Avance Gas Reports Results for the Second Quarter of 2021

Source: www.gulfoilandgas.com 8/19/2021, Location: South America

Avance Gas Holding Ltd reported unaudited results for the second quarter 2021.

• The average time charter equivalent (TCE) rate was $28,774 on a discharge-to-discharge basis and $27,730/day on a load-to-discharge (IFRS 15 accounting principles), compared to $36,754/day and $42,552/day in Q1 2021 respectively.
• Daily operating expenses (OPEX) were $9,311/day, compared to $9,440/day in Q1 2021. OPEX was impacted by Covid-19 crew and freight cost of $800/day, repair, and maintenance of approximately $360/day. A&G expenses were $1,357/day, up from $1,191/day in Q1 2021.
• In July, the Company signed a $104 million sustainability-linked financing agreement for the two first dual fuel newbuildings. The transaction will secure financing of the two first dual fuel newbuildings, Avance Polaris and Avance Capella, scheduled for delivery in Q4 2021 and Q1 2022.
• The board declared a dividend of $0.02 per share for Q2 2021 corresponding to 100% of net profit or $1.5 million.
• For the third quarter of 2021, we estimate TCE rate on a discharge-to discharge basis of approximately $28,000/day contracted for 77% of vessel days.

The VLGC freight market rebounded from the extreme cold in the US in Q1 supported by increased US LPG production and lower domestic demand allowing export volumes to flow to the Far East. During Q2 the number of US liftings have been on historical high levels driven by terminal expansions. Despite a record high number of liftings out of the US, the VLGC freight market has been impacted by low US inventories and a narrow US-Asia price arbitrage. Middle East export continued to follow the OPEC+ production cuts remaining at same levels as previous quarter further increasing the US market share of global LPG exports.

US Gulf and USEC VLGC exports increased to 78 cargoes on monthly average for the second quarter compared to 67 cargoes in Q1. The increase reflects the terminal expansions in Targa, Nederland and Markus Hook. In Q2, Middle East VLGC exports were slightly down recording 48 cargoes (excluding Iran) on a monthly average, compared to 50 cargoes per month in Q1 2021.

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