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Avance Gas fixes VLGC on timecharter

Avance Gas has fixed its VLGC  Breeze (83,000 cbm, built 2015) on a four-month timecharter to an unreported charterer, according to brokers’ reports.

The China-built vessel was reportedly fixed at a rate of $300,000 per month, equivalent to around $10,000 a day.

By way of comparison, the period rate is some way behind VLGC timecharter equivalent rates, which averaged $28,100 per day during the second quarter this year, according to the latest financial report from Avance’s rival, BW LPG.

The TCE rate averaged $46,600 daily during Q2 last year, the BW LPG report said.

Avance Gas did not publish TCE rate information in its second-quarter results, which were released on Wednesday.

The report did, however, reveal the Oslo-listed firm logged a $6.1m impairment loss for its LNG carrier Gaea (126,530 cbm, built 1980), “due to changes in the market conditions for commercial LPG projects” during the period.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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