Avance Gas Holding Ltd Reports Unaudited Results for the Fourth Quarter of 2021

BERMUDA, 22 February 2022– Avance Gas Holding Ltd (OSE: AGAS or the “Company”) today reported unaudited results for the fourth quarter 2021.HIGHLIGHTS The average time charter equivalent (TCE) rate was $27,631/day compared to $27,548/day in Q3 2021. The full year 2021 TCE rate was $31,302/day compared to $32,418/day in 2020.Daily operating expenses (OPEX) were $8,139/day, down from $8,610/day in Q3 2021. Full year 2021 OPEX was $8,871/day, down from $8,968/day in 2020.A&G...

Oslo, 22/02/2022 (informazione.news - comunicati stampa - trasporti)

BERMUDA, 22 February 2022 – Avance Gas Holding Ltd (OSE: AGAS or the “Company”) today reported unaudited results for the fourth quarter 2021.

HIGHLIGHTS

As we anticipated in our Q3 outlook, the last quarter of 2021 was characterized by a firming winter market where spot rates went from USD 30,000 pd in October to USD high 50,000s pd in December on scrubber fitted modern tonnage. The relatively mild winter temperatures in the US allowed for price competitive US gas to fill requirements in both Asian and European markets with demand being spiked due to political unrest on the Russia / Ukraine border, seasonal cold weather as well as the ongoing energy crunch in Europe.

In the US, exports reached an average of 82 VLGC loadings/month for Q4 which was up 2 from 80 loadings/month in Q3. On an annual basis, the US VLGC loadings averaged 78 loadings per month for 2021, up 8 from 70 loadings/month in 2020. 

Middle East exports averaged 50 VLGCs/month for Q4 which is in line with the previous quarter as well as the average for the year which in turn was slightly lower than the 2020 average of 53 cargoes per month. The Opec+ agreed crude oil production cuts continue to impact LPG exports from the region, especially from Saudi Arabia. However, with production cuts being slowly reversed, LPG exports increased throughout the second half of last year.

In addition to global higher export volumes in Q4, Panama Canal waiting time absorbed capacity from the VLGC fleet where it peaked in November as the average waiting time was around 12 days both northbound (for Owner's account) and southbound (for Charterer's account) transits. The waiting time for VLGCs throughout the quarter varied from 3 to 20 days depending on arrival date and we expect uncertainty to prevail also in 2022 when pre-booked slots for VLGCs are no longer available. 

PRESENTATION AND WEBCAST

Avance Gas will host an audio webcast and conference call to discuss the company's results for the period ended 31 December 2021 on Tuesday, 22 February 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/8ftxfsuh.

Dial in details is +44 20 7192 8338 (UK and International), +1 646 741 3167 (US) or +47 21 56 30 15 (Norway). Please quote the passcode: 3461298. Phone lines will open 10 minutes before the conference call.

For further queries, please contact:
Kristian Sørensen, CEO
Tel: +47 22 00 48 10
Email: kristian.sorensen@avancegas.com

Randi Navdal Bekkelund, CFO
Tel: +47 22 00 48 29
Email: randi.navdal@avancegas.com

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

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