Avance Gas Holding Ltd: Financial Results for Q2 2022
BERMUDA, August 31 2022 – Avance Gas Holding Ltd (OSE: AGAS) (“Avance Gas” or the “Company”) today reports unaudited results for the second quarter 2022.
- The average time charter equivalent (TCE) rate on load to discharge basis was $36,212/day compared to $37,608/day for the first quarter 2022. This was ahead of guidance of between $32,000/day to $33,000/day.
- Daily operating expenses (OPEX) were $8,200/day, down from $8,500/day for the first quarter.
- Net profit of $18.4 million compared to $24.3 million for the first quarter 2022, or earnings per share of 24 cents compared to 32 cents for the first quarter.
- During the second quarter 2022, the Company completed the sale of the 2008-built VLGC Providence with the vessel being delivered to the new owners in May. The sale generated a gain on sale of $4.5 million and a cash release of $25.8 million.
- In May 2022, the Company signed a $555 million sustainability-linked term facility with a bank syndicate. The facility is a refinancing of the previous bank facility financing the nine VLGCs including a financing of the newbuildings three and four, Avance Rigel and Avance Avior, for delivery in the first quarter of 2023, and an accordion option to finance the final two newbuildings for delivery in the fourth quarter of 2023 and first quarter of 2024.
- In August 2022, the Company signed an aggregate $135 million sale leaseback agreement with Bocomm Leasing for the financing of newbuildings five and six, Avance Castor and Avance Pollux, scheduled for delivery in the fourth quarter of 2023 and the first quarter of 2024. The transaction completes the financing of the newbuilding program with no unfunded capex remaining and is expected to release approximately $39 million in net cash at delivery.
- The Company has been ahead of the curve hedging its interest rate exposure at attractive levels resulting in gains of $5.1 million in the second quarter bringing the total gains in the first half of the year to $16.8 million under other comprehensive income.
- The Board declared a dividend for the second quarter 2022 of $0.20 per share.
- For the third quarter of 2022, we estimate a TCE rate of approximately $32,000/day on a load to discharge basis.
Øystein M. Kalleklev, Executive Chairman, commented:
“We are pleased to deliver strong numbers for the second quarter. Time Charter equivalent (TCE) earnings came in at $36,200 per day, well ahead of guidance of $32-33,000 per day despite a very volatile freight market. We have also been able to raise very attractive long-term financing for the two last remaining dual fuel VLGC newbuildings which brings our unfunded remaining capex to below zero. With the worldwide energy crisis, we think the clean properties of LPG should be compelling especially when coupled with its affordable price compared to other fuels. Hence, we remain upbeat about the long-term prospects for LPG freight despite a rather large orderbook for next year. With a strong cash balance of close to $200 million, fully financed fleet and healthy earnings of 24 cents per share we are therefore again declaring a dividend of $20 cents per share which should provide our shareholders with a very attractive yield of around 16%.”
