Norway's Awilco LNG reduced its red ink as LNG carrier rates hit record levels in the fourth quarter.
The company said vessel utilisation rose to 84%, compared to 70% in the preceding three months.
The net loss was $1.16m, against $4.52m in the same period of 2017.
Finance expenses kept it in the red, but revenue rose to $10.38m compared to $7.34m a year ago, due to "firm market fundamentals".
EBITDA for the quarter was $7.1m, up from $3.8m in the third quarter.
Consolidation talks ongoing
The company also said "good progress" was being made in ongoing discussions with other shipowners to potentially establish a consolidated LNG shipping venture.
This echoed comments from Golar LNG on the same subject on Wednesday.
The two are believed to be in talks on cooperation with Christos Economou’s TMS Cardiff Gas.
Administration expenses were $1.4m in the final three months, up from $0.8m the previous quarter, "mainly due to professional fees arising from the ongoing LNG shipping consolidation initiative," it said.
Awilco LNG has one vessel on contract until June/September 2019 and a second trading spot.
It said it was "well positioned in this firming market."
