Avance Gas sells VLGC Avance

Liquefied petroleum gas (LPG) transporter, Avance Gas, has agreed the sale of another one of its very large gas carriers to a third party for $35 million.

The company noted is selling its 2003-built VLGC Avance.

A 10 per cent deposit payment has been received, Avance Gas said in its statement.

The company expects the delivery and balance payment in primo September 2020.

After debt repayment, the sale will generate approximately $17 million in net cash proceeds, with an expected book profit of approximately $6 million to be recorded in the third quarter.

The sale follows the company’s fleet renewal strategy, reducing average age and fuel efficiency of the fleet, initiated with the contracting of two 91,000-cbm LPG dual fuel newbuilding’s to be delivered in 2021/2022.