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Read all the latest news about Avance Gas. ShippingWatch gives you independent, credible, critical and fair news.

Avance Gas predicts rough market into 2018

Norwegian Avance Gas suffered a slight setback in the second quarter with a loss of USD 11.1 million. Lower exports of petroleum gas from the US were a major factor and the rough market will continue into 2018, says management.

Drewry sees overcapacity in LPG over the next two years

The market for the transport of LPG will be held down by overcapacity across the majority of segments over the next two years, writes Drewry. The analyst firm only sees opportunities for better rates for the small gas vessels, where fleet growth will be minimal.

Avance Gas will stay in its own lane

The downturn in the LPG market in 2016 took Avance Gas by surprise – and 2017 looks bleak as well. The company plans to remain calm in terms of consolidation and acquisitions until the market has improved, says CFO Peder C. G. Simonsen, to ShippingWatch.

Avance Gas plans to raise additional capital

Gas carrier Avance had no problem in a recent sale of new shares raising USD 55 million. The carrier now plans to raise an additional USD five million, according to a corporate statement.

Avance Gas makes major impairments on VLGCs

An impairment on the fleet of Very Large Gas Carriers (VLGCs) triggered a net deficit of more than USD 60 million at Norway's Avance Gas in the third quarter. The carrier aims to raise USD 55 million.

Avance Gas sticks with acquisition strategy after BW offer

The door remains wide open to the executive office at Avance Gas if industry peers are looking for collaboration partners, CEO Christian Andersen tells ShippingWatch. He explains that the gas carrier is still looking for acquisitions even though BW LPG has made a bid for Aurora LPG.

Aurora LPG eyes better days ahead after tough quarter

Norwegian gas carrier Aurora LPG took a hit from the low rates in the first half of 2016, but management points to signs that the crisis is temporary in nature and that rates could rebound to sustainable levels already this year.

LPG crisis hurt Avance Gas in the second quarter

Avance Gas' revenue was more than halved and the result went negative in the second quarter. The markets are disappointing, says management from the LPG carrier which boasts a fleet of 14 VLGC gas vessels.

LPG vessels had a short boom and a quick bust

The LPG vessels have entered a new phase which is in effect an elimination contest among the major players. Once the shipping industry's safest bet, plummeting rates and overcapacity have now altered the scenario completely, and only one of the major players looks set to outperform the rest.

New vessels are now impacting rates at Avance Gas

Norwegian Avance Gas struggled with earnings in the first quarter. More new VLGCs and the off-season are putting a cap on gas rates, the carrier's interim report shows. "Rates have declined more than we had hoped," the CEO tells ShippingWatch.

BW LPG: We should not be too optimistic right now

BW LPG delivered a record result in 2015, but CEO Martin Ackermann is more subdued in regards to the coming year. "The whole world is under pressure so it's hard to be really optimistic right now," he says in an interview with ShippingWatch.

Avance shelves ambitious gas consolidation

Avance Gas was unsuccessful in reaching the conditions for the takeover of Aurora LPG. "Of course, it is a little disappointing that we did not succeed," CEO Christian Andersen tells ShippingWatch.

Avance changes Aurora bid conditions

Avance Gas has changed the conditions in its takeover bid on competitor Aurora LPG. From needing a 90 percent approval from the shareholders, this has now been changed to 29 percent, informs Avance in a corporate statement.

Carriers kick off VLGC consolidation race

Norwegian gas carrier Aurora is now being courted by both Avance Gas and BW LPG - two of the biggest VLGC carriers in a market where the race to achieve consolidation now seems to be underway. Its Andersen versus Ackermann.

Aurora rejects Avance Gas takeover bid

Norwegian Aurora's board of directors is not satisfied with the bid from Avance Gas and thus recommends its shareholders to vote against the competitor's attempt at acquiring the carrier.

"We have made a very good offer for Aurora"

Avance Gas CEO Christian Andersen hopes that the acquisition offer made on Aurora LPG will mark the beginning of a much needed consolidation wave among VLGC carriers, he tells ShippingWatch.

Avance Gas almost doubled its bottom line

Norwegian supertanker player Avance Gas managed to almost double its bottom line in the second quarter this year. The carrier points to strong developments in the near future.

Avance Gas næsten fordoblede bundlinjen

Den norske supertankspiller Avance kom ud af andet kvartal i år med næsten en fordobling af bundlinjen. Rederiet tror på en stærk udvikling i den nærmeste fremtid.

Avance Gas: We are making super profits on VLGCs

With spot rates of over USD 100,000 per day, the market for the largest gas vessels seems invincible. The rates will decline, but even a significant drop would not be devastating, the CEO of Avance Gas tells ShippingWatch.

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