Awilco breaks even

Awilco LNG broke even in the first quarter of 2014 after posting losses in the two previous quarters.

The shipowner posted ebitda of $10.7m compared with $8m and $400,000 in the fourth and third quarters of 2013 respectively.

Freight income was $20.2m, a slight dip on the $21.3m seen in the fourth quarter of last year. However, costs fell 55% to $2.5m.

Awilco LNG attributed the decline in revenue to lower rates for the 156,000-cbm WilPride (built 2013) during the first quarter.

Operating costs in the fourth quarter were higher due to the positioning costs incurred after the delivery of the 156,000-cbm WilForce (built 2014) and the WilPride.

Awilco LNG said the lack of available cargo and fewer reloads from Europe continued to impact the spot market in the first quarter.

The situation was compounded by the delivery of four newbuildings during the quarter which resulted in increased available tonnage, lower activity and softening rates.

Spot rates for a tri-fuel diesel electric (TFDE) vessel was reported as $98,000 per day at the start of the quarter, but declined to about $64,000 per day towards the end.