Stolt-company raises USD 100m for gas tankers

The company Avance Gas, which aims to become the second largest owner of VLGC vessels in the world, has ecured an additional USD 100m at the OTC stock exchange in Oslo.

Photo: Petredec

Avance Gas Holding, a company owned by Stolt-Nielsen Gas and Sungas Holdings Ltd., has raised an additional USD 100m at the OTC stock exchange in Oslo in connection with the listing of a new VLGC-based shipping company. The two owners of the holding company and Frontline 2012 has divided the 100-million-dollar capital injection between them. Combined with additional capital assets, Avance Gas is now worth a total of USD 288.6m.

According to Fearnley, the raised liquidity will go towards operating the existing fleet of six major gas vessels, VLGCs, but, in addition, Avance Gas is expected to purchase eight VLGCs from Frontline 2012, set for delivery during 2014.

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