GlobeNewswire

Avance Gas Holding Ltd Reports Unaudited Results for the Fourth Quarter and full year of 2020

Share

BERMUDA, 19 February 2021 - Avance Gas Holding Ltd (ticker: AGAS) today reported unaudited results for the fourth quarter 2020.


HIGHLIGHTS

  • The average time charter equivalent (TCE) rate was $40,759 on a discharge to discharge basis and $36,130/day on the basis of IFRS 15 accounting standard, compared to $23,283 and $21,524/day in Q3 2020 respectively.
  • The full year 2020 TCE rate on the basis of IFRS 15 accounting standard was $32,418/day compared to $34,309/day. On a discharge to discharge basis, the rates were $32,862/day and $35,220/day respectively.
  • Daily operating expenses (OPEX) were $9,419/day, compared to $9,256/day in Q3 2020. OPEX was impacted by change of technical manager and Covid-19 related crew change expense representing approx. $900/day in both Q4 and Q3. Full year 2020 OPEX was $8,968/day, up from $7,983/day in 2019. The operating expense is expected to normalise and recover from 2021.
  • A&G expenses were $701/day, down from $727/day in Q3. Full year 2020 A&G expenses were $771 and $1,083 /day for full year 2019.
  • In January the Company entered into shipbuilding contracts for two 91,000 CBM, LPG Dual-Fuel VLGCs with Daewoo Shipbuilding and Marine Engineering (DSME) in South Korea, for delivery Q4 2022 and Q1 2023.
  • In January, the Company announced the appointment of Kristian Sørensen as the new Chief Executive Officer of Avance Gas AS. Sørensen currently holds the position as CEO of the Oslo based shipbroker Fearnleys and will be joining the Company in April 2021.
  • The board declared a dividend of $0.11 per share for Q4 2020.
  • For the first quarter of 2021, 70% of vessel days is contracted for approximately $48,000/day on a discharge-to discharge basis.


Q4 was a strong quarter for LPG as we predicted back in our Q3 reporting. We saw strong US exports coupled with good buying from Far Eastern buyers, representing 80% of the LPG demand. 

US exports averaged 77 cargoes per month, up from 68 per month in Q3. Year on year, there were 837 VLGC cargoes exported in 2020 versus 744 in 2019. The AG loaded an average of 53 VLGCs per month in Q4, slightly down from Q3 which was principally due to OPEC cuts due to oil pricing.

The main drivers for the strong freight market, together with a compliant commodity price, have been the continued market inefficiencies in particular the slower than usual discharge in India and China and the massive delays in transiting Panama Canal. These all add to a stretched fleet and increased utilisation profile and therefore a higher freight market. 

The Panama Canal has had a particularly noticeable impact with delays ranging from 5-10 days and dependent of the subsequent strength of the freight market, adding between 15-25 USD to the delivered price of LPG in the East. This ultimately was one of the main factors that culminated in the market correcting itself so violently in January of this year where rates moved from $115,000/ day in Time Charter Equivalent on a Ras Tanura basis down to $35,000/day in the space of 3 weeks.

Q1 started off strongly but a US Gulf FOB price increase, due to colder than anticipated weather coupled with panama delays and a lack of buying activity in the East have resulted in a closed arb and a correction in commodity and freight prices.

The outlook for 2021 remains positive but subject to change with the volatile freight markets. Fundamentally it remains a positive outlook with US exports expected to grow year on year and demand in the Far East to increase with China being the main driver specifically with the new PDH plants amounting to a 2 million metric tons additional volume. Through a more robust oil price, it is expected LPG will remain the preferred petrochemical feedstock, offsetting the possibility of demand decline due to naphtha switching.

PRESENTATION AND WEBCAST

Avance Gas will host an audio webcast and conference call to discuss the company's results for the period ended 31 December 2020 on Friday, 19 February 2021, at 14:00 CET. There will be a Q&A session following the presentation.

The presentation and webcast will be hosted by:

· Mr. Ben Martin - CCO
· 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. Dial in details are +44 (0) 207 192 8338 (UK and International), +1 646 741 3167 (US) or +47 21 56 30 15 (Norway). Please quote the passcode: 8189126. Phone lines will open 10 minutes before the conference call.

