The Awilco LNG Group reported unaudited results for the three months ended March 31, 2023.

HIGHLIGHTS [1])

· Awilco LNG achieved a net result of USD 9.0 million and profit per share of USD 0.07 in first quarter, up from a net result of USD 4.9 million and USD 0.04 per share in fourth quarter 2022

· Net freight income of USD 20.5 million in first quarter 2023, up from USD 16.2 million in fourth quarter 2022

· EBITDA first quarter 2023 ended at USD 16.6 million, up from USD 12.1 million in fourth quarter 2022

· Vessel utilization was 100% in first quarter, up from 93% for previous quarter, with a net TCE of USD 113,800 per day

· In March the Company paid out NOK 0.50 per share in dividend, corresponding to USD 6.4 million

· On May 23, 2023 the Board authorized a cash dividend payment of NOK 0.50 per share to be paid in June

Jon Skule Storheill, Chief Executive Officer, commented:

“We are pleased to report a strong first quarter profit of USD 9.0 million as both vessels have traded on fixed rate contracts with no off-hire throughout the entire period. These contracts ensure solid earnings for the Company in a volatile LNG transportation market. Despite low spot rates in this shoulder season we see interest and rate levels for period charters holding firm and focus from charterers seems to be very much on security of supply going forward. The fixed earnings contracts enable the company to return value to our shareholders and the board resolved and declared a quarterly dividend of NOK 0.50 payable in June 2023”

Enclosed is in addition a first quarter 2023 presentation. No physical presentation will be held covering first quarter 2023.
Source:
Source: Awilco LNG