Avance Gas Holding Ltd 673 0 Kommentare First Quarter 2024 Earnings Release

BERMUDA, May 15, 2024 – Avance Gas Holding Ltd (OSE: AGAS) (“Avance Gas” or the “Company”) today reports unaudited results for the first quarter 2024.

HIGHLIGHTS

The average time charter equivalent (TCE) rate basis discharge-to-discharge was $60,900/day, compared to $76,200/day for the fourth quarter 2023.
TCE/day on load-to-discharge basis was $78,800/day compared to $71,900/day for the fourth quarter 2023. Adjustment related to load-to-discharge was positive $21 million or $17,900/day in TCE/day for the first quarter compared to negative $5.4 million or $4,300/day for the fourth quarter.
For the first quarter, we had a Time Charter (TC) coverage of 26% at an average TCE rate of $47,000/day and spot voyages of 74% at $64,300/day corresponding to an average fleet TCE of $59,900/day excluding FFA gain of $1,000/day and positive load-to-discharge adjustment of $17,900/day.
Daily operating expenses (OPEX) were $8,200/day, compared to $8,100/day for the fourth quarter of 2023.
Net profit of $146.5 million for the first quarter of which $84.9 million relates to gain on vessel sales and earnings per share of $1.91.
Net profit excluding gain on sale of $61.6 million compared to $61.5 million for the fourth quarter 2023, or earnings per share (EPS) of 80 cents for the first quarter 2024 and fourth quarter 2023.
During the first quarter, the Company paid $0.65 per share in dividend, or $49.8 million, for the fourth quarter 2023.
During the first quarter, the Company successfully completed three vessel sales resulting in a total gain on sale of $84.9 million and net cash proceeds of $127 million after repayment of debt and transaction cost:

In January 2024, the Company completed the sale of Iris Glory (2008) for a cash consideration of $60 million less broker commission. The Company recorded a gain on sale of $21.3 million and net cash proceeds of $25 million in the first quarter 2024.
In March 2024, the Company completed the sale of Venus Glory (2008) for a cash consideration of $66 million less broker commission. The Company recorded a gain on sale of $27.4 million and a net cash release of $40 million in the first quarter 2024.
In March 2024, the Company completed the sale of Avance Castor (2024) for a cash consideration of $120 million less broker commission. The Company recorded a gain on sale of $36.2 million and a net cash release of $62 million in the first quarter 2024.

During the first quarter 2024, the Company completed refinancing of three vessels resulting in a total net cash release of $45 million:

In February, the Company drew on the $135 million sale lease agreement (SLB). As previously announced, the SLB was intended for the two remaining VLGC newbuildings (2024) which was sold thereby the financing was swapped to Avance Polaris (2022) and Avance Capella (2022). The transaction resulted in net cash proceeds of $40 million recorded in the first quarter 2024.
In March 2024, the Company drew on the $43 million Facility in relation to refinancing of Pampero (2015) resulting in net cash proceeds of $5 million recorded in the first quarter 2024.

The board declared a combined return of capital and dividend of $2.15 per share or $165 million for the first quarter 2024, corresponding to 112% of net profit. Total distribution of $2.15 per share consist of $0.99 per share in return of capital and $1.16 per share in dividend.
In May 2024, the Company completed the sale of Avance Pollux (2024) for a cash consideration of $120 million less broker commission, and the Company expect to book a gain on sale of $36 million and net cash proceeds of $62 million for the second quarter.
For the second quarter of 2024, we have booked 83% at an average TCE/day of ~$48,000 on a discharge-to-discharge basis. Load-to-discharge adjustment expected to be negative $3-5,000/day as the freight market improved from the end of the first quarter.