Awilco LNG Freight Income Down, Norway

Awilco LNG of Norway said its freight income for the third quarter was MUSD 9.2, compared to MUSD 9.6 in the previous quarter.

Key financial figures:

Outlook

Awilco LNG has secured financing for its newbuildings and has fixed the WilForce for its maiden voyage, and is in the final stages of contracting the WilForce for a midterm contract.

The group is continuously evaluating commercial opportunities for its second newbuilding WilPride and aims to secure employment for the vessel from, or shortly after, delivery.

The short term market for DFDE vessels is expected to remain firm during the next quarter. Awilco LNG said it is pleased to have employed the WilEnergy for the majority of 2014 as it expects the market for these vessels may be challenging due to delivery of more efficient newbuildings going forward, until sufficient new LNG production improves the market fundamentals.

Longer term infrastructure projects represent a potential opportunity for future business for the 2nd generation vessels. Awilco LNG has one 2nd generation vessel in lay-up from Q2 2013, and one newbuilding available in Q4 2013.

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LNG World News Staff, November 28, 2013