Awilco LNG’s second quarter loss deepens

Image courtesy of Awilco LNG

Norwegian based LNG transportation provider Awilco reported a net loss of $8.6 million for the second quarter of 2019.

According to the quarterly financial report, the loss for the quarter deepened as the company reported a $6.5 million loss for the same quarter last year.

Freight income for the quarter was $2.7 million, down from $6.4 million in the second quarter of 2018, and also a drop from $8.4 million from the Q1 2019.

Fleet utilization for the quarter ended at 56 percent, compared to 90 percent achieved in the first quarter of 2018 due to extensive off-hire on the WilForce.

On May 30, WilForce was involved in a collision off Singapore which caused hull damage. Due to the prolonged off-hire period required to repair the vessel, the balance of the 9-12 month time charter contract was canceled. The vessel is currently at a yard in Singapore for repairs, expected to be completed in mid-September.

Awilco said that WilPride was delivered on an eight-month time charter contract to an oil and gas major on July 9.

The vessel is expected to contribute an annualized EBITDA of about $23 million during the charter period. With these earnings and the loss of hire insurance for the WilForce, until repairs are completed, around 90 percent of the third quarter 2019 days are booked at an expected time charter equivalent of about $68,000 per day.

The company also refinanced a term sheet for two of its vessels and signed with a major leasing company based in Asia on August 2.

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