The Awilco LNG Group yesterday reported unaudited results for the three months ended December 30, 2024.
HIGHLIGHTS
o Awilco LNG reports a net profit of USD 1.5 million and earnings per share of USD 0.01 in the fourth quarter 2024, up from a net loss of USD 0.3 million and USD 0.00 per share in the third quarter 2024. The result for the year 2024 ended at USD 17.1 million and USD 0.13 per share
o Net freight income of USD 9.3 million in fourth quarter 2024, compared to USD 10.7 million in third quarter 2024. Net freight income for the year 2024 ended at USD 64.3 million
o The company’s vessel WilForce had part of the fourth quarter covered by technical off-hire insurance as the vessel was commercially unavailable for this period due to an issue with the vessels Ballast Water Treatment System (BWTS).
The Company accounted for USD 3.7 million in compensation from the Loss of Hire insurance as other income related to this
o EBITDA in fourth quarter 2024 ended at USD 8.8 million, up from USD 7.3 million in third quarter 2024. EBITDA for the year 2024 ended at USD 52.5 million
o Vessel utilization was 89% for fourth quarter 2024, compared to 87% for third quarter 2024. For the full year 2024 utilization was 94%
o Net TCE came in at USD 56,800 for fourth quarter, compared to USD 58,000 per day for third quarter 2024. For the full year 2024 net TCE ended at USD 90.300 per day
o WilForce is currently available in a very challenging spot market with market rates below operating expenses and idle periods may be expected
Jon Skule Storheill, Chief Executive Officer, commented: “With one of our vessels open in what is characterised as the weakest spot market ever we are pleased to report a positive result for fourth quarter and a strong result of USD 17.1 million for the year 2024. WilForce is trading in a very challenging spot market, where we so far have managed to keep the vessel employed and in cold and ready to load condition although utilisation is looking challenging in the short term. Phase out of uncompetitive older steam vessels, new LNG production and improving ton-miles will eventually improve the situation. The Company’s financial position is robust with a comfortable cash position and the WilPride employed until the end of 2025 securing decent cash flow. Combined with a reduced cash break even following the recent refinancing the Company is prepared to weather the current weak market.”
Enclosed is in addition a fourth quarter 2024 presentation. No physical presentation will be held covering fourth quarter 2024.
Note on Alternative performance measures: Alternative performance measures are defined and explained in the APM section of the Quarterly report.
Source: Awilco LNG Group