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Awilco LNG releases company activity update

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LNG Industry,

Awilco LNG ASA has released a statement containing updates regarding its activities.

The company has agreed with the other ship owners involved to discontinue discussions, started in late 2018, regarding the establishment of a consolidated LNG shipping structure.

Contract update: Awilco LNG has contracted historically high earnings through the winter period. The WilForce is currently on an 80 – 100 day time charter contract until February 2020. The contract is estimated to contribute a monthly EBITDA of about US$3.4 million during the charter period. The company’s two ships are expected to report an average TCE of about US$84 000 per day per vessel in 4Q19. For 1Q20 about 50% of available days are booked at an expected TCE of about US$95 000 per day per vessel.

The committed 10-year refinancing is about to be completed, which will reduce daily interest cost by about US$10 000 per vessel at current forward interest rates. Reduced cost coupled with the expected strong market conditions over the next years following a wave of new LNG production heralds an exciting period for the company. With in-house technical management approved by oil and gas majors Awilco LNG remains open to grow the business, either on its own or as part of a consolidation with other owners.

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