Avance Gas agrees one-year Time Charter for Avance Polaris
Hamilton, Bermuda
February 28, 2024
Avance Gas Holding Ltd ("Avance Gas" or the "Company") (OSE: AGAS) today announce that it has agreed a new one-year variable Time Charter for the dual fuel VLGC Avance Polaris (built 2022) with an energy major. Avance Polaris has been on a two-year variable Time Charter since delivery in early 2022 and this new Time Charter will commence in direct continuation from the existing Time Charter until end of February 2024.
Øystein Kalleklev, CEO of Avance Gas, commented:
"We are pleased to announce a new Time Charter for Avance Polaris in direct continuation of its existing Time Charter. Under this Time Charter which has a variable hire linked to the spot market rates, we are obtaining economic benefits from the fact that the ship has considerably lower average freight costs than a traditional VLGC. This is due to the fact that the vessel has approximately 10 per cent higher cargo intake, 10-15 per cent lower fuel consumption and is equipped to burn LPG which is considerably cheaper in most cases than compliant fuel and also better in terms of carbon emissions which is now also financially rewarded if you call EU ports due to the Emission Trading System."
For further queries, please contact:
Media contact:
Øystein Kalleklev, CEO, Tel: +47 23 11 40 00
Investor and Analyst contact:
Randi Navdal Bekkelund, CFO, Tel: +47 23 11 40 00
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 (VLGCs) and owns sixteen LPG VLGC ships consisting of twelve modern VLGCs including four dual fuel LPG VLGCs and four dual fuel MGCs for delivery in 2025 and 2026. For more information about Avance Gas, please visit www.avancegas.com.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
