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 PRESS RELEASE

Avance Gas Holding Ltd (AGAS): Notice of Annual General Meeting 2024

Avance Gas Holding Ltd (AGAS): Notice of Annual General Meeting 2024 Hamilton, Bermuda March 26, 2024 Avance Gas Holding Ltd (OSE: AGAS) (“AGAS” or the “Company”) advises that the 2024 Annual General Meeting of the Company will be held on April 29, 2024. The record date for voting at the Annual General Meeting is set to April 2, 2024. A copy of the Notice of Annual General Meeting and associated information, including the Company’s Annual Report will be distributed and made available on the Company’s website at prior to the meeting. The Board of Directors Avance Gas Holding Ltd This i...

 PRESS RELEASE

Avance Gas Holding Ltd (AGAS): Successfully completed the sale of our ...

Avance Gas Holding Ltd (AGAS): Successfully completed the sale of our fifth VLGC newbuilding Hamilton, BermudaMarch 19, 2024 Avance Gas Holding Ltd. («Avance Gas» or «Company») (OSE: AGAS) announce today the successful sale of newbuilding hull 2367 with intended name Avance Castor for a cash consideration of $120 million less broker commission as previously announced in a press release dated December 8, 2023. The Company expect to record a book gain on sale and cash release following repayment of bank financing of $36 million and $61 million respectively. The sale of the sister ship, n...

Jørgen Lian
  • Jørgen Lian

A brewing challenge for the yards

Our 17th Annual Energy & Shipping Conference was well attended by investors and industry executives showcasing the still-growing interest for the sectors. Limited yard capacity is fuelling high newbuilding prices and raising freight rate expectations for the vast fleet renewal necessary in the coming decade. Long lead times underpin a bullish supply story for much of shipping in the coming years, albeit exposed to geopolitical risks affecting trade patterns. Our overall impression was general op...

 PRESS RELEASE

Avance Gas Holding Ltd: Presentation at the DNB Energy & Shipping Conf...

Avance Gas Holding Ltd: Presentation at the DNB Energy & Shipping Conference 2024 March 7, 2024 Hamilton, Bermuda Avance Gas Holding Ltd will be presenting today at the DNB Energy & Shipping Conference in Oslo. The presentation is enclosed hereto and is also available on our website, .  For further queries, please contact: Media contact: Øystein Kalleklev, CEO Tel: Investor and Analyst contact: Randi Navdal Bekkelund, CFO Tel: ABOUT AVANCE GAS Avance Gas operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world's leading ...

 PRESS RELEASE

Avance Gas Holding Ltd (AGAS): Successfully completed the sale of Venu...

Avance Gas Holding Ltd (AGAS): Successfully completed the sale of Venus Glory Hamilton, Bermuda March 5, 2024 Avance Gas Holding Ltd. («Avance Gas» or «Company») (OSE: AGAS) announce today the successful delivery of the 2008-built VLGC Venus Glory at a cash consideration of $66 million less ordinary broker commission of one percent as previously announced in a press release dated 3 January 2024. The vessel completed her two-year Time Charter with IOC at end of December 2023. Subsequent to completion of this Time Charter, Venus Glory also carried out a single spot voyage at a net Time Cha...

 PRESS RELEASE

Avance Gas agrees one-year Time Charter for Avance Polaris

Avance Gas agrees one-year Time Charter for Avance Polaris Hamilton, Bermuda February 28, 2024 Avance Gas Holding Ltd ("Avance Gas" or the "Company") (OSE: AGAS) today announce that it has agreed a new one-year variable Time Charter for the dual fuel VLGC Avance Polaris (built 2022) with an energy major. Avance Polaris has been on a two-year variable Time Charter since delivery in early 2022 and this new Time Charter will commence in direct continuation from the existing Time Charter until end of February 2024. Øystein Kalleklev, CEO of Avance Gas, commented:"We are pleased to anno...

 PRESS RELEASE

Avance Gas Holding Ltd: Ex Dividend USD 0.65 today

Avance Gas Holding Ltd: Ex Dividend USD 0.65 today Hamilton, Bermuda,February 20, 2024The shares in Avance Gas Holding Ltd (ticker: "AGAS") will be traded ex-dividend USD 0.65 as of today relating to the dividend for the fourth quarter of 2023. Thedividend will be paid on February 29, 2024.For further information, please contact:Randi Navdal Bekkelund - Chief Financial OfficerTel: Email: ABOUT AVANCE GASAvance Gas operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world's leading owners and operators of very large gas carriers ...

