Gas carrier I.M. Skaugen has been granted en extension on the repayment of its debt until April 2018. As such, the company has bought time to land new financing which will enable the carrier to pay back existing loans with money from operations.
The gas carrier finished the first three months of the year with improvements across the board, a development attributed in particular to a new project in Colombia. The carrier also beat market expectations. "Balance sheet remains rock solid," notes Fearnleys.
Gas carrier Exmar went red in the first quarter in the weak LPG market where too many vessels are undermining an otherwise historically strong US gas export. The carrier has also called off negotiations to acquire a Dutch FSRU fleet.
A group of investors has bought up shares in Norwegian gas carrier Solvang, which owns a fleet of very large gas carriers, VLGCs. The latest share purchase means that the investors are now required to make an offer on the remaining shares.
Tanker carrier Evergas has formed a new pool collaboration with Greek-based Eletson under the name E3 Pool. "Broader supply, a uniform product, and good for the environment," Evergas CEO Steffen Jacobsen tells ShippingWatch about the new venture.
Norwegian gas carrier I.M Skaugen went from profit to deficit in the third quarter as an oversupply of vessels kept rates down and put pressure on earnings. The many vessels will keep a burgeoning recovery in check over the coming year.
Newbuildings in the market for VLGC's put further pressure on the rates for the Very Large Gas Carriers. LPG carriers will therefore also see their earnings squeezed in 2017, projects Drewry in a new analysis.
Rig company Swissco has succumbed to the crisis in the oil and gas sectors, making it the second major Singapore-based company within oil and gas which in recent months has had to give up on reaching agreement with creditors.
These are the words of Evergas CEO Steffen Jacobsen, just one year after taking over as head of the carrier. In an interview with ShippingWatch, he talks about the plans for stabilizing the carrier's finances after a disappointing deficit in 2015.
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.
In spite of overcapacity and low rates in the LPG market, the biggest operator in the segment - Epic Gas - projects that coming newbuildings will form a basis for a positive bottom line toward the end of this year, the carrier's CFO tells ShippingWatch after last week's deficit for 2015.
Rates in the LPG market were "bouncing along the bottom" in 2015, especially due to a record number of newbuildings, weak demand and sliding commodity prices. But Epic Gas delivered an improved revenue and reduced deficit, driven mainly by a focus on larger vessels.
It is no longer a heyday for the major gas segment, but the daily rates are still good enough for Avance Gas to deliver a solid profit for the quarter and double the net profit for 2015 compared to 2014.
Times are good for the major gas carriers. A fact illustrated once again by US-based Dorian LPG, which exited its third quarter in strong form aided especially by a series of new vessels. Strong market fundamentals, notes the carrier.
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.
Odfjell is looking to grow in the gas market, but the shipping group's new gas vessels have been delayed at the Chinese shipyard. "The delay is serious enough that we have to sit down with the yard, look at the contract and see what we can do," CEO Kristian Mørch tells ShippingWatch.