Avance Gas Holding Ltd (OSE: AVANCE) announced on Monday (Sep21) that the transaction for the sale of the 2003-built VLGC Avance was successfully completed.
Following repayment of debt, the transaction will generate approx. $17 million in net cash proceeds, with a book profit of approx. $6 million to be recorded in the third quarter.
The sale follows the company’s fleet renewal strategy, reducing average age and improving the fuel efficiency of the overall fleet which was also complemented by the contracting of two 91,000 cbm LPG dual fuel newbuilding’s to be delivered in 2021/2022.
Source: Avance Gas