Avance Gas profit soars
Avance Gas Holding Ltd, the Bermudian-based company engaged in the transportation of liquefied petroleum gas, has reported near-record results for fourth-quarter and full-year 2023.
The company reported a net profit of $61.5 million in the quarter, compared with $30.1 million for the third quarter of the year.
Avance reported a net profit of $163.6 million for the full year, compared with $89 million for 2022.
Øystein Kalleklev, CEO of Avance Gas, said: “Fourth quarter was a blockbusting quarter for Avance Gas, with quarterly net profit of $61.5 million as we delivered time charter equivalent earnings on a discharge-to-discharge basis of $76,200/day, slightly ahead of guidance of $70,000-75,000/day.
“This quarterly net profit was the second highest in the company’s history and increased the net profit for the year to $163.6 million, or $2.14 per share, also the second-highest full-year results ever for Avance Gas.”
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