Awilco LNG drops to second quarter loss

Awilco LNG drops to second quarter lossImage courtesy of Awilco LNG

Norwegian based LNG transportation provider Awilco reported a net loss of $6.5 million for the second quarter of 2018.

The figures dropped, following a $1 million profit in the first quarter, however, the net loss tightened compared to the $10.1 million loss in the corresponding period of 2017.

Freight income for the quarter was $6.4 million, down from $13.8 million in the first wuarter of the year, due to seasonal effects impacting activity and rates, Awilco said in its quarterly report.

Fleet utilization for the quarter ended at 71 percent, compared to 97 percent achieved in the first quarter of 2018.

Although rates and activity softened at the start of the second quarter in line with normal seasonal patterns, increased LNG production coupled with strong power generation demand in the Far East in the latter part of the quarter saw average market rates in the quarter 50 percent above the second quarter 2017 levels.

Activity in the third quarter initially softened but has again started to improve as buyers already start to prepare for winter, and the owners’ expectations are correspondingly high, the company said.

Awilco LNG noted that one of its vessels WilForce is commencing a 9-12 month contract in September following a dry-dock in August, and WilPride trading in the spot market, and is well positioned for the improving market.

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