BERMUDA, November 24 2022 – Avance Gas Holding Ltd (OSE: AGAS) (“Avance Gas” or the “Company”) today reports unaudited results for the third quarter 2022.
The average time charter equivalent (TCE) rate on load to discharge basis was $32,954/day compared to $36,212/day for the second quarter 2022. This was ahead of guidance of around $32,000/day.
Daily operating expenses (OPEX) were $8,200/day, in line with the second quarter of 2022.
Net profit of $11.6 million compared to $18.4 million for the second quarter 2022, or earnings per share of 15 cents compared to 24 cents for the second quarter. Net profit in the second quarter excluding gain on sale was $13.9 million.
The Company continues to benefit from the interest rate hedges that it has in place with gains of $7.8 million in the third quarter bringing the total gains this year to $24.6 million.
In August 2022, the Company signed an aggregate $135 million sale leaseback agreement for the financing 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 program with no unfunded capex remaining and is expected to release approximately $39.4 million in net cash at delivery.
In November 2022, the company entered into an agreement to sell the VLGC Promise generating a profit of approximately $7.5 million and cash proceeds of approximately $20 million.
For the fourth quarter of 2022, we are 93% booked and we estimate a TCE rate for the quarter between $45,000 and $50,000 per day on a load to discharge basis and between $50,000 and $55,000 per day on a discharge-to-discharge basis.
Øystein M. Kalleklev, Executive Chairman, commented:
“We today are announcing third quarter numbers for Avance Gas with average Time Charter Equivalent (TCE) earnings of $33,000 per day in line with our guided numbers of around $32,000 per day. Although this was admittedly a bit on the soft side compared to the first and second quarter, we are however very well positioned for fourth quarter with 93 per cent of the quarter covered and we are expecting TCE earnings to move upwards in the region of $50,000 per day. With strong volume growth and increased ton time, we today see the strongest LPG freight market since 2015. Given our positive outlook, strong balance sheet with plenty of cash and no unfunded capex we are therefore once again happy to declare a dividend of $0.20 per share for our shareholders.”
Please see attachments for the Q3 Earnings Presentation and Interim Financial Report
Avance Gas Q3 2022 Earnings Presentation
Avance Gas Q3 2022 Interim Financial Report
Avance Gas will host an audio webcast and conference call to discuss the company’s results for the period ended 30 September 2022 on Thursday, 24 November 2022, at 14:00 CET. There will be a Q&A session following the presentation.
The presentation and webcast will be hosted by:
Mr. Øystein Kalleklev – Executive Chairman
Mrs. Randi Navdal Bekkelund – CFO
The presentation will also be available via audio webcast, which can be accessed at Avance Gas’ website or follow the link
The conference call can be accessed using the following link:
For further queries, please contact:
Øystein Kalleklev, Executive Chairman
Tel: +47 23 11 40 00

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

About Avance Gas:
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 carriers (VLGCs) and operates a fleet of thirteen modern ships including two dual fuel LPG newbuidlings and an additional four Dual Fuel LPG newbuildings due for delivery in 2023 and Q1 2024. For more information about Avance Gas, please visit
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
1 Avance Gas Q3 2022 Earnings Presentation
2 Avance Gas Q3 2022 Interim Financial Report

Related Quotes
American Eagle Outfitters ( NYSE:AEO ) Third Quarter 2023 Results Key Financial Results Revenue: US$1.24b (down 2.6…
Analog Devices ( NASDAQ:ADI ) Full Year 2022 Results Key Financial Results Revenue: US$12.0b (up 64% from FY 2021). Net…
– AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its third …
A new 45pc tax does not sound like great news for any business. But a windfall tax at this level is what the Government announced for renewable energy generators in the Autumn Statement last week. We have tipped a handful of these generators, some of which are structured as investment trusts, here. How big an impact on their value and dividends can we expect?
When close to half the companies in Malaysia have price-to-earnings ratios (or "P/E's") above 14x, you may consider…
A look at the shareholders of Kuehne + Nagel International AG ( VTX:KNIN ) can tell us which group is most powerful…
Empty-nesters are being urged to consider a second career as cabin crew, as airlines try to shrug off the notion that the career is only for young jet setters and ease recruitment woes.
The crash of FTX exchange has injected greater urgency into regulating the crypto sector and targeting such 'conglomerate' platforms will be the focus for 2023, the new chair of global securities watchdog IOSCO said in an interview. Jean-Paul Servais said regulating crypto platforms could draw on principles from other sectors which handle conflicts of interest, such as at credit rating agencies and compilers of market benchmarks, without having to start from scratch. But the implosion at FTX, which left an estimated one million creditors facing losses totalling billions of dollars, will help change that, Servais told Reuters.
Patience can pay off handsomely when you're invested in companies with clearly defined competitive advantages.
FTX lawyers say a substantial amount of assets are missing or stolen in latest bankruptcy proceedings; Cathie Wood still sees Bitcoin at $1 million
The word "hypergrowth" does not describe the current technology bear market. Such a change may point to buying opportunities in tech stocks such as SoFi Technologies (NASDAQ: SOFI) and Zscaler (NASDAQ: ZS). Amid the moratorium on student loan payments because of the pandemic, it had to pivot into other areas of finance.
This year, energy companies raked in big profits, allowing those in the sector to pay down debt and reward shareholders with fat dividends. Although energy stocks are up significantly, supply-related events could push oil prices even higher. Additionally, further European sanctions on Russian oil will go into effect on Dec. 5, and the U.S. and other G7 members are looking to put a price cap on Russian oil — all of which could disrupt supplies.
In the early days of the pandemic, investors bet Novavax (NASDAQ: NVAX) would be a coronavirus vaccine winner. When the biotech's vaccine candidate fell behind, though, investors lost faith. With its shares down almost 90% this year, you may be wondering if Novavax presents a great buying opportunity.
Yahoo Finance’s Alexandra Semenova discusses ARK Invest Founder Cathie Wood doubling down on bitcoin despite worries of an FTX contagion effect in crypto.
How far off is The Boeing Company ( NYSE:BA ) from its intrinsic value? Using the most recent financial data, we'll…
Amazon (NASDAQ: AMZN) is one of the best-performing stocks of the past generation, but 2022 has mostly been a disaster for the tech giant. The stock is down 47% year to date, revenue growth has slowed to all-time lows, it's closed dozens of warehouses after overestimating demand, shuttered once-promising projects like Amazon Care, and just reported that it's laying off 10,000 corporate employees. While it's clear Amazon has struggled this year, those challenges seem well-reflected in Amazon's stock price.
Despite the fact that Advanced Micro Devices, Inc. (NASDAQ:AMD) stock rose 5.1% last week, insiders who sold US$4.1m…
Instead of gearing up to trade Thursday, investors may be defrosting their Thanksgiving turkeys—and clipping coupons ahead of Black Friday.
Among the telecoms is Verizon Communications (NYSE: VZ), the second-largest provider behind AT&T. The stock sports an attractive 6.89% dividend yield, which also places it in red-flag territory. Often, when a stock's dividend yield rises higher than 5%, it's seen as a warning sign that the company won't be able to pay its dividend obligations sustainably. Should Verizon shareholders be concerned?
Tough times are coming. But you can still make money.


Lascia un commento

Il tuo indirizzo email non sarà pubblicato. I campi obbligatori sono contrassegnati *