Avance Gas Holding Ltd Reports Unaudited Results For the First Quarter 2015
(Thomson Reuters ONE) -
BERMUDA, 19 May 2015 - Avance Gas Holding Ltd (OSE: AVANCE) today reported
unaudited results for the first quarter of 2015.
As previously announced, the Board of Avance Gas changed the Company's fiscal
year-end from 30 November to 31 December, effective in Q4 2014. Hence the last
interim reporting period for 2014 was the four-month period ended 31 December
2014 ("Q4 2014").
Freight market rebounds in March, after seasonal softness in January and
February:
* The average time charter equivalent (TCE) rate for the fleet in Q1 2015 was
$64,832/day, compared with $64,629/day for the three months ended 31
December 2014 ($70,324/day in Q4 2014).
* TCE earnings in Q1 2015 were $40.0 million, compared with $34.8 million for
the three months ended 31 December 2014 ($50.6 million in Q4 2014).
* Average daily operating expenses for Q1 2015 were $9,053/day, compared with
$9,090/day on average in 2014.
* Avance Gas' Board declared a dividend of $0.70 per share. The shares will
trade ex-dividend on and after 27 May 2015.
Significant recent events:
* On 13 January 2015, Avance Gas took delivery of Mistral and Monsoon, the
first two of the eight 83,000 cbm VLGC newbuildings being built by Jiangnan
Shipyard in China.
* On 6 March 2015, Avance Gas announced the completion of its share buy-back
program, under which 939,039 shares were acquired for a total consideration
of $12.6 million.
* On 28 March 2015, the Company announced that Monsoon had experienced
technical difficulties during her maiden laden voyage. The ship drydocked on
8 April 2015 for evaluation by Lloyds Technical Investigation Department
("Lloyds TID") and repairs. The ship is expected to re-enter service in the
second half of May 2015.
* On 9 April 2015, Breeze was delivered and immediately taken into drydock in
Singapore. Lloyds TID examined Breeze and discovered problems similar to
those on Monsoon. Repairs were carried out in early May and Breeze is
expected to enter into service in the second half of May 2015.
The freight market strengthened in March, supported by high LPG exports from the
Middle East and increased LPG exports from the US Gulf, as the new terminal in
Nederland, Texas started exports in February. The softness at the start of the
year reflected the temporary overhang of ships resulting from the unscheduled
refinery maintenance in Saudi Arabia in late 2014. The Avance Gas Spot Index
reached an average of about $79,000/day in March, up from about $53,000/day in
January and February.
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 00 48 15 / 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 nine modern
ships and has a newbuilding program of five 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 - Q1 2015 Interim Financial Statments:
http://hugin.info/161089/R/1922168/689017.pdf
Avance Gas - Q1 2015 Financial Result:
http://hugin.info/161089/R/1922168/689026.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#1922168]
Unternehmensinformation / Kurzprofil:
Datum: 19.05.2015 - 07:30 Uhr
Sprache: Deutsch
News-ID 394115
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