Avance Gas Holding Ltd (AGAS): Successfully completed the sale of Venus Glory
Hamilton, Bermuda
March 5, 2024
Avance Gas Holding Ltd. («Avance Gas» or «Company») (OSE: AGAS) announce today the successful delivery of the 2008-built VLGC Venus Glory at a cash consideration of $66 million less ordinary broker commission of one percent as previously announced in a press release dated 3 January 2024.
The vessel completed her two-year Time Charter with IOC at end of December 2023. Subsequent to completion of this Time Charter, Venus Glory also carried out a single spot voyage at a net Time Charter Equivalent (TCE) result of $5.5 million prior to delivery of the vessel to the new owners which is reflected in the announced booking level for Q1-2024.
The Company expect to record a book gain on sale and a cash release following repayment of bank financing of $27 million and $40 million respectively.
Additionally, and as previously announced, during the quarter the Company delivered the 2008-built VLGC Iris Glory to new buyers with a book gain on sale and cash release of $21 million and $26 million respectively.
Additionally, we expect to close and deliver the VLGC newbuilding #5, intended name Avance Castor, by mid-March with a book gain and cash release of $36 million and $60 million respectively. Finally, the sale of the last VLGC newbuilding #6, intended name Avance Pollux, is scheduled for May 2024 with expected book gain and cash release of $36 million and $60 million respectively. Hence, in total, book gain and cash release from sale of ships during first half of 2024 is expected to be in aggregate $120 million and $186 million respectively.
For further queries, please contact:
Media contact: Øystein Kalleklev, CEO Tel: +47 23 11 40 00
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 VLGC 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
