Awilco LNG logs higher Q1 earnings

Norway-based shipping firm Awilco LNG, the owner of two 156,000-cbm carriers, reported higher earnings for the first quarter of this year.

The company reported a profit for the quarter of $9 million, compared to $4.9 million in the prior quarter and $6 million in the same quarter last year.

Net freight income of $20.5 million in the first quarter rose from $16.2 million in prior quarter and $14.1 million in the comparable quarter due to higher rates on the present charter contracts for its vessels compared to the previous contracts.

Also, Ebitda reached $16.6 million in the first quarter, up from $12.1 million in fourth quarter and $11 million in the first quarter last year.

The company’s board authorized a cash dividend payment of 0.50 Norwegian krone per share.

Vessels to visit dock

Awilco LNG said its vessel utilization was 100 percent for the first quarter, up from 93 percent for the third quarter, with a net TCE of $113,800 per day.

The company’s vessels are chartered out on fixed rate time charters, with the first vessel coming open in third quarter of 2024.

In November last year, Awilco LNG secured a new charter deal with a firm duration of about 18 months for the 2013-built WilForce. This contract started at the end of January 2023.

In June, the firm revealed a charter deal with a “leading European LNG importer” for a firm period of three years and the 2013-built WilPride serves this contract. This contract started in December last year.

In August and September 2023, both vessels will drydock for their scheduled second special survey, Awilco LNG said.

The docking cost is expected to be about $12 million in total and in addition the vessels will be off-hire for about 50 days in total depending on positioning and repositioning time, it said.

“Strong” quarter

Awilco LNG’s CEO Jon Skule Storheill said in the statement the company reported a “strong” profit of $9 million as both vessels have traded on fixed rate contracts with no off-hire throughout the entire period.

“These contracts ensure solid earnings for the company in a volatile LNG transportation market,” he said.

“Despite low spot rates in this shoulder season we see interest and rate levels for period charters holding firm and focus from charterers seems to be very much on security of supply going forward,” Storheill said.

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