Please see attachements for the Q2 Earnings Presentation and Interim Financial Repor
1. Avance Gas Q2 2022 Earnings Presentation
2. Avance Gas Q2 2022 Interim Financial Report
Avance Gas will host an audio webcast and conference call to discuss the company’s results for the period ended 31 August 2022 on Wednesday, 31 August 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 www.avancegas.com 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 22 00 48 00
Randi Navdal Bekkelund, CFO
Tel: +47 22 00 48 29
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 carrier (VLGC) and operates a fleet of thirteen modern ships including two dual fuel LPG newbuidlings and four Dual Fuel LPG newbuildings due for delivery in Q1 2023, Q4 2023 and Q1 2024. For more information about Avance Gas, please visit www.avancegas.com.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
AttachmentsTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Remuneration of Director by distribution of Millicom (Tigo) shares23.9.2022 23:00:00 CEST | Press release
Remuneration of Director by distribution of Millicom (Tigo) shares Luxembourg, September 23, 2022 – Millicom International Cellular S.A. ("Millicom") announces that, in accordance with the resolution of its shareholders at the annual general meeting held on May 4, 2022, it has distributed a total of 1,150 shares to one of the members of its Board of Directors as part of their non-executive director remuneration for the period from the date of the 2022 AGM to the 2023 AGM, to be held in May 2023. Details of the distributions are disclosed on Millicom’s website. -END- For further information, please contact Press: Yocasta Valdez, Sr. Manager Digital Media & Corporate Communications email@example.comInvestors: Michel Morin, VP Investor Relations Sarah Inmon, Director Investor Relations firstname.lastname@example.org About Millicom Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and
Enento Group signed EUR 180 million syndicated loan agreement23.9.2022 16:00:00 CEST | Press release
ENENTO GROUP PLC, INVESTOR NEWS ON 23 SEPTEMBER 2022 AT 5.00 P.M. EET Enento Group signed EUR 180 million syndicated loan agreement Enento Group has today signed a new long-term financing agreement to be used for refinancing of its current financing arrangement. The financing agreement consists of a EUR 150 million long-term loan as well as a EUR 30 million revolving credit facility. The agreement is for three years and includes two one-year options for extension of the loan period. The loan replaces the financing agreement that was signed in October 2018 of a EUR 160 million long-term loan and a EUR 20 million revolving credit facility. The revolving credit facility has been unutilised. The margins of the financing agreement are linked to Enento Group´s financial covenants and include an option to link the margin also to sustainability criteria in the future. OP Corporate Bank, Danske Bank and Nordea Bank were acting as Mandated Lead Arrangers and Bookrunners. OP Corporate Bank acted
Nordic American Tankers Ltd (NYSE: NAT) – Solid rates and earnings23.9.2022 14:55:12 CEST | Press release
Friday, September 23, 2022 Dear Shareholders and Investors, This is to reconfirm that the business of NAT(rates, earnings) is solid and prospects are good. For contacts, please see at the end of this communication. Sincerely, Herbjorn Hansson Founder, Chairman & CEO Nordic American Tankers Limited CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and
Rolf Jansson appointed acting Managing Director of Leipurin23.9.2022 12:00:00 CEST | Press release
Aspo Plc Stock exchange release September 23, 2022 at 1 p.m. Rolf Jansson appointed acting Managing Director of Leipurin The last workday of Heli Arantola, CEO of Aspo Group subsidiary Leipurin, has been specified as September 30, 2022. As announced on Aspo’s stock exchange release on June 27, 2022, Arantola has resigned to join another company. Aspo Group’s CEO Rolf Jansson will take on the role of acting Managing Director of Leipurin from October 1, 2022. In addition, Aspo’s Vice President of Corporate Development Mikko Heikkilä takes responsibility for Leipurin’s selected strategic projects. The selection process for Leipurin’s new Managing Director is underway. Aspo Plc Rolf Jansson CEO Further information, please contact: Rolf Jansson, CEO, Aspo Plc, tel. +358 400 600 264, email@example.com Distribution: Nasdaq Helsinki Key media www.aspo.com Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders
Norsk Hydro: Primærinnsider Helena Nonka selger aksjer23.9.2022 11:20:00 CEST | Pressemelding
Helena Nonka, konserndirektør for Corporate Development, har den 23. september 2022 solgt 1528 aksjer til 59,58 kroner per aksje. I mai 2022, ble Helena Nonka tildelt disse 1528 aksjene under langtidsinsentivprogrammet (LTI) som medlem av konsernledelsen. Helena Nonka har besluttet å forlate Hydro, og hennes siste dag vil være 30. september 2022. Provenyet fra salget skal tilfalle Norsk Hydro ASA. Denne opplysningen er informasjonspliktig etter verdipapirhandelloven §5-12. Investorkontakt: Line Haugetraa +47 41406376 firstname.lastname@example.org Mediakontakt: Halvor Molland +47 92979797 Halvor.Molland@hydro.com Vedlegg KRT 1500 Helena Nonka 2022 23 09