Norway's Awilco LNG Q2 net loss unchanged as LNG spot-rate volatility weighs on earnings
Norway's Awilco LNG Q2 net loss unchanged as LNG spot-rate volatility weighs on earnings
Overview
Norway LNG shipper reported Q2 net loss unchanged from prior qtr, loss per share at $0.03
Q2 EBITDA and net freight income declined on lower vessel utilization, volatile spot rates
Company raised $3 mln in June equity offering after $26 mln private placement in April
Outlook
Company expects to enter its first LNG Trade by year-end
Company sees ongoing volatility in LNG shipping rates due to geopolitical disruptions
Awilco LNG focused on opportunities amid low European gas storage and volatile gas prices
Result Drivers
SPOT RATE VOLATILITY - Co said volatile spot rates and shifting trade routes led to lower earnings and utilization in Q2
UTILIZATION DROP - Co reported lower vessel utilization, which contributed to reduced net freight income and EBITDA
Company press release: ID:nObi9T8Fja
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Loss Per Share |
| $0.03 |
|
Q2 Net Loss |
| $6.40 mln |
|
Q2 EBITDA |
| $600,000 |
|
Reuters Recommended Reads
Aug 18 - Norway's Odfjell Drilling Q2 profit aided by insurance proceeds
Aug 17 - Freightos Q2 revenue hits record, loss narrows as Mideast activity resumes
Aug 17 - Norway’s Gassco modifies planned gas outage
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)