Avance Gas Holding Ltd (AGAS): Successfully completed the sale of our sixth dual fuel VLGC newbuilding
Hamilton, Bermuda
May 10, 2024
Avance Gas Holding Ltd. («Avance Gas» or «Company») (OSE: AGAS) announce the successful sale of the Very Large Gas Carrier (VLGC) newbuilding hull 2368 in connection with the delivery of her from Hanwha Ocean yard in South Korea.
The VLGC with the intended name Avance Pollux was sold for an agreed price of $120 million less broker commission as previously announced in a press release dated December 8, 2023. The Company expect to record a book gain and cash release of $36 million and $62 million respectively from the sale which will be recorded in the second quarter results.
Øystein Kalleklev, CEO, commented:
“During approximately the last three years we have sold all our five 2008 and 2009 built VLGCs as well as our two dual fuel VLGCs for delivery this year. All in all, we have received gross proceeds from these vessel sales of $509 million with associated book gains of $139 million and cash release of $257 million respectively. Following these transactions, Avance Gas today has a uniform fleet consisting of eight 2015 eco VLGCs and four modern dual fuel VLGCs. Additionally, we have four dual fuel medium sized gas carrier newbuilds equipped to carry both LPG and full ammonia cargo set for delivery in 2025 and 2026.”
For further queries, please contact:
Media contact: Øystein Kalleklev, CEO
Investor and Analyst 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 owns sixteen LPG ships consisting of twelve modern VLGCs including four dual fuel LPG VLGCs and four dual fuel MGCs for delivery in 2025 and 2026.
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
