Awilco LNG ASA reported an EBITDA of USD 10.9 million and a freight income of USD 16.8 million in the fourth quarter of 2011, compared to an EBITDA of USD -0.6 million and a freight income of USD 12.3 million in the third quarter.
“ Awilco LNG delivered satisfying performance in the fourth quarter with 88 per cent utilization of the company´s three vessels and new 2012 contracts being secured at solid rates. In addition, the construction work on the two LNG newbuildings to be delivered in 2013 is progressing according to plan, ” says Jon Skule Storheill, Chief Executive Officer of Awilco LNG .
The company was incorporated in February 2011 and has consequently not comparable quarterly figures for 2010.
Net profit for the fourth quarter ended at USD 7.7 million (-4.6).
“ Awilco LNG is a pure play LNG transportation provider and we are proud of the recognition from our customers by entering into new charter agreements.
During the fourth quarter, we announced contracts employing WilEnergy and WilPower until February 2013 and August 2012 respectively, while WilGas is employed until October 2012.
The available freight capacity for 2012 gives the company an upside in the current strong market ,” says Storheill.
The book value of the vessels was USD 149,1 million, a sequential increase of USD 39.7 million, reflecting the installments on the newbuildings.
The company had a cash position of USD 28.4 million at the end of 2011 and has no interest bearing debt.
The rates for Awilco LNG´s 2nd generation vessel increased substantially during 2011, from about USD 30,000 to above USD 80,000 per day.
“Awilco LNG believes the increased shipping demand and limited newbuilding deliveries in an already tight tonnage situation is likely to lead to continuous high rates going forward.
Awilco LNG is therefore in a favorable position for securing contracts for the two newbuildings to be delivered on 2013, supported by a strong market and an early delivery schedule.
The company expects to enter into financing solutions for the newbuildings before the delivery of the vessels ,” says Storheill.
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LNG World News Staff, February 28, 2012