Avance Gas q1 2024 results

Reported 05/15
I had commented after reading the Avance Gas Annual Report 2023 that the company had a lot of cash gains to book in q1-q2 2024
Sure enough, when Avance Gas announced q1 2024 results, they announced the q1 2024 div is $2.15/sh, equal to the sum of the prior 4 dividends.

Slide 3 is quite hilarious–

To recap,
Avance sold its two oldest VLGCs & its two newest VLGCs, booking significant gains on each of the four vessels. Operationally, the company had an “above-average” quarter, so there was additional cash flows.

Debt financing has been arranged and/or shifted among vessels. Also, the company has ordered 4 medium size Gas Carriers (the traditional size for Ammonia carriers until more recent VLGC orders) that deliver in 2025 and 2026. VLGC rates have dipped, but q2 is usually a slower qtr.

No position (Avance Gas does not trade on US exchanges. If I had really wanted the div, I could have arranged an Interactive Brokers trade)