Avance Gas Holding Announces Sale of the VLGC Providence

Source: www.gulfoilandgas.com 3/21/2022, Location: South America

Avance Gas Holding Ltd ("AGAS") have entered a contract to sell the 2008-built VLGC Providence with expected delivery in May. The sale is expected to generate approximately USD 24.3 million in net cash proceeds and a book profit of approximately USD 4.8 million to be recognised in the second quarter 2022.

Since January 2022, the Company has sold two older VLGCs in a strong second-hand market generating approximately USD 46.8 million 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.


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