Avance Gas Holding Ltd. (Avance Gas) announce today the successful delivery of the 2008-built VLGC Venus Glory at a cash consideration of $66 million less ordinary broker commission of one percent as previously announced in a press release dated 3 January 2024.
The vessel completed her two-year Time Charter with IOC at end of December 2023. Subsequent to completion of this Time Charter, Venus Glory also carried out a single spot voyage at a net Time Charter Equivalent (TCE) result of $5.5 million prior to delivery of the vessel to the new owners which is reflected in the announced booking level for Q1-2024.
The Company expect to record a book gain on sale and a cash release following repayment of bank financing of $27 million and $40 million respectively.
Additionally, and as previously announced, during the quarter the Company delivered the 2008-built VLGC Iris Glory to new buyers with a book gain on sale and cash release of $21 million and $26 million respectively.
Additionally, we expect to close and deliver the VLGC newbuilding #5, intended name Avance Castor, by mid-March with a book gain and cash release of $36 million and $60 million respectively. Finally, the sale of the last VLGC newbuilding #6, intended name Avance Pollux, is scheduled for May 2024 with expected book gain and cash release of $36 million and $60 million respectively. Hence, in total, book gain and cash release from sale of ships during first half of 2024 is expected to be in aggregate $120 million and $186 million respectively.