Avance Gas is leaving the benchmark OBX Index for the top 25 traded shares on the Oslo Stock Exchange.
VLGC specialist Avance was one of the top performing shipping stocks globally in 2015 but it has come down heavily this year as the spot market fell from record highs.
The Oslo Bors announced the change today with Nordic Semiconductor also leaving the OBX.
Shares in Avance slipped by a little over 4% to NOK 26.05 each at the time of writing on Thursday. It has lost 74.35% of its value this year.
A reduced dividend, lower asset values and a falling spot market have all contributed to the slide, Arctic Securities said this week.
However, analyst Erik Nikolai Stavseth noted the company has more cash than meets the eye, with $71m in the bank at the end of the first quarter, $25m undrawn on a credit facility and a debt free LNG carrier worth $15m.