 For further queries, please contact:
 Ben Martin, CCO
 Tel: +41 77 526 47 28
 Email: ben.martin@avancegas.com

Randi Navdal Bekkelund, CFO
 Tel: +47 22 00 48 29
 Email: randi.navdal@avancegas.com

ABOUT AVANCE GAS
Avance Gas Holding Ltd 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), operating a fleet of thirteen modern ships and four Dual Fuel LPG newbuildings due for delivery in Q4 2021/Q1 2022/Q4 2022/Q1 2023. For more information about Avance Gas, please visit: www.avancegas.com (http://www.avancegas.com).

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

Attachment


About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire 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

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Överskott för staten i februari 20215.3.2021 09:30:00 CETPressemelding

Överskott för staten i februari 2021 Statens betalningar resulterade i ett överskott på 47,3 miljarder kronor i februari. Riksgäldens prognos var ett överskott på 53,1 miljarder kronor. Att överskottet blev lägre än förväntat förklaras av försenade inbetalningar på grund av tekniska problem hos en ramavtalsbank. Det primära saldot blev 7,8 miljarder kronor lägre än prognosen. Skatteinkomsterna var cirka 1 miljard kronor lägre än i prognos. Men eftersom skatter för 21 miljarder kronor som skulle ha betalats till Riksgälden på månadens sista bankdag blev försenade på grund av tekniska problem hos en ramavtalsbank påverkar inte dessa budgetsaldot för februari utan för mars. Myndigheternas utgifter var cirka 14 miljarder kronor lägre, bland annat på grund av lägre utbetalningar från Socialstyrelsen, SIDA och Kammarkollegiet. Riksgäldens nettoutlåning till myndigheter m.fl. var 1,9 miljarder kronor lägre än prognos. Räntebetalningarna på statsskulden var i linje med prognosen. För tolvmånad

Surplus for Swedish central government in February 20215.3.2021 09:30:00 CETPress release

Surplus for Swedish central government in February 2021 Swedish central government payments resulted in a surplus of SEK 47.3 billion in February. The Debt Office's forecast was a surplus of SEK 53.1 billion. The lower surplus than expected is explained by delayed payments due to technical problems at a framework agreement bank. The primary balance was SEK 7.8 billion lower than forecasted. Tax income were approximately SEK 1 billion lower than calculated. However, since tax incomes for SEK 21 billion that should have been paid to the Debt Office on the last banking day of the month were delayed due to technical problems at a framework agreement bank, this amount does not affect the budget balance for February but for March. Central government expenditure was approximately SEK 14 billion lower than forecasted, mainly due to lower payments from the National Board of Health and Welfare, the Swedish International Development Cooperation Agency and the Legal, Financial and Administrative S

Bilia becomes Lynk & Co’s first service partner5.3.2021 09:15:00 CETPress release

Bilia is the first service and damage workshop to have signed an agreement with Lynk & Co about providing workshop services for their car fleet in Sweden. Per Avander, Managing Director and CEO, comments: ”I am very happy that Bilia will cooperate with Lynk & Co in the future. They have an interesting business model based on month-to-month membership. This cooperation is completely in line with our strategic investment to grow within our important Service Business. We are convinced that our high competence when it comes to their products and our established network of service workshops across the country will contribute to a high service level.” Lynk & Co launched its model 01 and so-called mobility membership in Sweden at the end of September 2020. In the near future, Bilia will complete the first cars for delivery to the customer. Gothenburg, March 5, 2021 Bilia AB (publ) For information please contact: Per Avander, Managing Director and CEO, +46 (0)10 497 70 00, per.avander@bilia.se

