Avance Gas says goodbye as Exmar swoops for last four newbuilds

John Fredriksen-controlled Avance Gas is to be wound up as it sells its last four ships under construction to Exmar. 

Avance Gas had sold the majority of its fleet to BW Group earlier this year. It has now found a buyer for four mid-sized gas carriers under construction in Asia in the form of Exmar, a company that is undergoing a significant fleet rejuvenation. 

The four 40,000 cu m gas carriers have been sold for a total of $282.4m. The dual fuel newbuildings will deliver from late next year through to the end of 2026, and give Avance Gas a profit of $34m on the sale.

Øystein Kalleklev, Avance Gas’s CEO, commented: “As we are not planning to invest in new ships, we are now preparing a wind-up process of Avance Gas to ensure we can return the remaining capital to our shareholders in a quick and cost-efficient manner.”

Kalleklev (pictured) is also the CEO of Flex LNG. 

Avance Gas traces its roots to 2007 and the creation of Stolt-Nielsen Gas.