Awilco LNG bags new charter deal

Norway-based shipping firm Awilco LNG, the owner of two TFDE 156,000-cbm carriers, has revealed another charter contract on Friday.

Awilco said it has chartered the 2013-built WilPride for a period of 10 months but it did not disclose the name of the charterer.

The contract would start at the end of June, in direct continuation from the present charter party, the firm said.

Awilco has earlier this year signed a charter contract for WilPride with an unidentified charterer. The company said then it had chartered the vessel for 2-3 months with expected gross revenues of between $10.3 million and $14.3 million.

Moreover, Awilco also revealed in April a 12-month contract for its second vessel, WilForce. This contract would contribute to annualised earnings before interest, taxes, depreciation, and amortization (Ebitda) of about $18 million.

Awilco chief executive Jon Skule Storheill said in the statement on Friday the firm secured the new contract for WilPride at a “considerably higher rate” than the time charter contract announced for WilForce back in April, showing the “strength of the LNG market in 2021 and beyond.”

“As a result of comparatively strong earnings through the winter season these contracts enable the company to comply with original financial covenants under our financing facilities after June 30,” he said.

“In addition, they give visibility for earnings and cash generation over the next three quarters sufficient to strengthen our financial position significantly,” Storheill said.

Most Popular

Shell wraps up acquisition of Pavilion Energy

UK-based LNG giant Shell has completed its previously announced acquisition of Singapore's Pavilion Energy.

India’s ONGC approves Mozambique LNG investment

India’s state-run ONGC has approved an investment by its unit, ONGC Videsh, into the TotalEnergies-led Mozambique LNG joint venture, which is developing a 12.8 mtpa liquefaction plant at the Afungi complex.

Australia’s Viva Energy seeks FSRU for Geelong project

Australia’s Viva Energy is looking to secure a floating storage and regasification Unit (FSRU) for its proposed LNG import terminal in Geelong, Australia.

More News Like This

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...

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...