Avance Gas Holding Ltd: Financial Results for Q2 2022

HIGHLIGHTS The average time charter equivalent (TCE) rate on load to discharge basis was $36,212/day compared to $37,608/day for the first quarter 2022. This was ahead of guidance of between $32,000/day to $33,000/day. Daily operating expenses (OPEX) were $8,200/day, down from $8,500/day for the first quarter.Net profit of $18.4 million compared to $24.3 million for the first quarter 2022, or earnings per share of 24 cents compared to 32 cents for the first quarter. During the second...

BERMUDA, 31/08/2022 (informazione.news - comunicati stampa - trasporti)

HIGHLIGHTS

Øystein M. Kalleklev, Executive Chairman, commented:

“We are pleased to deliver strong numbers for the second quarter. Time Charter equivalent (TCE) earnings came in at $36,200 per day, well ahead of guidance of $32-33,000 per day despite a very volatile freight market. We have also been able to raise very attractive long-term financing for the two last remaining dual fuel VLGC newbuildings which brings our unfunded remaining capex to below zero. With the worldwide energy crisis, we think the clean properties of LPG should be compelling especially when coupled with its affordable price compared to other fuels. Hence, we remain upbeat about the long-term prospects for LPG freight despite a rather large orderbook for next year. With a strong cash balance of close to $200 million, fully financed fleet and healthy earnings of 24 cents per share we are therefore again declaring a dividend of $20 cents per share which should provide our shareholders with a very attractive yield of around 16%.” 

Please see attachements for the Q2 Earnings Presentation and Interim Financial Repor

    1. Avance Gas Q2 2022 Earnings Presentation

    2. Avance Gas Q2 2022 Interim Financial Report

Avance Gas will host an audio webcast and conference call to discuss the company's results for the period ended 31 August 2022 on Wednesday, 31 August 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/2qv66omm

The conference call can be accessed using the following link:

https://register.vevent.com/register/BI996eb7bbc6b243e69202c5bec83562ad

For further queries, please contact:

Øystein Kalleklev, Executive Chairman

Tel: +47 22 00 48 00

Randi Navdal Bekkelund, CFO

Tel: +47 22 00 48 29

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 carrier (VLGC) and operates a fleet of thirteen modern ships including two dual fuel LPG newbuidlings and four Dual Fuel LPG newbuildings due for delivery in Q1 2023, Q4 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