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.

Photo: Avance Gas

LPG carrier Avance Gas, listed on the Oslo Stock Exchange, lost USD 60.7 million in the third quarter, the majority of which, USD 45.3 million, is attributable to the fleet impairment on Very Large Gas Carriers (VLGC), shows the third quarter interim report Thursday morning.

The interim report reflects the weak market just like reports from other gas carriers. The average Time Charter Equivalent, TCE, was USD 10,131 a day in the third quarter against USD 15,142 in the previous quarter.

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