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The net loss compares to a net loss of $3.2 million in the first quarter of 2025 and a net loss of $4.4 million in the prior quarter.
Awilco LNG reported net freight income of $6.2 million in first quarter of 2026, compared to $6.9 million in the fourth quarter of 2025, and Ebitda of $0.9 million, down from $2.3 million in the fourth quarter of 2025.
According to Awilco LNG, vessel utilization was 68 percent for the first quarter of 2026, compared to 100 percent for the fourth quarter of 2025
Awilco LNG said that both WilPride and WilForce traded in a “weak” spot market with idle periods for WilForce throughout most of the first quarter of 2026.
Moreover, net TCE came in at $34,200 per day for the first quarter of 2026, compared to $37,600 per day for the fourth quarter of 2025.
While WilForce currently trades in the spot market, WilPride has been fixed on a fixed-rate time charter contract for approximately six months that started in March 2026.
Awilco LNG said that it is pursuing longer-term employment while also looking to utilize the vessels internally with ALNG Trading.
In March, Awilco LNG announced the establishment of a trading and structuring platform as it transforms from a pure LNG shipping company into a more integrated participant in the LNG value chain.
In addition to the company’s vessels WilForce and WilPride, the trading unit may also use third-party vessels.
“War in the Middle East completely changed the LNG market”
Per Heiberg, interim chief executive officer, said the “war in the Middle East completely changed the LNG market in the first quarter of 2026.”
“The market started the quarter on a weak note, but the outbreak of the war created a significant disturbance in the marketm” he said.
Heiberg noted that several vessels are stuck inside the Strait of Hormuz and up to 20 percent of the world’s LNG production are unable to be transported to its receivers.
“Initially, rates climbed to extreme highs before coming off but they currently are higher than prior to the closure of the Strait of Hormuz. There is uncertainty about how long the situation will last,” he said.
“For the company, the impact on first quarter results is limited, however one of our vessels has since been fixed on a multi-month charter at improved levels,” Heiberg said.
He also added that the successful private placement of approximately $26 million will enable Awiclo LNG to provide funding for its LNG trading initiative, ALNG Trading.