Avance Gas extend the Time Charter for VLGC Pampero by minimum 21 months
01 September 2023 - 6:30AM
Avance Gas extend the Time Charter for VLGC Pampero by minimum 21
months
Hamilton, BermudaSeptember 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 GasEmail: IR@avancegas.comTel: +47
23 11 40 00
Media Contact:Øystein Kalleklev, Chied Executive Officer of
Avance Gas Tel: +47 23 11 40 00
ABOUT AVANCE GASAvance 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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