Oslo-based Awilco LNG, the owner of two 156,000-cbm LNG carriers, widened its net loss in the fourth quarter as compared to the same period the year before.
Awilco LNG’s net loss rose to $4.5 million in the fourth quarter, as compared to $2.49 million in the same quarter last year. Compared to the previous quarter, the net loss dropped from $6.79 million.
For the full year of 2017, Awilco LNG posted a net loss of $31.8 million compared to $22.8 million in 2016.
Freight income for the quarter was $9.6 million, up from $5.7 in the quarter before and from $9.09 million in the year before, due to the improving market fundamentals. Awilco LNG said.
Full-year freight income dropped significantly to $20.4 million, compared to $34.8 million in 2016.
The decrease reflects both the weak market rates in the first half of 2017, and the redelivery of WilForce from a three-year time-charter in December 2016, according to Awilco LNG.
Fleet utilisation for the quarter ended at 83 percent, compared to 88 percent in the previous quarter, while in 2017 fleet utilisation was 5 percent down on year to 74 percent.
Both of the company’s vessels have been operating in the spot market in 2017.