Norwegian shipping provider Awilco LNG awarded final settlement of $4.9M after Singapore collision in 2019
Awilco LNG, the small Norwegian-based shipping provider with two 156,000 cubic metres capacity vessels, the “WilForce” and the “WilPride”, has finally received a full and final settlement for a collision involving the “Wilforce” and a bulk carrier off Singapore at the end of May 2019.
Norwegian LNG carrier owner Awilco swings back to profit and gives positive view of current shipping market
Awilco LNG, the small Norwegian-based shipping provider with two vessels, managed to swing back to profit in the third quarter as the ships returned from dry dock and said that overall LNG shipping market rates were still at healthy levels though vessels may soon be used for storing LNG with land-based facilities full in the European Union.
LNG collision case
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.
Awilco income falls
May 5 (LNGJ) - Awilco LNG, the small Norwegian-based LNG shipping provider with two vessels, the 156,000 cubic metres capacity “WilForce” and the “WilPride”, reported a fall in freight income to $12.9 million in the first quarter of 2020 from $16.3M in the last three months of 2019. Awilco added that average assessed charter rates were at $59,000 per day in the quarter versus $56,400 per day in the same three moths a year ago.
Awilco LNG pay-out
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 refinances LNGCs
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 31st 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 says LNG carrier in collision has charter cancelled and repairs lasting to September
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.
Norwegian owner of just two LNG tankers voices optimism even with half its fleet in dry-dock
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.
LNG shipping day rates rise on West-East arbitrage and on more trading through June
LNG shipping day rates started the second quarter at $55,000 and $38,000 for West and East of Suez respectively before rising through the mid-year on the West-East arbitrage window being opened by higher Asian natural gas prices.
Awilco narrows losses
Feb 13 (LNGJ) - Awilco LNG, the Norwegian operator of two modern carriers, the 156,000 cubic metres capacity “WilPride” and the “WilForce”, narrowed its fourth-quarter losses to $4.5 million, down from $6.8M in the previous three months. Awilco said freight income for the quarter was $9.6M, up from $5.7M in the third quarter “due to the improving market fundamentals” as both vessels operated in the spot market. Voyage related expenses amounted to $2.3M compared with $1.3M in the previous quarter. “After almost three years of depressed freight rates, the market finally returned to profitable territory in Q4 2017 on the back of increased production volumes, the open West-East arbitrage and low availability of vessels in the Atlantic,” Awilco noted.
