPG prices and thereby a narrowed US-Asia arbitrage. Despite the unfavorable LPG price differential, Asian demand and US export volumes stayed firm.
US Gulf and USEC VLGC exports increased to 80 cargoes on a monthly average for Q3, slightly up from 78 cargoes in Q2 and up 20% from Q3 last year (68 cargoes/month). The increase reflects higher volumes primarily from the terminals Enterprise and
PRESENTATION AND WEBCAST
The presentation and webcast will be hosted by:
* Mr.
* Mrs. Randi Navdal Bekkelund - CFO
* Mr. Ben Martin - CCO
The presentation will also be available via audio webcast, which can be accessed at
For further queries, please contact:
Tel: +47 22 00 48 10
Email: kristian.sorensen@avancegas.com
Randi Navdal Bekkelund, CFO
Tel: +47 22 00 48 29
Email: randi.navdal@avancegas.com
ABOUT
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
Attachment
- Interim financial statements and earnings relase 3Q 2021
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