Avance Gas Holding Ltd : Reports Unaudited Results for the Fourth Quarter and Full Year 2015
(Thomson Reuters ONE) -
BERMUDA, 9 February 2016 - Avance Gas Holding Ltd (OSE: AVANCE) today reported
unaudited results for the fourth quarter and full year of 2015.
Freight rates continue at healthy levels in Q4 - Avance Gas fleet fully
delivered. Board declares dividend of $0.65 per share:
* The net profit for Q4 2015 was $45.1 million compared to $72.8 million in Q3
2015. The net profit for 2015 was $183.2 million, up from $78.9 million in
the 12 months ended 31 December 2014.
* The average time charter equivalent (TCE) rate for the fleet in Q4 2015 was
$61,144/day, compared with $96,825/day in Q3 2015. The average TCE rate for
full-year 2015 was $77,038/day.
* TCE earnings in Q4 2015 were $71.1 million, compared with $94.4 million Q3
2015.
* Average daily operating expenses for Q4 2015 were $7,620/day, compared with
$7,643/day in Q3 2015. Average OPEX for full-year 2015 was $7,844/day.
* Avance Gas' Board declared a dividend of $0.65 per share. The shares will
trade ex-dividend on and after 11 February 2016.
Significant recent events:
* Pampero, the last of eight newbuildings from Jiangnan Shipyard, was
delivered on 19 October and entered service on 18 November, after successful
gas trials. All eight of the newbuildings have been delivered into the fleet
and are operating in the spot market.
* Chinook entered service on 3 November, after replacement of stern tube
bearings and gas trials completion.
* On 16 November, Avance Gas announced a voluntary exchange offer to acquire
all outstanding shares in Aurora LPG Holding ASA. The offer was withdrawn on
16 December.
Results for the fourth quarter were in line with the company's expectations, as
the seasonal decline in LPG trading volumes was mitigated by increased LPG
export volumes from the US Gulf, as well as sustained strength in Asian LPG
demand. The Avance Gas Spot VLGC Index (30 days prior to period) averaged
$63,857/day (Sep-Nov), compared with $99,836/day in Q3 2015 (Jun-Aug). During Q4
2015, average monthly exports for the three terminals in the US Gulf -
Enterprise, Targa and Nederland - was 1.4 million tonnes.
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 Holding Ltd 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 (VLGCs), operating a fleet of 14 modern
ships.
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 Q4 Unaudited Interim Financial Statements:
http://hugin.info/161089/R/1984555/727594.pdf
Avance Gas Q4 Earnings Release:
http://hugin.info/161089/R/1984555/727569.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#1984555]
Unternehmensinformation / Kurzprofil:
Datum: 09.02.2016 - 08:01 Uhr
Sprache: Deutsch
News-ID 449433
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