Awilco LNG to secure up to $14.3 million from new spot charter deal

Norway-based Awilco LNG will gain up to $14.3 million in gross revenues from a new charter contract as the spot market exploded reaching record highs for both prices and shipping rates.

The shipping firm said it chartered the 2013-built 156,000-cbm TFDE WilPride on an 2-3 month time charter contract with expected gross revenues of between $10.3 million and $14.3 million.

Awilco did not disclose the name of the charterer.

With forecasted all-in cash break-even of about $58,000 per day per vessel in 2021 the contract would generate surplus liquidity of between $6.2 million and $8.6 million, Awilco said.

In addition, the contract will start upon redelivery from the current contract in the first half of February 2021.

The Norwegian operator of two 2013-built LNG carriers said gas prices and spot LNG shipping rates have recently increased dramatically for several reasons including cold weather, various production disruptions and fleet inefficiencies.

Forward gas prices for the remainder of 2021 have recovered together with consensus shipping rates, Awilco said adding that its financial results this year should improve compared to 2020.

- Advertisements -

Most Popular

South Korean yards built 500 LNG carriers for export in 30 years

South Korean yards have completed 500 liquefied natural gas (LNG) tankers for export since 1994, according to the Ministry...

MARAD: Delfin needs to submit amended application for FLNG project

The US Maritime Administration (MARAD) said that Delfin LNG needs to file an amended application for its floating LNG...

Stena Bulk sells its last LNG carrier

Swedish shipping firm Stena Bulk has sold its last liquefied natural gas (LNG) carrier to an undisclosed Asian buyer. The...

More News Like This

Awilco LNG reports record net profit

Norway-based shipping firm Awilco LNG, the owner of two 156,000-cbm carriers, reported a record net income in the fourth...

Awilco to get $4.9 million in compensation over LNG carrier collision

Norway-based shipping firm Awilco LNG has agreed a final settlement over a collision of its LNG carrier WilForce with...

Awilco inks refinancing deal for LNG carrier duo

Norway-based shipping firm Awilco LNG has signed a term sheet with an Asian leasing firm to refinance the company's...

Awilco LNG reports Q3 net profit of $3.3 million

Norway-based shipping firm Awilco LNG, the owner of two 156,000-cbm carriers, reported a net profit of $3.3 million for...