Norway: Awilco LNG Freight Income Rises

Awilco LNG of Norway, owner of three 125,000 cbm LNG vessels, reported freight income of MUSD 14.6 in the first quarter of 2013, compared to MUSD 13.8 in the previous quarter.

The increase was due to the effect of gross presentation of the charterer’s consumption of bunkers during WilEnergy’s single voyage in March of MUSD 0.7, and positioning and repositioning fees for WilEnergy of MUSD 2.1, offset by reduced utilisation. Fleet utilisation for the quarter ended at 62 %, compared to 67 % in Q4 2012. Voyage related expenses were MUSD 2.6 (MUSD 0.4 Q4 2012), of which MUSD 0.7 related to the charterer’s consumption of bunkers during WilEnergy’s single voyage in March, and MUSD 0.7 related to positioning and repositioning of WilEnergy.

Profit before tax for the quarter was MUSD 3.8, compared to MUSD 5.9 in Q4 2012. Income tax expense for the period amounted to a gain of MUSD 0.2, compared to a gain of MUSD 0.4 in the previous quarter. The income tax gain in the period was mainly due to a reduction in the deferred tax liabilities arising from unrealised foreign exchange effects in the parent company. Profit for the period was MUSD 4.0, compared to MUSD 6.3 in Q4 2012.

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LNG World News Staff, May 30, 2013; Image: Awilco LNG