Norwegian owner Avance Gas has struck a deal with an unnamed charterer to extend the contract for its 2015-built
Pampero at a stronger rate. The Oslo-listed very large gas carrier (VLGC) specialist has fixed the 83,000 cu m ship for 21 months, adding about $29m in firm backlog.
The vessel is currently on a 12-month charter with a trader, which expires in November 2023, and the new deal will start in direct continuation of the existing charter and secure employment until the third quarter of 2025 when it is due for its 10-year special survey. The charterer will also have the option to extend the fixture by one year following the completion of the 10-year special survey.
John Fredriksen-controlled Avance Gas owns and operates a fleet of 14 VLGCs, has two dual-fuel newbuilds for delivery in 2023 and 2024 and four LPG/ammonia carriers scheduled for delivery in 2026.
Øystein Kalleklev, CEO of Avance Gas, said the new charter fits well into the company’s commercial portfolio as it has several contracts running off near term, with the Iris and Venus Glory fixtures lapsing in the fourth quarter of this year and the Avance Polaris variable charter lapsing in January next year. “This gives us the opportunity to re-contract ships in a significantly improved freight market compared to when these time charters were agreed as evident from the Pampero fixture,” he noted.