Bilia blir Lynk & Co:s första servicepartner5.3.2021 09:15:00 CETPressemelding

Bilia har som första service- och skadeverkstad tecknat ett avtal med Lynk & Co om att tillhandahålla verkstadstjänster för deras bilpark i Sverige. Per Avander, VD och koncernchef, kommenterar: ”Jag är mycket glad över att Bilia kommer att samarbeta med Lynk & Co framöver. De har en spännande affärsmodell som bygger på månadsbaserade medlemskap. Samarbete går helt i linje med vår strategiska satsning på att växa inom vår viktiga Serviceaffär. Vi är övertygade om att vår höga kompetens när det gäller deras produkter och vårt inarbetade nätverk av serviceverkstäder runtom i landet kommer att bidra till en hög servicenivå.” Lynk & Co lanserade sin modell 01 och så kallat mobilitetsmedlemskap i Sverige i slutet av september 2020. Den närmaste tiden kommer Bilia att färdigställa de första bilarna för leverans till kund. Göteborg den 5 mars 2021 Bilia AB (publ) För information vänligen kontakta: Per Avander, VD och koncernchef, 010-497 70 00, per.avander@bilia.se Kristina Franzén, CFO, 010-

Eurocastle Releases Fourth Quarter and Year End 2020 Financial Results5.3.2021 08:00:00 CETPress release

Contact: Oak Fund Services (Guernsey) Limited Company Administrator Attn: Mark Woodall Tel: +44 1481 723450 Eurocastle Releases Fourth Quarter and Year End 2020 Financial Results ­­ Guernsey, 5 March 2021 – Eurocastle Investment Limited (Euronext Amsterdam: ECT) today has released its annual report for the year ended 31 December 2020. Adjusted Net Asset Value (“NAV”) of €16.7 million1, or €9.00 per share2 up €1.54 per share vs. €7.46 per share at Q3 2020 (up €0.68 per share vs. €8.32 per share at YE 2019) due to: Valuation movements: €0.20 per share, or 4%, increase in Q4 2020 (€1.03 per share3 decrease for the FY 2020) on the remaining three real estate fund investments.€0.02 per share, or 4%, increase in Q4 2020 (€0.05 per share increase for the FY 2020) on the remaining three NPL and other loan interests. Positive reserve and legacy movements of €1.32 per share in Q4 2020 (€1.66 per share increase for the FY 2020) IFRS NAV of €32.9 million, or €17.72 per share 2020 Capital Distribut

AB Klaipėdos nafta preliminary revenue for February 20215.3.2021 08:00:00 CETPress release

The preliminary sales revenue of the Company’s oil terminals for February 2021 comprises EUR 1.3 million and is lower by EUR 0.8 million or by 38.1 % compared to February of 2020. The preliminary sales revenue of the Company’s oil terminals for the two months of 2021 comprises EUR 3.6 million and is lower by 12.2 % compared to the same period of 2020. The preliminary sales revenue of the Company’s Klaipėda LNG terminal for February 2021 comprises EUR 2.7 million (during the same month of 2020 – EUR 3.6 million). Klaipėda LNG terminal revenue from regulated activities consists of the regasification tariff fixed part (for booked annual capacities), variable part for amount of re-gasified LNG and reloading revenue. The level of Klaipėda LNG terminal revenue (for booked annual capacities) does not depend on regasification volume. Revenue is confirmed by the National Energy Regulatory Council (NERC) based on the approved methodology of State regulated prices in the natural gas sector and is

Nexstim Abp har publicerat sin årsrapport för 20205.3.2021 08:00:00 CETPressemelding

Företagsmeddelande, Helsingfors, 5 mars 2021 kl. 9.00 (EET) Nexstim Abp har publicerat sin årsrapport för 2020 Nexstim Abp (NXTMH:HEX, NXTMS:STO) (”Nexstim” eller ”bolaget”) meddelar att bolaget har publicerat sin årsrapport för 2020. Dokumenten som ingår i rapporten är tillgängliga under "Investor Relations" på bolagets webbplats på nexstim.com/investors/financial-reports-and-presentations. I årsrapporten ingår verksamhetsberättelse, moderbolagets och koncernens bokslut samt revisionsberättelse. Kopia av årsrapporten bifogas detta meddelande. NEXSTIM ABP Mikko Karvinen, verkställande direktör För mer information gå in på bolagets webbplats på www.nexstim.com eller kontakta: Mikko Karvinen, verkställande direktör +358 50 326 4101 mikko.karvinen@nexstim.com Erik Penser Bank AB (Certified Adviser) +46 8 463 83 00 certifiedadviser@penser.se Om Nexstim Abp Nexstim är ett finländskt medicinteknikbolag som verkar på den globala marknaden. Vår mission är att möjliggöra individualiserad och ef