About us
Avance Gas Holding Ltd. («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 fourteen ships and two Dual Fuel LPG newbuildings due for delivery in 2024 and four Dual Fuel Mid-sized gas carriers (MGC) capable of carrying LPG and ammonia as a cargo.
The Company
Our Vision
Avance Gas aspire to be the global leader in safe, reliable and sustainable VLGC shipping and the preferred choice of investors, customers and employees.
Our Mission
We are committed to creating value for our shareholders. We want to achieve this through excellent customer relationships, cost-efficiency, dedicated employees, by embracing new technology and by investing and divesting in a disciplined and sustainable way.
Our Values
We are A TEAM and believe the best results are achieved in an environment that promotes and encourages team spirit.
We are positive, helpful and including. We value other’s opinions and like to challenge each other. We want to have fun and we are not afraid of celebrating achievements.
We are APPROACHABLE and believe it is of the utmost importance we are easy to do business with, responsive and friendly. We never take ourselves too seriously.
We are RESPECTFUL and believe that listening, being humble and acting with integrity are of cardinal importance to our business success.
We always KEEP MOVING FORWARD by fostering a culture of innovation and continuous improvement. We want to seek out and embrace changes and dynamically adopt to them knowing that if we are not evolving, we are falling behind. We try to get better each day and take pride in ensuring quality in everything we do.
Board of Directors
Øystein Kalleklev
CEO and Director
Øystein Kalleklev served as Director of Avance Gas since 26 May 2021 and was elected as Chairman of the Board in March 2022 until he was appointed as CEO in April 2023. Mr. Kalleklev has been the CEO in FLEX LNG Management AS since August 2018, after serving as CFO of Knutsen NYK Offshore Tankers since 2013 and Chairman of the General Partner of the MLP KNOT Offshore Partners from 2015-2017. Previous roles include CFO of industrial investment company Umoe Group, Managing Director of Umoe Invest, Partner of investment bank Clarksons Platou and Business Consultant at Accenture. Mr. Kalleklev holds a MSc in Business and Administration from Norwegian School of Economics and a Bachelor in Business and Finance from Heriot-Watt University.
Kathrine Fredriksen
Director
Kathrine Fredriksen served as Director of Avance Gas since 26 May 2021. Ms. Fredriksen serves as President of Seatankers UK, board member of Norwegian Property since 2016 and as board member in Ship Finance since February 2020. She has previously been on the boards of Seadrill, Golar LNG, Frontline and Deep Sea Supply. Through her role as President of Seatankers UK, she provides advice on all group Investments and is intrinsically involved in the administration of the organization. Kathrine is educated at European Business School in London. She is a passionate collector of modern and contemporary art.
James O'Shaughnessy
Director
James O'Shaughnessy has served as a Director of the Company since January 2021. James O'Shaughnessy has been an Executive Vice President, Chief Accounting Officer and Corporate Controller of Axis Capital Holdings Limited since March 26, 2012. Prior to that Mr. O'Shaughnessy has amongst other served as Chief Financial Officer in the Bermuda operations of Flagstone Reinsurance Holdings SA and as Chief Accounting Officer and Senior Vice President of Scottish Re Group Ltd., and Chief Financial Officer of XL Re Ltd. at XL Group plc.
Mr. O'Shaughnessy received a Bachelor of Commerce degree from University College, Cork, Ireland in the year 1981 to 1985 and is both a Fellow of the Institute of Chartered Accountants of Ireland and an Associate Member of the Chartered Insurance Institute of the UK. Mr. O'Shaughnessy earned a Master's Degree in Accounting from University College Dublin in the year 1985 to 1986.
François Sunier
Director
François Sunier has served as a Director of Avance Gas since 1 December 2010. He has been the CEO and Managing Director of Suntrust Investment Co. S.A. since January 2002. Prior to Suntrust Investment Co. S.A., Mr Sunier worked as an Executive Director at Goldman Sachs, London and at UBS Philips & Drew, London. François Sunier serves at the board of Mirabaud SCA and Groupe Minoteries (listed on the Swiss Stock Exchange Market). François Sunier graduated from the University of Geneva, with a bachelor in political sciences. Mr Sunier is a Swiss citizen, and resides in Switzerland.
Will Homan-Russell
Director
Will Homan-Russell is an experienced professional investor in the maritime sector, currently serving as Chief Investment Officer of UK based WMC Capital
Ltd., where he co-founded Albemarle Shipping Fund. From 2003 to 2018 he worked for Tufton Oceanic Limited, a fund management company specializing in investments in the maritime and energy sectors. Mr. Homan-Russell has served as a board member of SFL Corporation Ltd. since July 2022. He holds a MA in Mathematics from Oxford University and an MSc. in Finance from London Business School.
Our team
Øystein Kalleklev
CEO and Director
Randi Navdal Bekkelund
CFO
Halfdan Marius Foss
Chief Commercial Officer
Captain Kenneth Aasvang
Head of Operations
Ke Zheng
Operation Manager / Performance Manager
Inger Bårdsen Haviken
Financial Controller
Tore Eia
Chartering Manager
Jannicke Eilertsen
Compliance Officer
Our History
2021
In April 2021, Avance Gas successfully completed a private placement raising $65 million in new equity. The net proceeds will be used for general corporate purposes, which includes partly financing of the Company's newbuilding program. Following the equity raise, Avance Gas increased its dual fuel VLGC newbuilding program from four to six vessels, with estimated delivery of the final two vessels for the second half of 2023. In July the Company further signed a $104 million sustainability-linked term facility with a bank syndicate to finance its first two dual-fuel newbuildings, Avance Polaris and Avance Capella.
