Avance Gas Holding Ltd Reports Unaudited Results for the First Quarter of 2021 HIGHLIGHTS The average time charter equivalent (TCE) rate was $42,552/day on a load-to-discharge (IFRS 15 accounting principles) and $36,754 on a discharge-to-discharge basis and, compared to $36,130/day and $40,759/day in Q4 2020 respectively. Daily operating expenses (OPEX) were $9,440/day, compared to $9,419/day in Q4 2020. OPEX was impacted by Covid-19 crew and freight cost of $800/day, seasonal up storing of spares and maintenance totaling approx. $800/day. A&G expenses were $1,191/day, up from $701/day in Q4 2020. In April 2021, the Company increased its dual fuel VLGC newbuilding program from four to six 91,000 CBM vessels highlighting the company's commitments towards de-carbonisation of the LPG industries.