Avance Gas banks $4.8m profit from another VLGC sale

Norwegian shipowner Avance Gas has sold the 2008-built very large gas carrier (VLGC) Providence to undisclosed buyers.

The vessel will deliver in May this year and generate around $24.3m in net cash proceeds and a book profit of some $4.8m, which the Oslo-listed owner will recognise in the second quarter of 2022.

Since January, the company has sold two older VLGCs in a strong second-hand market, generating around $46.8m in total net cash proceeds. “The sales follow the company’s fleet renewal strategy, reducing average age and emissions while further strengthening our balance sheet,” Avance Gas said.

John Fredriksen-controlled Avance Gas operates a fleet of 13 VLGCs and has four dual-fuel LPG newbuildings on order due for delivery in 2022 and 2023. Earlier this month, Kristian Sørensen and Erik Jacobsen stepped down from the company’s positions of CEO and chairman, respectively. As a result, Jens Martin Jensen was appointed director, and Øystein Kalleklev took over as executive chairman of the board.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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