Avance Gas Holding Ltd Reports Unaudited Results For the Four Months and 13 Months Ended 31 December 2014
(Thomson Reuters ONE) -
BERMUDA, 26 February 2015 - Avance Gas Holding Ltd (OSE: AVANCE) today reported
unaudited results for the four months and 13 months ended 31 December 2014.
On 15 December 2014, the Board of Avance Gas announced a change in its fiscal
year-end from 30 November to 31 December, with effect from and including Q4
2014. As a result of that change, the last interim reporting period for 2014 is
the four-month period ended 31 December 2014 (hereafter termed "Q4 2014"). Full-
year reported results for 2014 represent the 13-month period ended on the same
date. Comparative information for prior periods is as previously reported.
Avance Gas capitalizes on spot market exposure:
* The average daily time charter equivalent (TCE) rate for the fleet in Q4
2014 was $70,324/day, compared with $83,893/day for Q3 2014.
* TCE earnings were $50.6 million in Q4 2014, compared with $45.4 million in
Q3 2014, and $40.0 million for the three months ended 30 November 2014.
* For the three months ended 31 December 2014, Avance Gas recorded a TCE rate
of $64,629/day and TCE earnings of $34.8 million.
* Average daily operating expenses for Q4 2014 were $8,755/day, compared with
$9,140/day in Q3 2014 and $9,090/day for the 13 months ended 31 December
2014.
* Avance Gas' Board declared a dividend of $1.00 per share.
Significant recent events:
* On 19 December 2014, Avance Gas completed financing arrangements for the
final four newbuildings under construction at Jiangnan Shipyard, China. The
Company's capital-expenditure commitments are now fully financed.
* As announced on 31 December 2014, Avance Gas commenced a $15 million share
repurchase program, and later extended the program to 6 March 2015.
* On 13 January 2015, Avance Gas took delivery of Mistral and Monsoon from
Frontline 2012 Ltd, the first two of the eight 83,000 cbm VLGC newbuildings
under construction at Jiangnan Shipyard in China. Both ships are employed on
short-term charters.
The freight market softened during Q4 due to a combination of seasonally lower
export volumes from the Middle East and unscheduled refinery maintenance in
Saudi Arabia in October. This resulted in a temporary excess of ships. The
volatility in Q4 caused the Avance Gas Spot Index to soften from an average of
about $80,000/day in September, to about $52,000/day in December. Conditions
remained volatile until the overhang of ships was absorbed early January. As new
US export capacity came on-stream in January, fleet utilization started to
increase. The market rebounded during January and February, with the Baltic
Index currently quoted at about $104/ton, equaling a TCE rate of about
$86,000/day.
The full report and interim financial statements is attached to this press
release.
For further queries, please contact:
Christian Andersen, President
Tel: +47 22 00 48 05 / Email:c.andersen(at)avancegas.com
Peder C. G. Simonsen, CFO
Tel: +47 22 80 75 72 / Email:p.simonsen(at)avancegas.com
ABOUT AVANCE GAS
Avance Gas operates in the global market for transportation of liquefied
petroleum gas (LPG). The Company is one of the world's leading owners and
operators of very large gas carriers (VLGC), and operates a fleet of eight
modern ships and has a newbuilding program of six VLGCs.
For more information about Avance Gas, please visit: www.avancegas.com.
FORWARD LOOKING STATEMENTS
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although Avance Gas believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements.
The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice.
This information is subject to disclosure requirements pursuant to Section 5-12
of the Norwegian Securities Trading Act.
Avance Gas - 4Q 2014 Interim Financial Statements:
http://hugin.info/161089/R/1897238/673287.pdf
Avance Gas - 4Q 2014 Financial Report:
http://hugin.info/161089/R/1897238/673263.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Avance Gas Holding Ltd via GlobeNewswire
[HUG#1897238]
Unternehmensinformation / Kurzprofil:
Datum: 26.02.2015 - 08:00 Uhr
Sprache: Deutsch
News-ID 374417
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