Avance Gas Holding Ltd: Financial Results for Q3 2022

HIGHLIGHTS The average time charter equivalent (TCE) rate on load to discharge basis was $32,954/day compared to $36,212/day for the second quarter 2022. This was ahead of guidance of around $32,000/day.Daily operating expenses (OPEX) were $8,200/day, in line with the second quarter of 2022.Net profit of $11.6 million compared to $18.4 million for the second quarter 2022, or earnings per share of 15 cents compared to 24 cents for the second quarter. Net profit in the second quarter...

BERMUDA, 24/11/2022 (informazione.news - comunicati stampa - trasporti)

HIGHLIGHTS

Øystein M. Kalleklev, Executive Chairman, commented:

“We today are announcing third quarter numbers for Avance Gas with average Time Charter Equivalent (TCE) earnings of $33,000 per day in line with our guided numbers of around $32,000 per day. Although this was admittedly a bit on the soft side compared to the first and second quarter, we are however very well positioned for fourth quarter with 93 per cent of the quarter covered and we are expecting TCE earnings to move upwards in the region of $50,000 per day. With strong volume growth and increased ton time, we today see the strongest LPG freight market since 2015. Given our positive outlook, strong balance sheet with plenty of cash and no unfunded capex we are therefore once again happy to declare a dividend of $0.20 per share for our shareholders.”

Please see attachments for the Q3 Earnings Presentation and Interim Financial Report

Avance Gas will host an audio webcast and conference call to discuss the company's results for the period ended 30 September 2022 on Thursday, 24 November 2022, at 14:00 CET. There will be a Q&A session following the presentation.

The presentation and webcast will be hosted by:

The presentation will also be available via audio webcast, which can be accessed at Avance Gas' website  www.avancegas.com  or follow the link

https://edge.media-server.com/mmc/p/w4ecxxkj

The conference call can be accessed using the following link:

https://register.vevent.com/register/BI0dad1ff95dd44297bb9e33f0bd8a0a4a 

For further queries, please contact:
Øystein Kalleklev, Executive Chairman
Tel: +47 23 11 40 00

Randi Navdal Bekkelund, CFO
Tel: +47 22 11 40 00

About Avance Gas:
Avance Gas operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world's leading owners and operators of very large gas carriers (VLGCs) and operates a fleet of thirteen modern ships including two dual fuel LPG newbuidlings and an additional four Dual Fuel LPG newbuildings due for delivery in 2023 and Q1 2024. For more information about Avance Gas, please visit www.avancegas.com.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Attachments