Oslo-based Awilco LNG Group has reported a net loss of 0.3 mill and earnings per share of zero in the third quarter 2024, down compared to a net result of $8.7 mill and $0.07 per share in the previous quarter.
Third quarter net freight income of $0.7 mill, compared to $22.4 mill in 2Q24.
EBITDA ended at $7.3 mill, down from $18.8 mill in 2Q24.
Net TCE came was $58,000 per day for 3Q24, compared to $122,900 for the second quarter.
Awilco said that‘WilForce’ is currently trading in a challenging spot marked with very low rates and idle periods. With a lack of visibility of short term earnings, the Board decided not to declare a dividend for 3Q24.
CEO Jon Skule Storheill, commented: “After almost two years with very strong earnings where both our vessels have been employed on well-paying timecharter contracts, the company has experienced a significant drop in earnings in the third quarter.
“‘WilForce’ is trading in the weakest LNGC spot market experienced for years, considering this is normally high season it is surprisingly weak.
“The company’s financial position is robust with a comfortable cash position and lowered cash break even following the recent refinancing. Due to the present weakness and lack of visibility of near-term earnings the board resolved to halt dividend payments until an improvement in earnings is seen,”he explained.
