Avance Gas Holding Ltd: Successfully completed the sale of Iris Glory
Hamilton, Bermuda
January 16, 2024
Avance Gas Holding Ltd. («Avance Gas» or «Company») (OSE: AGAS) announce today the successful completion of the 2008-built VLGC Iris Glory at a cash consideration of $60 million less ordinary broker commission of one percent as previously announced in a press release dated 6 July 2023. The vessel completed her two-year Time Charter with IOC at end of November 2023. Subsequent to completion of this Time Charter, Iris Glory also carried out a single spot voyage at a net Time Charter Equivalent (TCE) result of $3 million prior to delivery of the vessel to the new owners. The Company will record a book gain on sale of approximately $21 million and net cash proceeds following repayment of the lease financing of approximately $26 million for the first quarter 2024.
Additionally, and as previously announced in January 2024, the Company expect to complete the sale of the last 2008-built VLGC, Venus Glory, within March 2024 after completion of her current spot voyage. Venus Glory is sold for a gross cash consideration of $66 million less ordinary broker commission of one percent thereby an estimated gain on sale of approximately $27 million and a net cash release of approximately $40 million is expected to be recorded for the first quarter 2024 in addition to the sale of Iris Glory.
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 nineteen LPG ships consisting of thirteen VLGCs on water today, the two dual fuel LPG VLGCs for delivery and resale in 2024 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
