Awilco LNG Freight Income Drops in 2013

Awilco LNG of Norway reported a freight income of MUSD 54.7 in 2013 compared to MUSD 56.6 in 2012. The decrease was due to lower utilisation and charter rates on the 2nd generation vessels, offset by the effect of increased fleet size in the second half of 2013, the company said in a statement.

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Outlook

Awilco LNG took delivery of both its newbuildings in 2013 on time and budget. WilForce was subsequently fixed for a three year contract and WilPride fixed for its maiden voyage.

The Group is continuously evaluating commercial opportunities for its second newbuilding WilPride. The short term market for TFDE vessels looks challenging as more newbuildings enter the market, however, this softness is expected to be mitigated over time through the phasing out of older tonnage due to the superior efficiency of TFDE vessels as well as increased LNG production and ton-miles,” the company said.

Awilco LNG is pleased to have two of its 2nd generation vessels fixed for the majority of 2014 as it expects the market for these vessels to remain challenging due to delivery of more efficient newbuildings during the year. The transportation market is expected to be particularly challenging for the older vessels until market fundamentals improve. Longer term infrastructure projects represent a potential opportunity for future business for these vessels,” Awilco added.

LNG World News Staff, February 26, 2014; Image: Awilco LNG

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