Jørgen Lian
  • Jørgen Lian

Avance Gas (Buy, TP: NOK168.00) - Dividends to come

VLGC spot rates have yet to fully recover after the US cold spell, while an outlook for reduced propane heating demand on high temperatures in the next two weeks should support inventories to stay above the 5-year average and lend a hand to the recently upward-trending US-Far East arbitrage (up c60% since trough). Hence, we expect a DPS of cNOK35 for Q1–Q2 or c25% of the current share price, based on our estimates of operating EPS of cNOK14 and cNOK21/share from additional cash proceeds availabl...

 PRESS RELEASE

Avance Gas Holding Ltd: Key information relating to the dividend for t...

Avance Gas Holding Ltd: Key information relating to the dividend for the fourth quarter 2023 Bermuda, February 14, 2024Key information relating to the dividend to be paid by Avance Gas Holding Ltd. for the fourth quarter 2023Dividend amount: $0.65Declared currency: USDLast day including right: February 19, 2024Ex-date: February 20, 2024Record date: February 21, 2024Payment date: February 29, 2024Date of Approval: February 13, 2024For further queries, please contact:Randi Navdal Bekkelund, CFOEmail: Tel: This information is subject to the disclosure requirements pursuant to Section...

 PRESS RELEASE

Avance Gas Holding Ltd: Fourth Quarter 2023 Earnings Release

Avance Gas Holding Ltd: Fourth Quarter 2023 Earnings Release BERMUDA, February 14, 2024 – Avance Gas Holding Ltd (OSE: AGAS) (“Avance Gas” or the “Company”) today reports unaudited results for the fourth quarter 2023. HIGHLIGHTS The average time charter equivalent (TCE) rate basis discharge-to-discharge was $76,200/day, ahead of guidance of $70-75,000/day and compares to $55,300/day for the third quarter. TCE/day on load-to-discharge basis was $71,900/day compared to $46,700/day for the third quarter 2023. Adjustment related to load-to-discharge was negative $5.4 million or $4,300/...

 PRESS RELEASE

Avance Gas Holding Ltd: Invitation to Earnings Presentation for the Fo...

Avance Gas Holding Ltd: Invitation to Earnings Presentation for the Fourth Quarter of 2023 Bermuda, February 2, 2024, Avance Gas Holding Ltd. (ticker "AGAS") will on Wednesday February 14, 2024, release its unaudited results for the fourth quarter of 2023. In connection with the earnings release, an audio webcast and conference call will be held at 14:00 (CET). The presentation and webcast link will be available from the Investor Relation section at Avance Gas' website prior the presentation. Webcast can also be accessed by using the following links: Webcast: -server.com/mmc/p/qn6w57nr Co...

Jørgen Lian
  • Jørgen Lian

Avance Gas (Buy, TP: NOK163.00) - Piling on the dividends

The VLGC freight market has come off its peak, with solid inventory draws last week during the cold spell. However, an outlook for warmer weather could ensure inventories remain comfortably above the 5-year average at the seasonal low-point, which should support the US-Far East arbitrage that currently implies a USD60k/day rate well above spot rates. On our estimates, we find a c27% run-rate dividend yield for Q4–Q1, and c21% for the next 12 months. We reiterate our BUY, but have cut our target ...

 PRESS RELEASE

Avance Gas Holding Ltd: Successfully completed the sale of Iris Glory

Avance Gas Holding Ltd: Successfully completed the sale of Iris Glory Hamilton, Bermuda January 16, 2024 Avance Gas Holding Ltd. («Avance Gas» or «Company») (OSE: AGAS) announce today the successful completion of the 2008-built VLGC Iris Glory at a cash consideration of $60 million less ordinary broker commission of one percent as previously announced in a press release dated 6 July 2023. The vessel completed her two-year Time Charter with IOC at end of November 2023. Subsequent to completion of this Time Charter, Iris Glory also carried out a single spot voyage at a net Time Charter ...

