Avance Gas Holding Ltd Reports Unaudited Results for the Second Quarter of 2016
(Thomson Reuters ONE) -
BERMUDA, 24 August 2016 - Avance Gas Holding Ltd (OSE: AVANCE) today reported
unaudited results for the second quarter of 2016.
Q2 2016 results reflected the impact of weaker freight rates, as fleet growth
resulted in increased competition in the spot market:
* Avance Gas reported a net loss of $14.5 million in Q2 2016, compared with a
net profit of $21.1 million in Q1 2016.
* Adjusted for the impact of an impairment loss of $6.1 million related to the
LNG carrier Gaea, the net loss in Q2 2016 was $8.4 million.
* The average time charter equivalent (TCE) rate for the fleet was $15,142/day
in Q2 2016, down from $38,707/day in Q1 2016.
* TCE earnings in Q2 2016 were $19.2 million, down from $48.5 million in Q1
2016.
* Average daily operating expenses (OPEX) for Q2 2016 were $8,228/day,
compared with $7,788/day in Q1 2016. Adjusted for one-off expense, the OPEX
was 7,930/day.
* The Board agreed not to declare a dividend for the quarter.
* The cash break-even rate is expected to be below $21,500 per ship per day
for the next 12 months.
Events after quarter end:
* Following a drawdown of $25.0 million under its revolving credit facilities
and further receipt of demurrage payments, the company's cash position as of
today is $91.9 million.
The freight market in 2016 has been disappointing, despite global fleet
utilization of above 90%, and Avance Gas' fleet utilization at 91% in the 1(st)
half of 2016.
LPG exports from the Middle East increased slightly to 18.8 million tons in
1(st) half of 2016, from 17.1 million tons in 1(st) half of 2015, and 17.8
million tons in 2(nd) half of 2015. The VLGC export from US Gulf and US East
Coast increased to 10.8 million in 1(st) half of 2016 versus 7.7 million tons in
1(st) half of 2015, and 8.6 million tons in 2(nd) half of 2015. Furthermore, the
long-haul US - Far East export has continued its high pace with 5.6 million tons
during 1(st) half of 2016, representing 51% of total US VLGC exports. The Avance
Gas Spot Index (adjusted 30 days) averaged $17,816/day in the quarter, compared
with $39,460/day in Q1 2016.
The full report and interim financial statements are 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 - Q2 2016 Earnings Release:
http://hugin.info/161089/R/2036830/758818.pdf
Avance Gas - Q2 2016 Interim Financial Statements:
http://hugin.info/161089/R/2036830/758817.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Avance Gas Holding Ltd via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 24.08.2016 - 08:01 Uhr
Sprache: Deutsch
News-ID 490817
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contact information:
Town:
Oslo
Kategorie:
Business News
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