Avance Gas completes sale of Venus Glory
Created: Mar 07, 2024 02:16 PM
The sale of Venus Glory has been completed by Bermudian-based Avance Gas Holding Ltd (File photograph)
Bermudian-based Avance Gas Holding Ltd has completed the sale of Venus Glory, the 2008-built very large gas carrier, for cash consideration of $66 million less ordinary broker commission of one per cent.
The company said the vessel completed her two-year time charter with Indian Oil Corporation at the end of December.
Subsequent to that, Venus Glory also carried out a single spot voyage at a net time charter equivalent result of $5.5 million prior to delivery of the vessel to the new owners.
The company said it expects to record a book gain on sale and a cash release following repayment of bank financing of $27 million and $40 million, respectively.
Avance Gas operates in the global market for transportation of liquefied petroleum gas.
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Published March 07, 2024 at 2:16 pm (Updated March 07, 2024 at 2:16 pm)
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