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Saturday, September 23, 2017

Awilco LNG Reduces Net Loss in Q2

August 31, 2017

Photo: Awilco LNG

Photo: Awilco LNG

 Norwegian based LNG transportation provider Awilco LNG reduced its net loss in the second quarter of this year due to higher activity of its vessels and steady spot rates.

 
Awilco LNG’s net loss dropped to $10.1 million in the second quarter, as compared to $11.5 million in the same quarter last year and $10.4 million in the previous quarter.
 
Awilco added 13 vessels 1H 2017, a further23 scheduledfor deliveryin 2017, although delays may be expected, said a statement from the company.
 
At the start of the year, 43 vessels were scheduled for delivery in 2017 and eight newbuildings ordered 1st half 2017. The total orderbook stood at 104 vessels, of which 11 available.
 
 The Company owns two 2013 built 156,000 cbm TFDE membrane LNG vessels, WilForce and WilPride. 
 
Fleet utilisation for the quarter ended at 83 percent as compared to 41 percent in the first quarter o this year.
 
“Although utilisation increased significantly from the previous quarter, freight income did not due to low paying positioning voyages, which will benefit results in the third quarter,” Awilco LNG said in its quarterly report.
 
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