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

Higher rates make Avance Gas' earnings soar

Higher rates pushed Avance Gas' earnings up in the fourth quarter. According to the shipping company, the IMO's sulfur cap has helped ensure that the strong freight market continues into 2020.

Avance Gas orders new VLGCs

Gas ship operator Avance Gas has just placed an order for new ships from a South Korean yard. The shipping company grew in a generally strong third quarter for shipowners with large gas vessels.

Avance Gas appoints new CEO

Avance Gas has now found a replacement for Christian Andersen as CEO of the gas shipping company. The new chief executive will join the company in August 2019.

Lower fleet growth boosts Avance Gas earnings

Gas tanker operator Avance Gas has emerged from 2018 with a smaller deficit and a larger revenue. The company expects a strong 2019 market, partly due to the upcoming sulfur requirements.

Avance Gas lands new deficit despite doubling of rates

The rates have close to doubled for Avance Gas in the third quarter, where few new vessels on the water and increasing US exports of natural gas were favorable. However, the bottom line remains in the red for the carrier.

Avance Gas reduces deficit and eyes better 2018

2017 was a year characterized by setbacks for the major gas carriers, but for this year, VLGC operator Avance Gas expects a recovery. The company fared slightly better in the first quarter this year than in the previous quarter.

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.

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