Når vi nå vet at ratene er steget til langt over breakeven inklusive lånekostnader så ser det lyst ut. Ikke selg er mitt råd. Sitt rolig i båten.
Planer for mer kostnadsreduksjoner i drivstoff og mer effektive motorer/scrubbere. 66% av flåten allerede på kontrakter ut Q2 til 26000 dollar. Litt lav rate, men det gir cash i kassa. OPEX er ned :) Dvs. De driver med mindre kostnader. Etter Q1 67 millioner dollar i cash og dette øker akkurat nå:)


BERMUDA, 15 May 2019 - Avance Gas Holding Ltd (OSE: AVANCE) today reported
unaudited results for the first quarter 2019.

Rates rebound with higher US activity - Marcus Hook volumes come on stream

* The average time charter equivalent (TCE) rate for the fleet was
$11,133/day, compared to $12,637/day in Q1 2018 and $21,314/day in Q4 2018.
* Daily operating expenses (OPEX) were $7,952/day, down from $8,183/day in Q4
2018.
* A&G expenses were $1.1 million or $907/day, down from $995/day in Q4 2018.
* Avance Gas' available liquidity at quarter end was $65.2 million, following
drawdown of revolving credit facilities of $25 million during the quarter.
The cash position at the date of this release is approx. $67.3 million.
Key events after quarter end:
* Received commitments for a $515 million credit facility, enabling full
refinancing the company's outstanding debt, evidencing the strong support
from the shipping banks, maintaining attractive cash break even of
$22,500/day.
* 66% of total Q2 2019 ship days have been fixed at a rate approx.
$26,000/day.
* Agreed with the Wartsila group to acquire two exhaust gas cleaning systems,
with the option for further six units. The estimated total project cost is
$2.9 million per unit.
* Mr. Ulrik Andersen appointed new CEO of Avance Gas, starting in August 2019.
We normally see lower trading activity in the first quarter as colder weather
increases domestic demand in exporting regions, impacting product prices and
trading activity. Further, Middle East normally performs maintenance on
exporting facilities, reducing export volumes.

Middle East LPG exports in Q1 2019 were 7.7 million tons, down 1.6 million tons
from Q4 2018. Compared to three year average exports for Q1, volumes are down by
1.2 million tons. Exports volumes vary between the main export terminals but
compared to three year averages, 2019 volumes generally indicate lower Saudi
Arabian and UAE exports, while Qatar have maintained higher volumes on a
relative basis. Iran exported 1.1 million tons in Q4 2019, in line with 2018
average. Average monthly cargoes exported was 59, down from 62 in Q1 2018 and
down from an average of 64 cargoes per month in 2018.

US Gulf and USEC VLGC exports were 6.9 million tons in Q1 2019, slightly down
from 7.1 million tons in Q4 2018 but up from 6.2 million in Q1 2018. As for
2018, the Q1 US exports were impacted by a period of cold temperatures in
February, resulting in higher domestic consumption and increasing LPG prices. In
March, operational problems caused lower than expected exports and delays, at
the same time causing freight rates to improve due to lack of available
tonnage.

After recording 55 cargoes in January, US Gulf and USEC VLGC exports fell to 37
cargoes in February. March volumes rebounded to 56 cargoes, of which 7 cargoes
were lifted from Marcus Hook terminal, as the Mariner East II pipeline commenced
operations. The average of 50 cargoes in Q1 2019 compares to 46 cargoes in Q1
2018 and 50 cargoes per month in 2018.

Per year end 2018 the global fleet totaled approx. 265 ships with an orderbook
totaling 38 ships (14%). During the quarter, three ships have been delivered,
leaving 15 ships due for delivery for the balance of the year. Three new orders
have been placed, bringing the global fleet and orderbook to 268 and 38 ships
respectively at quarter end. As we move closer to implementation of the IMO
2020 emission rules in January 2020, we expect to see further ships removed from
active trade. This may be further emphasized as US sanctions on Iranian trade
are intensified.

The full report and interim financial statements are attached to this press
release.

For further queries, please contact:

Peder C. G. Simonsen, CFO and Interim CEO
Tel: +47 22 00 48 15
Email: p.simonsen@avancegas.com


ABOUT AVANCE GAS

Avance Gas Holding Ltd operates in the global market for transportation of
liquefied petroleum gas (LPG). The company is one of the world's leading owners
and operators of very large gas carriers (VLGCs), operating a fleet of 14 modern
ships.

For more information about Avance Gas, please visit: www.avancegas.com.

FORWARD-LOOKING STATEMENTS

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although Avance Gas believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements.

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date and are subject to change without notice.

This information is subject to disclosure requirements pursuant to Section 5-12
of the Norwegian Securities Trading Act.
www.oslobors.no