Avance Gas Keeping Ltd

BERMUDA, November 24 2022 – Avance Gas Holding Ltd (OSE: AGAS) (“Avance Gas” or the “Company”) today stories unaudited success for the third quarter 2022.

HIGHLIGHTS

  • The common time charter equivalent (TCE) fee on load to discharge basis was $32,954/day in contrast to $36,212/day for the next quarter 2022. This was ahead of steering of close to $32,000/working day.

  • Day-to-day working bills (OPEX) were being $8,200/day, in line with the next quarter of 2022.

  • Internet income of $11.6 million as opposed to $18.4 million for the next quarter 2022, or earnings per share of 15 cents when compared to 24 cents for the next quarter. Internet revenue in the 2nd quarter excluding acquire on sale was $13.9 million.

  • The Firm proceeds to profit from the fascination charge hedges that it has in area with gains of $7.8 million in the 3rd quarter bringing the whole gains this calendar year to $24.6 million.

  • In August 2022, the Business signed an mixture $135 million sale leaseback arrangement for the funding of newbuildings five and six, Avance Castor and Avance Pollux scheduled for delivery in Q4 2023 and Q1 2024. The transaction completes the financing of the newbuilding method with no unfunded capex remaining and is expected to release close to $39.4 million in net hard cash at shipping.

  • In November 2022, the business entered into an arrangement to market the VLGC Assure making a profit of roughly $7.5 million and cash proceeds of somewhere around $20 million.

  • For the fourth quarter of 2022, we are 93% booked and we estimate a TCE price for the quarter in between $45,000 and $50,000 for each working day on a load to discharge foundation and between $50,000 and $55,000 for every day on a discharge-to-discharge basis.

Øystein M. Kalleklev, Government Chairman, commented:

“We these days are saying 3rd quarter numbers for Avance Gas with normal Time Constitution Equal (TCE) earnings of $33,000 for each working day in line with our guided quantities of all around $32,000 for every working day. Whilst this was admittedly a little bit on the smooth aspect in comparison to the very first and 2nd quarter, we are however extremely effectively positioned for fourth quarter with 93 for each cent of the quarter protected and we are anticipating TCE earnings to go upwards in the region of $50,000 per day. With robust volume development and greater ton time, we nowadays see the strongest LPG freight current market since 2015. Presented our positive outlook, strong harmony sheet with a good deal of hard cash and no unfunded capex we are thus the moment all over again delighted to declare a dividend of $.20 per share for our shareholders.”

Make sure you see attachments for the Q3 Earnings Presentation and Interim Economical Report

  1. Avance Gas Q3 2022 Earnings Presentation

  2. Avance Fuel Q3 2022 Interim Monetary Report

Avance Gasoline will host an audio webcast and conference phone to talk about the company’s outcomes for the period of time ended 30 September 2022 on Thursday, 24 November 2022, at 14:00 CET. There will be a Q&A session pursuing the presentation.

The presentation and webcast will be hosted by:

The presentation will also be readily available by way of audio webcast, which can be accessed at Avance Gas’ website www.avancegas.com or abide by the website link

https://edge.media-server.com/mmc/p/w4ecxxkj

The conference connect with can be accessed working with the subsequent link:

https://register.vevent.com/sign-up/BI0dad1ff95dd44297bb9e33f0bd8a0a4a

For even more queries, you should contact:
Øystein Kalleklev, Govt Chairman
Tel: +47 23 11 40 00

Randi Navdal Bekkelund, CFO
Tel: +47 22 11 40 00

About Avance Gasoline:
Avance Gas operates in the world sector for transportation of liquefied petroleum gas (LPG). The Firm is just one of the world’s leading owners and operators of really large gas carriers (VLGCs) and operates a fleet of thirteen modern ships including two twin gas LPG newbuidlings and an supplemental 4 Dual Gasoline LPG newbuildings due for supply in 2023 and Q1 2024. For additional information about Avance Gas, please visit www.avancegas.com.

This details is issue to the disclosure necessities pursuant to Portion 5-12 the Norwegian Securities Buying and selling Act

Attachments