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 quarter and in 2023.

Awilco LNG’s net income reached $14.9 million in the fourth quarter, up from a net result of $3.3 million in the third quarter of 2023.

The result for full year 2023 ended at an all-time high of $38.2 million and $0.29 per share, according to Awilco LNG.

This compares to $5.8 million for the January-December period in 2022.

Net freight income of $22.2 million in the fourth quarter rose from $16.2 million in the same quarter last year and from $15.6 million in the previous quarter.

For the entire year, net freight income rose to $80.7 million from $51.5 million in 2023.

Also, Ebitda reached $22.8 million in the fourth quarter and $68.9 million in 2023.

The company’s board authorized a cash dividend payment of 1 Norwegian krone per share to be paid in April.

First vessel open in Q3 2024

Awilco LNG said its vessel utilization was 100 percent for the fourth quarter with net TCE at $120,600 compared to 100 percent utilization and $119,500 per day for the third quarter, excluding scheduled off-hire.

For the full year, utilization was 100 percent with a net TCE of 118.500 per day.

The company’s vessels traded on fixed rate contracts throughout entire 2023.

WilForce is employed under the current charterparty until third quarter 2024. For WilPride, the current charter party lasts until late 2025, while the charterer has an option to extend the charterparty for two more years at the existing rate, Awilco LNG said.

In November 2022, Awilco LNG secured a 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 2022, 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 2022.

“Following the second special survey and dry-dock in third quarter both vessels resumed their time charter contracts and generated full earnings without any off-hire in fourth quarter,” Awilco LNG’s CEO, Jon Skule Storheill, said.

He noted that a full and final settlement of the insurance claim from 2019 for WilForce was also reached and “we are thus very pleased to report the best ever net profit”.

“With both vessels on fixed rate contracts through first half 2024 we can expect earnings to be in line with first half 2023,” he said.

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