Norway's Avance Gas Holding is continuing to shed older vessels as its new dual-fuel VLGCs begin to be delivered.
The Oslo-listed owner, controlled by John Fredriksen, said it has agreed a deal to sell the 83,700-cbm Thetis Glory (built 2008), with delivery in February after the current voyage.
No price was revealed, but VesselsValue estimates the ship is worth $51m.
Avance Gas said that after repayment of debt, the sale will bring in $22.5m of cash and a book profit of $6m.
The company sold the sistership Iris Glory (built 2008) last year, while two more sister vessels from 2008 and another from 2009 are potential sales candidates.
The rest of the 13-ship fleet dates from 2015, apart from the 91,000-cbm Avance Polaris, which was handed over this month from Daewoo Shipbuilding & Marine Engineering in South Korea.
This is the first of six new vessels that can run on LPG as a fuel.
Avance Gas said the latest disposal follows its fleet renewal strategy, reducing average age and emissions while improving the fuel efficiency of the overall fleet.
The second dual-fuel VLGC is due next month, with the others following by the end of 2023.
Long-term fix
The Avance Polaris has been fixed to TotalEnergies on a long-term charter.
The rate has not been disclosed, but includes a mechanism that gives both parties "exposure to the market", Avance Gas said.
The company is in talks to fund ships three to six in the series at "attractive rates".
Chief financial officer Randi Navdal Bekkelund told analysts on a conference call in November that since 2019, the company has paid $78m related to its newbuilding programme, representing 41% of the pre-delivery capital expenditure.
