Awilco LNG’s profit climbs in Q3

Norway-based shipping firm Awilco LNG, the owner of two TFDE 156,000-cbm carriers, said on Friday that both its net profit and freight income rose in the third quarter of this year.

The company reported net profit of $5.1 million in the July-September period, compared to a loss of $6.5 million in the same quarter last year.

Net profit also rose from $3.3 million in the previous quarter.

Freight income for the third quarter totaled $14.3 million, a rise from $2.4 million in the third quarter of 2020 but also from $12.1 million the firm logged during the prior quarter.

Both of its LNG carriers WilForce and WilPride are under charter following mid-term contracts in April and June.

Average TCE for both vessels in the third quarter reached 78,000 per day, Awilco said.

“With both vessels chartered out until the start of second quarter 2022 earnings can be expected to remain at this level for the next quarters and we are focused on capitalizing on the strong LNG freight market,” chief executive Jon Skule Storheill, said.

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