Avance Gas Considers Converting Ships to Run on LPG

LPG shipIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Norway-based LPG shipping firm Avance Gas could convert its ships to run on liquefied petroleum gas ahead of the IMO emission regulations coming into force by 2020.

Namely, the company explained that it is considering whether it should convert some of its ships to run on LPG fuel, install scrubbers or use compliant low-sulphur fuel.

“We do expect that the freight market from 2020 will reflect higher prices on compliant fuel,” the company said.

The company revealed its plans as part of its third quarter of 2018 financial report, in which it said that freight rates strengthened during the period as higher US export and lower fleet growth balanced the market.

The average time charter equivalent (TCE) rate for the fleet was USD 15,289/day, up from USD 7,711/day reported in the second quarter of 2018. TCE earnings for were USD 19.1 million, up from USD 9.3 million seen in the previous quarter.

The company managed to shrink its net loss to USD 8.9 million from a net loss of USD 19.3 million in the second quarter.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >