Norway-based shipping firm Awilco LNG, the owner of two 156,000-cbm carriers, reported a net profit of $3.3 million for the third quarter of this year compared to a net loss in the same period last year.
This compares to a net loss of $5.1 million in the third quarter last year and $11 million in the prior quarter.
Awilco LNG also reported an all-time high first nine-months result of $23.4 million.
Net freight income of $15.6 million in the third quarter rose from $8.1 million in the same quarter last year and was lower compared to $22.1 million in the previous quarter.
Also, Ebitda reached $11.1 million in the third quarter, up from $1.3 million last year and down from $18.4 million in the prior quarter.
The company’s board authorized a cash dividend payment of 0.35 Norwegian krone per share.
First vessel open in Q3 2024
Awilco LNG said its vessel utilization was 100 percent (excluding off-hire days from scheduled dry-docking) and 68 percent based on all days with net TCE at $119,500.
The company’s vessels are chartered out on fixed rate time charters, with the first vessel coming open in the third quarter of 2024.
Both vessels traded on their fixed rate contracts with full utilization excluding 60 days in total off-hire related to the scheduled dry-docking of both vessels in August and September, it said.
The off-hire resulted in reduced earnings compared to the previous quarter, the firm said.
In November last year, Awilco LNG secured a new charter deal with a firm duration of about 18 months for the 2013-built WilForce. This contract started at the end of January 2023.
In June, the firm revealed a charter deal with a “leading European LNG importer” for a firm period of three years and the 2013-built WilPride serves this contract. This contract started in December last year.
“As both our vessels successfully passed their second special survey including dry-dock during third quarter the offhire period resulted in lower earnings than the past quarters,” Awilco LNG’s CEO, Jon Skule Storheill, said.
“Both vessels are back on their fixed rate contracts, and we expect fourth quarter earnings to be in line with second quarter,” he said.