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 The offer was withdrawn on 16 December.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@avancegas.com
Peder C. G. Simonsen, CFO
Tel: +47 22 00 48 15 / Email:p.simonsen@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.
