Bermuda, November, 10 2022 - Avance Gas Holding Ltd ("AGAS" or the "Company") announces that we have signed an agreement to sell the 2009-built VLGC Promise with a Time-Charter (TC) attached. Further, we have entered into a 12-month TC for the non-scrubber ship Pampero (2015-built) replacing the remaining duration of the TC attached to Promise and thus maintaining the contract coverage for the fleet. The sale of Promise is expected to be handed over to the new owner during the fourth quarter 2022 and is estimated to generate approximately USD 20.0 million in net cash proceeds and a book profit of approximately USD 7.5 million at delivery.
This vessel is the third 2008-9-built VLGC that the Company has sold during 2022 at attractive sale prices. These three transactions have a total estimated net cash proceeds of approximately USD 66.8 million. This combined with the financing transactions executed in 2022 and a strong current freight market, the company is in a strong position to handle any short and medium-term market volatility while returning value to shareholders. The transactions have also reduced the average age of the fleet thus improving the fuel efficiency and emissions of the overall fleet.
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 operates a fleet of thirteen modern ships including two dual fuel LPG newbuidlings and an additional four Dual Fuel LPG newbuildings due for delivery in 2023 and Q1 2024. 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.