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

BERMUDA, 19 August 2021 - Avance Gas Holding Ltd (OSE: AGAS) today 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.


Avance Gas will host an audio webcast and conference call to discuss the Company's results for the period ended 30 June 2021 on Thursday, 19 August 2021, at 15:00 CEST. There will be a Q&A session following the presentation.

The presentation and webcast will be hosted by:

* Mr. Kristian Sørensen - CEO
* Mrs. Randi Navdal Bekkelund - CFO

The presentation will also be available via audio webcast, which can be accessed at Avance Gas' website ( Dial in details are +44 (0)2071 928 338 (UK and International), +1 646-741-3167 (US) or +47 21 56 30 15 (Norway). Please quote the passcode: 9893329. Phone lines will open 10 minutes before the conference call.

For further queries, please contact:
Kristian Sørensen, CEO
Tel: +47 22 00 48 10

Randi Navdal Bekkelund, CFO
Tel: +47 22 00 48 29

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 and six Dual Fuel LPG newbuildings due for delivery in Q4 2021, Q1 2022, Q4 2022 and Q1-Q4 2023. For more information about Avance Gas, please visit

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


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