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Awilco LNG currently owns two 156,000-cbm TFDE LNG vessels, WilForce and WilPride.
The existing charter party for Awilco LNG’s WilPride runs until December 2025, and the charterer has an option to extend the charter party for two more years at the current rate.
However, WilForce is trading in the spot market while the company is searching for longer employment.
“With WilForce trading in an exceptionally weak market with lengthy idle periods during the quarter, the TCE earnings ended at $46,000 per day on average for both vessels, down from $56,800 per day in the previous quarter,” Awilco LNG said in its first-quarter earnings report.
The company reported net freight income of $8.3 million and Ebitda of $3.8 million, while vessel utilization was 72 percent for first quarter of 2025, compared to 89 percent for the fourth quarter of 2024.
Awilco LNG reported a loss and loss per share for the quarter at $3.3 million and $0.02 respectively, compared to a profit of $1.5 million and a profit per share of $0.01 in the fourth quarter of 2024.
Jon Skule Storheill, CEO of Awilco LNG, said the spot shipping market for LNG carriers had been “exceptionally weak for the last period as surplus of vessels continue to put pressure on the market.”
“An increasing number of the uncompetitive steam vessels are seen in lay-up, more vessels are sold for demolition, and the number of cargoes to be lifted from the US is increasing, all factors that eventually will re-balance the market,” he said.