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Avance Gas extend the Time Charter for VLGC Pampero by minimum 21 months

Written by Customer Service on . Posted in Public Companies.

Hamilton, Bermuda
September 1, 2023

Avance Gas Holding Ltd (“Avance Gas” or the “Company”) (OSE:AGAS) today announce a new Time Charter for the VLGC Pampero. Pampero is currently on a 12-month Time Charter with a trader which expires in November 2023. The charterer has now agreed to a new Time Charter which will commence in direct continuation of the existing Time Charter. Pampero is a non-scrubber 2015 built VLGC with 84,000 cbm cargo capacity. The new Time Charter has a minimum duration of 21 months securing employment for the ship until she is due for the 10-year special survey in the third quarter of 2025. The rate under the Time Charter is fixed and will add about $29 million in firm backlog to the Company. The charterer will also have the option to extend the new Time Charter by one year following the completion of the 10-year special survey.

Øystein Kalleklev, CEO of Avance Gas, commented: 
“We are happy to announce an extension of the Time Charter for Pampero with a customer which we share a very good relationship with. Given the improved market, we are also able to re-price the ship with a stronger rate for a longer period. Additionally, the new contract fits perfectly with the drydocking schedule of the ship once she is due for the 10-year survey in the third quarter of 2025 making our planning easier. The new Time Charter also fits well into our commercial portfolio as we have several Time Charters running off near term with both Iris and Venus Glory fixed Time Charters lapsing in fourth quarter this year while the Avance Polaris variable Time Charter is lapsing January next year. This gives us the opportunity to re-contract ships in a significantly improved freight market compared to when these Time Charters were agreed as evident from the Pampero fixture.” 

Questions may be directed to:

Investor and Analyst Contact:
Randi Navdal Bekkelund, Chief Financial Officer of Avance Gas
Email: IR@avancegas.com
Tel: +47 23 11 40 00

Media Contact:
Øystein Kalleklev, Chied Executive Officer of Avance Gas
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 is listed on Oslo Stock Exchange under the ticker “AGAS”. Avance Gas operates a fleet of fourteen modern ships including two dual fuel LPG newbuildings for delivery in early 2024 as well as four medium sized gas/ammonia carriers due 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

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