Photo: Image courtesy of Awilco LNG

Awilco LNG keeps tightening losses

Awilco LNG keeps tightening losses
Image courtesy of Awilco LNG

Norwegian LNG transportation provider Awilco has tightened its losses during the fourth quarter and the full-year 2018. 

The company’s quarterly loss eased from $4.8 million in the third quarter to $1.2 million in the quarter under review.

Awilco LNG said in its report on Thursday the full-year 2018 net loss tightened from $31.8 million in 2017 to $11.4 million.

Freight income for the quarter was $11.1 million, up from $8.6 in the third quarter of 2018 due to firm market fundamentals offset by 20 off-hire days in connection with the 5-year survey and dry-docking of WilPride.

Fleet utilization for the quarter ended at 84 percent, compared to 70 percent in the previous quarter (excluding scheduled off-hire).

For the twelve months of 2018, Awilco LNG reported freight income of $40 million, almost doubling from $20.4 million reported in 2017.

The almost doubling reflects the gradually improving market rates throughout 2018, offset by 41 days of off-hire from dry-docking of both vessels. Fleet utilization ended at 80 percent, compared to 74 percent in 2017.