Avance Gas Fetches USD 515 Mn Refinancing

FinanceIllustration. Source: Pixabay under CC0 Creative Commons license

Norway-based LPG shipping firm Avance Gas Holding has received commitments for a USD 515 million credit facility.

The company said that the new loan would enable full refinancing of its outstanding debt, evidencing the strong support from the shipping banks and maintaining attractive cash break even of USD 22,500/day.

The commitments are subject to documentation and customary closing procedures.

Avance Gas unveiled the refinancing deal as part of its first quarter of 2019 financial report, in which it said that its net loss for the period widened.

Net loss was at USD 15.2 million in the first quarter of the year, compared with a net loss of USD 2.8 million reported in the fourth quarter of 2018.

Time charter equivalent (TCE) earnings dropped to 14 million from USD 26.8 million reported in the fourth quarter of 2018, reflecting a weaker freight market. The average TCE rate for the fleet was USD 11,133/day, compared to USD 21,314/day in the fourth quarter of 2018.

After end of first quarter, Avance Gas reached an agreement with Wartsila to acquire two exhaust gas cleaning systems, with the option for further six units. The estimated total project cost is USD 2.9 million per unit.

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 >