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However, in the longer term, Awilco expects this situation to change with more LNG production coming on stream than ever before, the company said in its third-quarter results report.
Awilco LNG currently owns two 156,000-cbm TFDE LNG vessels, WilForce and WilPride.
“Following redelivery from its legacy time charter mid-November, both WilPride and WilForce are trading in the spot market while the company is searching for longer-term employment,” Awilco LNG said.
Both vessels are currently fixed on short-term employment covering most of the available days in 2025, according to Awilco LNG.
LNG shipping market
Over the last weeks, shortage of vessels, particularly in the Atlantic, has led to an “impressive improvement with spot rates up x10 from a few weeks ago in what can only be described as a seasonal winter market, to the surprise of most, if not all market participants,” Awilco said.
“The third quarter was very weak, and the current strength may be short-lived, but the volatility is nevertheless a sign of a more balanced winter market,” the company said.
With lower gas prices across Europe and Asia as LNG production is starting up, some of the increased supply capacity from delivering newbuildings will be mitigated, according to Awilco.
“A large number of steam vessels are in cold or warm lay-up and an all-time high number of 14 steam vessels sold for recycling so far in 2025 while there are still around 200 steam vessels left in the market that are potential recycling candidates,” the company said.
“Together with the expected increase in LNG production in the longer-term phase out of these vessels are supportive for a market recovery,” Awilco said.
At the end of the third quarter, 52 LNG carriers had been delivered year to date.
Awilco said the delivery pace is set to continue throughout the year, but the total number of vessels hitting the water is likely to be “significantly lower2 than expected at the start of the year.
“This means that a number of deliveries will be delayed to next year and the total orderbook is set to be pushed out in time,” the company said.
Net loss
Awilco LNG reported a net loss of $0.3 million in the third quarter of 2025.
This compares to a net loss of $3.1 million in the second quarter of 2025 and a net loss of $0.3 million in the same quarter last year.
The company reported net freight income of $10.6 million in the third quarter of 2025, while Ebitda reached $6.4 million.
Awilco’s net TCE came in at $57,800 per day for the third quarter of 2025, compared to $42,600 per day for the second quarter of 2025.
“Despite a very challenging spot market during the third quarter, the company improved its results significantly, though we still report a small loss for the quarter,” said CEO Jon Skule Storheill.
“In recent weeks, we have seen a seasonally strengthened winter market, which most market participants had written off only a few weeks back,” he said.
He said the number of new vessels to be delivered ahead of the “massive” increase in LNG production may from time to time oversupply the market over the next couple of years.
“A continued steady flow of final investment decisions for new LNG production is proof of strong
long-term demand for LNG shipping,” Storheill said.