12/26
This is actually about a month old news now.
Back in Aug 2024, Avance Gas sold its existing fleet of 12 VLGC tankers to BW LPG for a little over $1B (combination of cash, novation of debt, and BW LPG (BWLP) shares). Following this, Avance Gas was left with 4 Medium size Gas Carriers (MGCs) scheduled for delivery in 2025 and 2026.
The new development (Nov 2024) is that those vessels have been sold to Exmar (a Saverys-related entity). Essentially, the two deals have turned Avance Gas into a run-off entity. The company announced a Q3 div that included some of the cash received from BW LPG (Some cash and BWLP shares deliver to Avance Gas, upon delivery of each vessel. At early Dec 2024, 9 of 12 vessels had delivered. The remaining three scheduled to deliver by end of 2024).
What next?
No plans for new vessels. The remaining cash and BWLP shares will be distributed to shareholders. Avance Gas will have completed a 11-year history that started when Fredriksen created a new Frontline entity to save the old Frontline tanker company via ordering a variety of new vessels (including some of those VLGCs that became Avance’s VLGC fleet)