Skip to main content

Avance Gas Holding Ltd: Sale of the VLGC Providence

Written by Customer Service on . Posted in Public Companies.

Bermuda, 21 March 2022 – Avance Gas Holding Ltd (“AGAS” or the “Company”) have entered a contract to sell the 2008-built VLGC Providence with expected delivery in May. The sale is expected to generate approximately USD 24.3 million in net cash proceeds and a book profit of approximately USD 4.8 million to be recognised in the second quarter 2022.

Since January 2022, the Company has sold two older VLGCs in a strong second-hand market generating approximately USD 46.8 million in total net cash proceeds. The sales follow the company’s fleet renewal strategy, reducing average age and emissions while further strengthening our balance sheet.

For further queries, please contact:

Randi Navdal Bekkelund, CFO
Tel: +47 22 00 48 29

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 carrier (VLGC) and operates a fleet of thirteen ships following the sale of Providence and four Dual Fuel LPG newbuildings due for delivery in Q4 2022 and Q1-Q4 2023. 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.

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.