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Highly satisfied Avance Gas CEO exits super quarter

With average rates of close to USD 100,000, Norwegian Avance Gas finished the third quarter with a profit of USD 109.9 million. CEO Christian Andersen is "highly satisfied."

Photo: Avance Gas

Avance Gas' major gas tanker vessels performed their duty in the third quarter 2015. With average time charter equivalents (TCE) in the quarter of USD 96,865 per day, income finished more than 12 times higher than the average daily operating costs of USD 7,643.

This pushed the carrier's combined profit in the quarter to USD 109.9 million, of which USD 72.8 million wound up on the bottom line. The operating profit came to USD 85.3 million, and Avance Gas' president is "highly satisfied" with the result.

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