Norway’s Avance Gas is optimistic of further gains in VLGC markets that are already the strongest for seven years.

The John Fredriksen-controlled owner logged net profit of $11.6m in the third quarter, up from $4.2m a year ago.

Revenue grew to $55m from $47m due to an average time charter equivalent rate of $32,954 per day.

This was ahead of guidance at $32,000, while daily operating expenses were $8,200.