Awilco LNG inks another charter deal

Norway-based shipping firm Awilco LNG will receive a boost in revenues from a new charter contract the firm revealed on Friday.

The shipping firm said it has chartered the 2013-built 156,000-cbm TFDE WilForce for a period of 12 months.

In addition, the contract should start at the end of April in direct continuation from the present charter party, Awilco said.

It did not disclose the name of the charterer.

Awilco expects the contract to contribute to annualised earnings before interest, taxes, depreciation, and amortization (Ebitda) of about $18 million during the charter
period.

This deal adds to the spot contract revealed in January for the company’s second 2013-built carrier, WilPride, when spot prices exploded. Awilco said then it had chartered the vessel for 2-3 months with expected gross revenues of between $10.3 million and $14.3 million.

These two contracts will boost Awilco’s results as the firm announced a net loss of $7.9 million for the entire 2020 with a freight income of $30.7 million.

The firm said its profit reached $1.2 million in the October-December period compared to a loss of $6.5 million in the quarter before, but still down year-on-year when the LNG shipper logged a profit of $4.7 million.

Most Popular

Shell adds another LNG carrier to its fleet

A unit of UK-based LNG giant Shell has added another chartered liquefied natural gas carrier to its fleet.

Hanwha Engine completes first X-DF engine with VCR tech

South Korea's Hanwha Engine, a subsidiary of Hanwha, has completed what it claims is the world's first WinGD X-DF engine equipped with VCR (variable compression ratio) technology for LNG carriers.

Chevron, China’s ENN seal second LNG SPA

US energy giant Chevron has signed a second LNG sales and purchase agreement with Chinese independent gas distributor ENN.

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...