reports
Avance Gas Holding Ltd: Notice of Annual General Meeting 2024
Avance Gas Holding Ltd: Notice of Annual General Meeting 2024 Hamilton, Bermuda April 5, 2024 Avance Gas Holding Ltd (the "Company") announces that its 2024 Annual General Meeting will be held on April 29, 2024. A copy of the Notice of Annual General Meeting and associated information including the Company's Consolidated Financial Statements for 2023 can be found on our website at and attached to this press release. The Board of Directors Avance Gas Holding Ltd Hamilton, Bermuda This information is subject to the disclosure requirements pursuant to Section 5-12 th...
Avance Gas Holding Ltd: Annual Report and ESG Report 2023
Avance Gas Holding Ltd: Annual Report and ESG Report 2023 Hamilton, Bermuda April 5, 2024 Avance Gas Holding Ltd ("AGAS" or the "Company") today publishes its Annual Report for the financial year 2023. The report is attached in pdf and European Singel Electronic Format (ESEF) in accordance with ESEF regulations. The Company has also published the ESG Report for 2023. A copy of both reports is attached hereto and available on the Company's website at . For further information, please contact: Randi Navdal Bekkelund, CFO, Tel: ABOUT AVANCE GAS Avance Gas opera...
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...
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
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...
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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 ...
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...
- Jørgen Lian
BW LPG (Buy, TP: NOK196.00) - Bound to rebound
Despite a disappointing Q4 report and weaker market for US propane exports hampering recent rate momentum, we still believe BW LPG is attractively valued and freight markets should stay healthy on rebounding US production and slowing demand. We forecast cNOK50 DPS and net cash position of cNOK20/share by end-2026. Even on all-time low asset values leaves another cNOK75/share and limited downside risk, with attractive exposure to the market recovery. We reiterate our BUY, but have cut our target ...
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...
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
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...
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...
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/...
- Jørgen Lian
Dorian LPG (Hold, TP: USD41.80) - Near-term headwinds
The US–Far East arbitrage has been under mounting pressure from a weather-related price spike in the US and a somewhat concerning drop in Far East prices. Accounting for today’s fuel, canal and terminal costs, we believe the arbitrage for shipping is currently closed. Hence, we expect the anticipated rebound in VLGC spot rates to be pushed out in time, while we still forecast the outlook for warmer weather in the US to support the arbitrage going forward. We reiterate our HOLD, but have lowered ...
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
Dorian LPG (Hold, TP: USD44.00) - Still-solid earnings
The VLGC freight market has seen a significant decline recently, with solid draws on US propane inventory last week during the cold spell. However, we believe the forecast for warmer weather should keep inventories above the 5-year average and thus aid the US-Far East arbitrage, which currently implies rates of cUSD60k/day, well above spot rates. The latest dividend represents a modest c10% dividend yield, despite an earnings yield of c18% for its Q3 2024–Q2 2025 allowing for more. We have raise...
- 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 ...
- Jørgen Lian
BW LPG (Buy, TP: NOK204.00) - Dividends set to flow to shareholders
VLGC spot rates are down c80% from the peak, along with large draws on US inventories last week (11%) during cold weather. However, the US-Far East arbitrage is again trending up and implies cUSD60k/day rates, as an outlook for warmer US weather should allow propane inventories to remain above the 5-year average, which leaves potential for another rate upswing. We estimate a c32% dividend yield for Q4–Q1 and c23% for the next 12 months, the highest among LPG peers. We reiterate our BUY but have ...
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
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...
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