Aurora in positive start

Aurora LPG has reported a profit of just over $6m according to preliminary figures for its first operational period.

The quarter saw it take delivery of the 82,000-cbm Mill Reef (renamed Aurora Leo) and Mill House (renamed Aurora Taurus, both built 2008) which were acquired from Petredec for $75m each.

It had 102 vessel operating days in the quarter during which it achieved a time charter equivalent (TCE) of $84,865 per day.

Aurora LPG said ship operating expenses per day amounted to $7,097.

“The spot market for LPG shipping remained firm during the quarter supported by higher export volumes and strong demand from import regions,” Aurora LPG said.

For the third quarter, it said it has fixed in excess of 85% of its available vessel days at around $110 000 per day.

Aurora LPG said it will issue its second quarter report on 16 September and hold a teleconference in connection with the report.

Last month the company said it had been subjected to a hostile takeover offer from an undisclosed described as one of its peers.

Avance Gas president Christian Andersen poured cold water on reports that it was mounting a campaign to merge with Aurora LPG.

He told TradeWinds that his company would consider a union with the IPO hopeful but said “firm negotiations” haven’t taken place.

Aurora LPG has ambitions to create a fleet of eight to 12 VLGCs within six to 12 months.

It already trades on Oslo’s over-the-counter (OTC) market, but has said its intention was to list on the Oslo Axess in August.

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