The Awilco LNG Group (Awilco LNG ASA together with its subsidiaries) today reports unaudited results for the three months ended March 31, 2025.
HIGHLIGHTS )
• Awilco LNG reports a net loss of USD 3.3 million and loss per share of USD 0.02 in the first quarter 2025, down from a net profit of USD 1.5 million and USD 0.01 per share in the fourth quarter 2024
• Net freight income of USD 8.3 million in first quarter 2025, compared to USD 9.3 million in fourth quarter 2024
• EBITDA in first quarter 2025 ended at USD 3.8 million, down from USD 8.8 million in fourth quarter 2024
• Vessel utilization was 72% for first quarter 2025, compared to 89% for fourth quarter 2024
• Net TCE came in at USD 46,000 per day for first quarter 2025, compared to USD 56,800 per day for fourth quarter 2024
Jon Skule Storheill, Chief Executive Officer, commented:
“With one vessel trading on a fixed rate contract and the other in a very challenging spot market experiencing idle periods, the Company report a loss of USD 3.3 million for the quarter. The spot shipping market for LNGCs has been exceptionally weak for the last period as surplus of vessels continue to put pressure on the market. An increasing number of the uncompetitive steam vessels are seen in lay-up, more vessels are sold for demolition and the number of cargoes to be lifted from the US is increasing, all factors that eventually will re-balance the market.”
Enclosed is in addition a first quarter 2025 presentation. No physical presentation will be held covering first quarter 2025.
Note on Alternative performance measures: Alternative performance measures are defined and explained in the APM section of the Quarterly report.
Oslo, May 21, 2025
For further information please contact:
CEO Jon Skule Storheill
Phone: +47 913 44 356
CFO Per Heiberg
Phone: +47 952 20 264
About Awilco LNG ASA
Awilco LNG is a Norwegian based LNG transportation provider, owning and operating LNG vessels intended for international trade. The Company currently own two 2013 built 156,000 cbm TFDE membrane LNG vessels, WilForce and WilPride.