Awilco LNG’s profit climbs in Q3

Norway-based shipping firm Awilco LNG, the owner of two TFDE 156,000-cbm carriers, said on Friday that both its net profit and freight income rose in the third quarter of this year.

The company reported net profit of $5.1 million in the July-September period, compared to a loss of $6.5 million in the same quarter last year.

Net profit also rose from $3.3 million in the previous quarter.

Freight income for the third quarter totaled $14.3 million, a rise from $2.4 million in the third quarter of 2020 but also from $12.1 million the firm logged during the prior quarter.

Both of its LNG carriers WilForce and WilPride are under charter following mid-term contracts in April and June.

Average TCE for both vessels in the third quarter reached 78,000 per day, Awilco said.

“With both vessels chartered out until the start of second quarter 2022 earnings can be expected to remain at this level for the next quarters and we are focused on capitalizing on the strong LNG freight market,” chief executive Jon Skule Storheill, said.

Most Popular

Spot LNG shipping rates slightly up this week

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet rose slightly this week compared to the previous week.

Nigeria LNG seals long-term gas supply deals

LNG producer Nigeria LNG, a joint venture of NNPC, Shell, TotalEnergies, and Eni, has signed six long-term gas agreements to secure supplies for its Bonny Island plant, including the terminal's expansion.

Gastrade in talks to receive new LNG cargoes at Alexandroupolis FSRU

Greece's Gastrade is in talks with firms to receive the next spot LNG cargoes at the Alexandroupolis FSRU-based terminal since the shutdown in January this year.

More News Like This

Awilco LNG logs $3.1 million net loss in Q2

Norway's Awilco LNG reported a net loss of $3.1 million in the second quarter of this year, saying the "exceptionally weak" market for LNG shipping continued into the second quarter. The firm also said that the charterer of its vessel WilPride did not exercise its option to extend the charter deal.

Awilco LNG logs net loss due to weak market

Norway's Awilco LNG reported a net loss of $3.3 million in the first quarter, saying that its 2013-built LNG carrier, WilForce, traded in an "exceptionally weak" market.

Awilco seeks work for one LNG carrier

Norway's Awilco LNG is looking to secure employment for its 2013-built 156,000-cbm LNG carrier, WilForce. The carrier is currently available in a "very challenging" spot market with market rates below operating expenses, the firm says.

Awilco LNG reports net loss due to weak spot market

Awilco LNG owns two 156,000 cbm TFDE LNG vessels, WilForce and WilPride. Third-quarter net loss of $0.3 million compares to...