In the first quarter, John Fredriksen’s gas carrier Avance Gas increased the bottom line and refinanced debt of USD 555m.
Gas carrier Avance Gas, which is controlled by shipping tycoon John Fredriksen, grew on the bottom line in the first three months of the year.
In the first quarter, the company landed a profit of USD 24.3m, according to the Q1 interim report. The profit is an increase compared to last year’s fourth quarter but also Q1 2021, in which the result came to USD 18.9m.
The report furthermore states that Avance Gas has refinanced existing bank debt of USD 555m, which is linked to a sustainability financing. The transaction also finances the company’s two upcoming newbuilds, which will be the next in the line of the carrier’s dual-fuel gas vessels.
In the first quarter, Avance Gas sailed at average TCE rates of USD 37,608 per day, providing an income of USD 46.9m based on rate earnings alone. The company furthermore reports of strong market conditions right now with rates above USD 50,000 per day, according to the financial report.
On the top line, the result grew from USD 62.5m in Q1 last year to USD 66.5m this year.
