Awilco LNG Sees Losses Widen in Q2

Norwegian LNG shipping firm Awilco LNG has reported a bigger second-quarter loss of $8.6mn, compared with $6.5mn a year earlier.

Freight income slumped to $2.7mn from $6.4mn as a result of weak spot market rates and a collision involving its WilForce LNG tanker off Singapore on May 30, the company said in an August 29 report. Because of the time required to repair its hull damage, the remainder of the vessel’s 9-12 month charter contract was cancelled.

Awilco’s pre-tax earnings (Ebitda) swung to a loss of $0.2mn from $1.9mn in the second quarter of 2018. Its fleet utilisation rate dropped to 56% from 90% in January to March.