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

Venture Global gets FERC OK to boost Plaquemines LNG capacity

US LNG exporter Venture Global LNG has received approval from the US FERC to boost the capacity of its Plaquemines LNG terminal in Louisiana to 27.2 mtpa.

Asyad Shipping sells LNG carrier

Oman's Asyad Shipping has sold a 2006-built steam liquefied natural gas (LNG) carrier, according to brokers.

US LNG exports reach 29 cargoes

US liquefied natural gas (LNG) plants shipped 29 cargoes during the week ending February 19. According to the Energy Information Administration, pipeline deliveries to the LNG terminals increased compared to the prior week.

More News Like This

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...

Awilco seeks new charter for one LNG carrier

In November 2022, Awilco LNG secured a charter deal with a firm duration of about 18 months for WilForce. This medium-term...

Awilco LNG wraps up sale and leaseback deal

Norway-based shipping firm Awilco LNG has completed its previously announced sale and leaseback deal with China Development Bank Financial...

Awilco LNG’s Q1 net profit down

Awilco LNG's net profit dropped to $7.2 million in the first quarter of this year following a record profit...