Avenir LNG, a small-scale supplier and owner of gas carriers, announced on 30 December reaching the “significant milestone” of delivering its first quarterly financial results with all its assets fully in place.

Third-quarter revenue soared as a result to $20.9m in the third quarter of 2022, from $4.25m in the same period of the previous year. For the first nine months of 2022, revenue almost quadrupled year-on-year to $38m.

This reflects the start of the company’s LNG bunkering business in the Baltic in June, as well as the July delivery of the 20,000-cbm carrier Avenir Achievement (built 2022) to New Fortress Energy, with which it embarked on a six-month charter.

Avenir LNG, a company in which floating LNG carrier specialist Golar LNG is an investor, owns six small gas carriers and an LNG terminal in Sardinia, Italy.

Higher revenue, however, came hand in hand with higher expenses, which soared to $13.9m from $1.4m.

That, combined with rising finance costs and foreign exchange losses, drove Avenir LNG to a net loss of $3m in the third quarter from a loss of $748,000 in the same period of 2021.

For the period between January and September 2022, the net loss reached $10.3m from $1.28m in the previous year.

Avenir LNG chief executive officer Peter Mackey admitted that European gas benchmarking led to “extraordinarily high price levels” that “created significant pressure” on the company’s retail LNG business.

This effect, however, was offset by the company’s wholesale supply business, which continued to grow.

“Our ability to operate in multiple market segments is testament to the flexibility of our asset base and commercial model,” Mackey said.

Avenir LNG supplies small-scale LNG to off-grid industry, as well as to power generation and transport fuel sectors and provides infrastructure to support the development of LNG as a marine fuel.

In recent months, the company has announced several initiatives to grow its business.

In August, it hooked up with Croatian natural gas supply company Prvo Plinarsko Drustvo (PPD) to sell and distribute LNG by small-scale vessels and trucks and it also announced plans for a new fast-track LNG terminal in Sweden.

According to Mackey, Avenir’s global presence has expanded rapidly, with assets and partnerships now operating in China, Malaysia, the Mediterranean, the Baltic Sea and the Caribbean.