Avance Gas Holding Ltd Reports Unaudited Results for the Fourth Quarter and full year of 2020 HIGHLIGHTS
The average time charter equivalent (TCE) rate was $40,759 on a discharge to discharge basis and $36,130/day on the basis of IFRS 15 accounting standard, compared to $23,283 and $21,524/day in Q3 2020 respectively.
The full year 2020 TCE rate on the basis of IFRS 15 accounting standard was $32,418/day compared to $34,309/day. On a discharge to discharge basis, the rates were $32,862/day and $35,220/day respectively.
Daily operating expenses (OPEX) were $9,419/day, compared to $9,256/day in Q3 2020. OPEX was impacted by change of technical manager and Covid-19 related crew change expense representing approx. $900/day in both Q4 and Q3. Full year 2020 OPEX was $8,968/day, up from $7,983/day in 2019. The operating expense is expected to normalise and recover from 2021.
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Avance Gas enter into contracts for two dual fuel VLGC newbuildings with DSME Avance Gas Holding Ltd Oslo, NORWAY
Avance Gas Holding Ltd (OSE: AGAS , or the Company ) today announces that it has entered into shipbuilding contracts for two 91,000 CBM, LPG Dual-Fuel VLGCs with Daewoo Shipbuilding and Marine Engineering (DSME) in South Korea, for delivery Q4 2022 and Q1 2023.
The investment enhances the green profile of the Avance Gas fleet, allowing the company to take another important step towards de-carbonisation while contributing to a greener shipping industry and achieving the targeted 40% reduction in emissions by 2030. The new vessels are capable of burning LPG, have larger intake and lower daily consumption. They will also be fitted with shaft generator further enhancing emissions reduction for an even greater greener profile.
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Avance Gas Holding Ltd (OSE: AGAS , or the Company ) today announces that it has entered into shipbuilding contracts for two 91,000 CBM, LPG Dual-Fuel VLGCs with Daewoo Shipbuilding and Marine Engineering (DSME) in South Korea, for delivery Q4 2022 and Q1 2023.
The investment enhances the green profile of the Avance Gas fleet, allowing the company to take another important step towards de-carbonisation while contributing to a greener shipping industry and achieving the targeted 40% reduction in emissions by 2030. The new vessels are capable of burning LPG, have larger intake and lower daily consumption. They will also be fitted with shaft generator further enhancing emissions reduction for an even greater greener profile.