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.

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