Oslo Bors newcomer Avance banked $6.13m in the three months to 28 February, overturning a loss of $4.44m last time around.

Its bottom line came in comfortably clear of the $1.5m consensus for the quarter with the promise of improved earnings ahead given record spot rates for VLGCs during the second quarter.

Avance carded revenue of $28.12m for the opening period of fiscal 2014, rising from $21.87m