Avance Gas managed to navigate through the Covid-19 operational challenges and completed the schedueld drydocking programme for all 8 vessels, scrubber installation on 5 vessels and technical manager change for 6 vessels. Avance Gas sold the 2003-built VLGC Avance and succesfully completed a $45 million sale and leaseback transaction for the VLGC Pampero. By January 2021, Avance Gas has invested in four dual fuel newbuildings for delivery in 2021-2023.
2020
2019
The freight market improved significantly during the year returning profitability to Avance Gas. During 2019, the Company signed and closed a new $515 million credit facility, thereby fully refinancing all outstanding debt. End 2019, Avance Gas entered into two Dual-Fuel 91,000 cbm VLGCs at Korean shipbuilder DSME for delivery in Q4 2021 and Q1 2022 and scrubber installtion contracts were signed for six of our vessels.
During 2018, Hemen Holding Limited increased its holdings and became the largest shareholder in Avance Gas. Avance Gas is integrating closer to the Seatankers group of companies, benefitting from economy of scale and the group’s extensive commercial and technical experience. After a weak freight market since 2016, the VLGC market began to strenghten end 2018.
2018
2016
2016 marked the first full year of operations for all 14 of the VLGCs in the Avance Gas fleet. All vessels show excellent technical performance. In October, the Company raised $58.7 million in a private placement and subsequent offering, issuing 29.5 million new shares. In December the LNG carrier, Gaea, was sold.
During 2015 the Company completed it’s newbuilding program. In January 2015, Avance Gas took delivery of Mistral and Monsoon, the first two of its eight 83,000 cbm VLGC newbuildings from Jiangnan Shipyard in China. Breeze was delivered in April, followed by Passat, Sirocco, Levant, Chinook and Pampero, one each month between June and October. The Avance Gas fleet now consists of 14 modern VLGCs, with a total capacity of 1.17 million cbm. In July 2015 Avance Gas acquired a 1980 built LNG carrier, Gaea with plans to explore the use of the ship in commercial LPG projects.
2015
2014
On April 9, 2014, an initial public offering of Avance Gas shares was completed, raising $100 million from the issuance of new shares. Avance Gas’ three largest shareholders—Stolt-Nielsen Gas Ltd, Sungas Holdings Ltd and Frontline 2012 Ltd—simultaneously sold shares with an total aggregate value of $175 million, including over-allotment options. Trading of Avance Gas shares commenced on the Oslo Stock Exchange on April 15, 2014.
During 2014, Avance Gas also completed the financing of its newbuilding program by raising a total of $650 million from a consortium of eight large shipping banks, underscoring the market’s confidence in the Company’s business strategy.
In 2013, Transpetrol Holdings Ltd exercised an option to withdraw as an owner of Avance Gas, essentially through a reversal of the original transaction, leaving Stolt-Nielsen Gas Ltd and Sungas Holdings Ltd as equal owners. Shortly thereafter Frontline 2012 Ltd entered as a new shareholder of Avance Gas through a cash investment.
In addition, Avance Gas agreed to purchase eight VLGC newbuildings—previously ordered by Frontline 2012 Ltd from Jiangnan Shipyard in China—for $75 million per ship. The acquisition was in part financed by a $100 million private equity placement, through which Avance Gas was listed on the Norwegian Over-the-Counter (“N-OTC”). Subsequent to this event, Stolt-Nielsen Gas Ltd and Sungas Holdings Ltd each held approximately 26% of Avance Gas’ shares outstanding, with Frontline 2012 Ltd holding approximately 23%.
2013
2011
In 2011, the VLGC market began to strengthen. That momentum carried into 2012, when Avance Gas acquired the VLGCs Prospect and Progress from Transpetrol Holdings Ltd., which then became a one-third owner of Avance Gas. In addition, Avance Gas acquired Maran Gas Knossos and Maran Gas Vergina from Maran Gas Maritime, Inc. in a cash transaction, now named Promise and Providence. The fleet now stood at eight VLGCs, following the expiry of the Yuhsho and Navigator Taurus timecharters.
In exchange for 50% ownership in the Company, Sungas Holding Ltd sold three 2008 built VLGCs to the Avance Gas fleet: Iris Glory, Thetis Glory and Venus Glory. Navigator Taurus, a medium sized gas carrier, was also taken on timecharter in 2010, bringing the fleet up to a total of six ships.
2010
2009
The company entered the market in 2009 with a three-year timecharter of the VLGC Yuhsho, followed by the acquisition of the 2003-built VLGC Althea Gas, subsequently renamed Stolt Avance, today named Avance. Avance Gas Holding Ltd was established.
Avance Gas traces it's roots to 2007 and creation of Stolt-Nielsen Gas Ltd. The goal of Stolt-Nielsen Gas Ltd was “to pursue growth opportunities in the expanding market for the transportation of liquefied petroleum gas (LPG).”
2007
Avance Gas AS
Bryggegata 3
P.O. Box 1327 Vika
0112 Oslo
Norway