Awilco LNG logs profit rise

Norway-based shipping firm Awilco LNG, the owner of two TFDE 156,000-cbm carriers, has reported a rise in both net profit and freight income in the second quarter of this year.

The company said its profit reached $3.3 million in the April-June period, compared to a loss of $5.3 million in the same quarter last year.

However, net profit dropped from $6.9 million in the previous quarter when Awilco LNG had achieved the highest quarterly average time charter equivalent rate in its history, boosted by strong winter market.

Freight income for the second quarter totaled $12.7 million, a rise from $5.1 million in the second quarter of 2020 but down from $17.6 million the firm logged during the prior quarter.

Both of its LNG carriers WilForce and WilPride entered the quarter trading in the spot market but Awilco had chartered them on mid-term contracts in April and June.

Net TCE for the second quarter and the half-year ended at $66,500 per day and $78,000 per day, respectively, according to Awilco.

“With both vessels chartered out on fixed rate contracts at an average rate of just below $80,000 per day through the first quarter of 2022, I am pleased to report that we
expect to deliver a strong result also in the second half of the year,” chief executive Jon Skule Storheill, said.

“Focus going forward will be to take advantage of the long-term strength in the LNG market,” he said.

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