Completion of vessel sale
Bermuda, 21 September 2020 - Avance Gas Holding Ltd (OSE: AVANCE) refer to the press release dated 4 August 2020, the transaction for the sale of the 2003-built VLGC Avance was successfully completed today. Following repayment of debt, the transaction will generate approx. $17 million in net cash proceeds, with a book profit of approx. $6 million to be recorded in the third quarter.
The sale follows the company’s fleet renewal strategy, reducing average age and improving the fuel efficiency of the overall fleet which was also complemented by the contracting of two 91,000 cbm LPG dual fuel newbuilding’s to be delivered in 2021/2022.
For further queries, please contact:
Randi Navdal Bekkelund, CFO
Tel: +47 22 00 48 29
About Avance Gas
Avance 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 carrier (VLGC), and operates a fleet of thirteen modern ships and two Dual Fuel LPG newbuildings due for delivery in 2021 and 2022. 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