Awilco LNG reduces net loss

Oslo-based Awilco LNG, the owner of two 156,000-cbm LNG carriers, posted a lower net loss in the fourth quarter of 2016 as compared to the same quarter a year ago.

Awilco LNG reduced its net loss to $2.5 million in the fourth quarter, as compared to $12.6 million in 2015.

Awilco LNG’s freight income stood at $9.1 million, slightly down as compared to $9.6 million in the fourth quarter the year before.

To remind, the LNG shipping company sold its two laid-up carries, namely the WilEnergy and the WilGas, in August last year.

In the full-year of 2016, Awilco LNG reduced its net loss to $22.8 million from $36.3 million in the year before.

Freight income dropped from $37.4 million in 2015 to $34.8 million last year. Awilco LNG said the decrease was due to weak market rates in the first half of 2016 and the reduction in the company’s fleet.

Awilco LNG’s two 2013-built LNG vessels, WilForce and WilPride, are currently both operating in the spot market.

“The outlook for the long-term LNG transportation market is firm and Awilco LNG is well positioned to benefit from the improving market,” the company said.

LNG World News Staff