Bermuda, 13 January 2022 – Avance Gas Holding Ltd (“AGAS” or the “Company”) has entered into a contract to sell the 2008-built VLGC Thetis Glory with delivery in February following her current voyage. Following the repayment of debt, the sale will generate approximately $22.5 million in net cash proceeds and an accounting profit of approximately $6 million.
The sale follows the company’s fleet renewal strategy, reducing average age and emissions while improving fuel efficiency across the entire fleet as we are about to take delivery of our second new DSME dual-fuel building in February.
For any other questions, please contact:
Kristian Sorensen, CEO
Tel: +47 22 00 48 10
Randi Navdal Bekkelund, Chief Financial Officer
Tel: +47 22 00 48 29
About Advance Gas:
Avance Gas operates in the global liquefied petroleum gas (LPG) transportation market. The company is one of the world’s leading owners and operators of Very Large Gas Carriers (VLGCs) and operates a fleet of thirteen vessels and six dual-fuel LPG newbuilds scheduled for delivery in Q1 2022, Q4 2022 and first quarter of 2023. For more information about Avance Gas, please visit www.avancegas.com (http://www.avancegas.com).
This information is subject to the disclosure requirements in accordance with section 5-12 of the Norwegian Securities Act.