Jørgen Lian
  • Jørgen Lian

US chill set to cool VLGC markets

News of abnormally low temperatures in the days ahead could see US domestic propane demand tailwinds shift to headwinds and potentially threaten LPG exports, as we believe inventory levels could be tested. The US–Far East arbitrage has narrowed from USD380/tonne to USD200/tonne and spot rates are starting to slip as we head into the low season. While the fundamentals still look appealing to us in the medium and long term, we find considerable risk of negative momentum in freight markets based on...

 PRESS RELEASE

Avance Gas Holding Ltd: Avance Gas agrees $66 million sale of 2008-bui...

Avance Gas Holding Ltd: Avance Gas agrees $66 million sale of 2008-built Venus Glory at estimated $27 million profit Hamilton, Bermuda. January 3, 2024 Avance Gas Holding Ltd. («Avance Gas» or «Company») (OSE: AGAS) is today pleased to announce that it has entered into an agreement to sell the Very Large Gas Carrier (VLGC), Venus Glory, built 2008, for a gross cash consideration of $66 million. The vessel is currently trading spot after completing her two-year Time Charter Party (TCP) with IOC at the end of fourth quarter 2023. Delivery of the ship to new owners, a National Oil Company, i...

 PRESS RELEASE

Avance Gas Holding Ltd: Avance Gas agrees to sell two newbuildings for...

Avance Gas Holding Ltd: Avance Gas agrees to sell two newbuildings for $240 million at a $73 million estimated profit Hamilton, Bermuda December 8, 2023   Avance Gas Holding Ltd ("Avance Gas" or the "Company") (OSE: AGAS) today announce that it has agreed to sell its two remaining 91,000 cbm dual fuel newbuildings scheduled for delivery next year. The buyer has agreed to pay $240 million en bloc for the two newbuildings when they are delivered from the yard i.e., ex-yard delivery. The newbuildings, Hull number 2367 and 2368 with intended name Avance Castor and Avance Pollux, were originall...

 PRESS RELEASE

Avance Gas Holding Ltd: Ex Dividend USD 0.50 today

Avance Gas Holding Ltd: Ex Dividend USD 0.50 today Hamilton, Bermuda, December 7, 2023 The shares in Avance Gas Holding Ltd (ticker: "AGAS") will be traded ex-dividend USD 0.50 as of today relating to the dividend for the third quarter of 2023. The dividend will be paid on December 15, 2023. For further information, please contact:  Randi Navdal Bekkelund - Chief Financial Officer Tel: Email: ABOUT AVANCE GAS Avance Gas operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world's leading owners and operators of very la...

 PRESS RELEASE

Avance Gas Holding Ltd: Addition to the Board of Directors

Avance Gas Holding Ltd: Addition to the Board of Directors Bermuda, December 4, 2023 Avance Gas Holding Ltd (“Avance Gas” or the “Company”) announces that Will Homan-Russell has today been elected as a new board member in the Company. Will Homan-Russell is an experienced professional investor in the maritime sector, currently serving as Chief Investment Officer of UK based WMC Capital Ltd., where he co-founded Albemarle Shipping Fund. From 2003 to 2018 he worked for Tufton Oceanic Limited, a fund management company specializing in investments in the maritime and energy sectors. Mr. Ho...

Jørgen Lian
  • Jørgen Lian

Avance Gas (Buy, TP: NOK177.00) - Cash flow set to increase

We believe Avance Gas offers attractive value in a strong VLGC market, as the FFAs of cUSD80k/day for 2024 and cUSD65k/day for 2025 theoretically provide potential to lock in c45% of the current market cap in cash flow by end-2025e. Although the Q3 dividend yield of 14% was somewhat weaker than expected, we believe the run-rate yield will grow to c25% for Q4–Q2e and average c22% for 2024e on delayed revenue recognition and a profitable vessel sale in Q1. We reiterate our BUY and have raised our ...

 PRESS RELEASE

Avance Gas Holding Ltd: Key information relating to the dividend for t...

Avance Gas Holding Ltd: Key information relating to the dividend for the third quarter 2023 Bermuda, November 28, 2023 Key information relating to the dividend to be paid by Avance Gas Holding Ltd. for the third quarter 2023: Dividend amount: $0.50 Declared currency: USD Last day including right: December 6, 2023 Ex-date: December 7, 2023 Record date: December 8, 2023 Payment date: December 15, 2023 Date of Approval: November 27, 2023 For further queries, please contact: Randi Navdal Bekkelund, CFO Email: Tel: ABOUT AVANCE GAS Avance Gas operates in the global...

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