LNG

Oslo-listed LNG shipowner Awilco launched a subsidiary ALNG Trading backed by a NOK 251.3 million ($26 million) private placement for shareholders and new investors, including a US partner.

May 27 (LNGJ) - Awilco LNG, the small Norwegian-based company with two 156,000 cubic metres capacity vessels, the “WilForce” and the “WilPride”, said that the company had received the judgement on the liability of the “WilForce” after its involvement in a collision with another vessel off Singapore in May 2019. “As expected, the other vessel was found to have caused the accident and appointed 75:25 liability and the cost of the case. The judgment is open for appeal and an update will be given in due course,” said Awilco.

   The statement came as Awilco reported earnings of $6.0 million for the first quarter compared with $5.8M posted in the previous quarter. Freight income for the ships amounted to $14.1M, down from $14.5M in the previous quarter. “We are pleased to deliver another strong quarterly result and a time charter equivalent of $78.300 per day as both our vessels sailed on fixed-rate contracts throughout the quarter,” said Jon Skule Storheill, Awilco’s Chief Executive.

Teekay LNG Partners recorded strong earnings for the fourth quarter and the full year after successfully completing its newbuild programme and securing attractive time-charters during the year amid the start-up of the Bahrain import project in the Gulf.

Nov 15 (LNGJ) - Awilco LNG, the Norwegian shipping company with the smallest fleet in the business numbering two vessels, said the 156,000 cubic metres capacity carrier “WilForce” had completed repairs at a shipyard in Singapore after it was involved in a collision with another ship off the Asian city-state on May 30, 2019. “Loss-of-hire insurance of US$65,000 per day compensated for some of the lost time-charter hire in the period,” said Awilco.

   “Awilco LNG has a substantial claim towards the ship responsible for the collision. Settlement and collection of the claim is expected to take some time,” added the company. Awilco made its statement as it reported a narrowed loss of $1.1 million in the third quarter compared with $11.4M of losses in the same three months a year ago and a $8.6M loss in the second quarter of 2019. Awilco said its second carrier, the 156,000 cubic metres capacity “WilPride”, was chartered in July 2019 to an oil and gas major for eight months until March 2020.

Awilco LNG has agreed a term sheet for the refinancing of the two 2013-built 156,000 cu m TFDEs ‘WilForce’ and ‘WilPride’ 

It was signed with a major leasing company based in Asia.

The agreement is structured as a sale/leaseback similar to their current financing and enables a full take out of the sale/leaseback facilities maturing on 31^st December this year on favourable terms.

The facility is expected to close in 4Q19, subject to final credit approval, documentation and customary closing conditions.

Awilco LNG, the small Norwegian fleet owner with two vessels, said the charter contract for its 156,000 cubic metres capacity carrier, the “WilForce”, has been cancelled and it is still in a Singapore repair yard after being involved in a collision off the Asian city-state.

Despite newbuild deliveries at an all-time high and a closed West-East arbitrage window, spot market rates are presently at an all-time high and there is optimism in the industry, according to the small Norwegian fleet owner Awilco.