Avance Gas fixes VLGC newbuild to TotalEnergies

Norwegian shipowner Avance Gas has landed a time charter agreement with French energy major TotalEnergies for its first dual-fuel very large gas carrier (VLGC) newbuild, Avance Polaris.

The vessel is scheduled for delivery ex-yard in South Korea in January 2022, after which it will enter into a two-year charter. The Oslo-listed company said the time charter hire has a mechanism that gives both parties exposure to the market.

John Fredriksen-controlled Avance Gas currently has a fleet of 13 VLGCs on the water and six dual-fuel VLGC newbuildings on order.

At the end of September, the company announced it had secured time charter agreements for three of its VLGCs for a period of two years at an average hire level of around $30,000 per day. Financial details surrounding the latest deal have not been disclosed.

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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