GlobeNewswire by notified

Avance Gas Holding Ltd: Fourth Quarter 2022 Earnings Release


Bermuda, February 28, 2023 - Avance Gas Holding Ltd (OSE: AGAS) ("Avance Gas" or the "Company") today reports unaudited results for the fourth quarter and full year 2022.

  • The average time charter equivalent (TCE) rate was $46,478/day, in line with guidance of $45,000-50,000/day. The fourth quarter results have a significant load-to-discharge adjustment of negative $10.8 million or reduction of $9,300 in TCE/day. The TCE basis discharge-to-discharge was therefore at $55,813 slightly higher than the guided level of $50-55,000/day. TCE for the full year 2022, was $38,236/day compared to $31,302/day in 2021. The TCE on discharge-to-discharge basis was $40,000/day for 2022 for comparison.
  • Daily operating expenses (OPEX) were $8,738 during the fourth quarter and $8,403 year to date.
  • Net profit of $34.7 million compared to $11.6 million for the third quarter 2022, or earnings per share of 45 cents compared to 15 cents for the third quarter. Net profit year to date is $89.0 million and is the best results Avance Gas has delivered in seven years since 2015.
  • The Company benefited from the interest rate hedges with gains of $26.5 million for the full year 2022 recognized through Other Comprehensive Income (OCI).
  • During the fourth quarter, the Company sold the 2009-built VLGC Promise with a Time-Charter (TC) attached resulting in a gain on sale of vessels of $7.9 million. Promise is the third older vessel sold during the year bringing the total gains on sale of $18.7 million for these three ships during 2022.
  • For the first quarter of 2023, we estimate a TCE rate for the quarter to be approximately $58,000/day on a load-to-discharge basis and $55,000/day on a discharge-to-discharge basis.  
  • The Company declared a dividend of $0.50 cent per share for the fourth quarter, for fiscal year 2022 total declared dividend is $1.10 per share.

Øystein M. Kalleklev, Executive Chairman, commented:
“Fourth quarter 2022 was the best spot freight market for VLGCs since 2015. We are pleased that Avance Gas also benefitted from firmer markets with average Time Charter Equivalent (TCE) earnings increasing from $33,000/day in third quarter to $46,500/day in fourth quarter on a load-to-discharge basis. This was in line with previous guidance of $45,000 to $50,000/day. As the market strengthen sharply during the fourth quarter, our full roundtrip numbers measuring TCE from discharge to discharge was substantially higher at $55,800/day which was slightly higher than our guidance of $50,000 to $55,000/day.

After a short-lived slump in freight rates at the start of the year, the freight market has rebounded sharply lately. This has enabled us to replicate the strong earnings from fourth quarter also in the first quarter. We are now 98% booked and expect TCE in the first quarter to be approximately $55,000/day on discharge-to-discharge basis and slightly higher at about $58,000/day on load-to-discharge basis.

Higher earnings and the successful sale of the VLGC Promise at a book gain of $7.9 million in the fourth quarter resulted in a net profit for the quarter increasing to $34.7 million or $0.45 per share. The combination of solid earnings and a very robust balance sheet with no unfunded capex and $224 million of free cash puts Avance Gas in a very good financial position. The Board has therefore decided to increase our quarterly dividend per share from $0.20 the previous three quarters to $0.50 for the fourth quarter. This means that we will pay out a dividend of $1.10 in total for the fiscal year of 2022 in line with earnings per share of $1.16. This should provide our investors with an attractive dividend yield of about 16 per cent which we do hope make Avance Gas a compelling investment alternative.”    

Please see attachments for the Q4 Earnings Presentation and Interim Financial Report:

1. Avance Gas Q4 2022 Earnings Presentation
2. Avance Gas Q4 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 December 2022 on Tuesday, 28 February 2023, 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 using the link:

Guests can log into the conference call using the following link

For further queries, please contact: 
Randi Navdal Bekkelund, CFO  
Tel: +47 23 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 three dual fuel LPG newbuidlings and an additional three 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


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
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

Notification and Public Disclosure of Transactions by Persons Discharging Managerial Responsibilities21.3.2023 16:00:00 CET | Press release

Company Announcement No. 16/2023 Copenhagen, 21 March 2023 Notification and Public Disclosure of Transactions by Persons Discharging Managerial Responsibilities 1. Information on the person discharging managerial responsibilities/person closely associated a) Name Niels Frederiksen 2. Reason for the notification a) Position/title CEO and member of the Executive Management b) Initial notification/amendment Initial notification 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Scandinavian Tobacco Group A/S b) LEI code 5299003KG4JS99TRML67 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrument Identification code Shares DK0060696300 – STG b) Nature of the transaction Grant of shares due to vesting of performance share

Sandoz receives US FDA approval for biosimilar Hyrimoz® (adalimumab-adaz) high-concentration formulation21.3.2023 15:48:10 CET | Press release

Biosimilar Hyrimoz® (adalimumab-adaz) high-concentration formulation (HCF) approved for seven indications of reference medicine Humira®* With this approval, Sandoz adalimumab HCF biosimilar will offer US patients reduced injection volume in citrate-free formulation Sandoz continues to expand patient access to much-needed medications, increase healthcare savings and fuel innovation through increased competition Basel, March 21, 2023 – Sandoz, a global leader in generic pharmaceuticals and biosimilars, today announced that the US Food and Drug Administration (FDA) approved a citrate-free high-concentration formulation (HCF) of its biosimilar Hyrimoz® (adalimumab-adaz) injection. The adalimumab citrate-free HCF (100 mg/mL) is approved to treat seven indications covered by the reference medicine, Humira®* (adalimumab), including rheumatoid arthritis, juvenile idiopathic arthritis, psoriatic arthritis, ankylosing spondylitis, Crohn’s disease, ulcerative colitis and plaque psoriasis.1 Sandoz

Articles of Association for RTX A/S21.3.2023 15:28:54 CET | Press release

Nørresundby, Denmark, 21 March 2023 Announcement no. 11/2023 Articles of Association for RTX A/S as adopted at the Annual General Meeting on 26 January 2023 and finally adopted at the extraordinary general meeting on 10 March 2023 (cf. company announcement 10/2023) has been registered and published. The Articles of Association are available at the company’s website under: Governance => Articles of Association. Questions and further information: CEO Peter Røpke, tel: +45 96 32 23 00 Attachment RTX A-S - Articles of Association 10 March 2023

Vedtægter for RTX A/S21.3.2023 15:28:54 CET | pressemeddelelse

Nørresundby, den 21. marts 2023 Selskabsmeddelelse nr. 11/2023 Vedtægter for RTX A/S som vedtaget på RTX’s ordinære generalforsamling 26. januar 2023 og endeligt vedtaget på selskabets ekstraordinære generalforsamling 10. marts 2023 (jf. selskabsmeddelelse 10/2023) er blevet registreret og offentliggjort. Vedtægterne er tilgængelige på selskabets hjemmeside under: Governance => Vedtægter. Spørgsmål og yderligere oplysninger: CEO Peter Røpke, tlf: +45 96 32 23 00. Vedhæftet fil RTX A-S - vedtægter pr. 10. marts 2023