About us Avance Gas Holding Ltd. («Avance Gas») operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world's leading owners and operators of very large gas carrier (VLGC) and operates a fleet of thirteen modern ships and six Dual Fuel LPG newbuildings due for delivery in Q4 2021, Q1 2022, Q4 2022, Q1 2023 and 2H 2023. The Company Board of Directors Our Team Our History The Company Our Vision Avance Gas aspire to be the global leader in safe, reliable and sustainable VLGC shipping and the preferred choice of investors, customers and employees. Our Mission We are committed to creating value for our shareholders. We want to achieve this through excellent customer relationships, cost-efficiency, dedicated employees, by embracing new technology and by investing and divesting in a disciplined and sustainable way. Our Values We are A TEAM and believe the best results are achieved in an environment that promotes and encourages team spirit. We are positive, helpful and including. We value other’s opinions and like to challenge each other. We want to have fun and we are not afraid of celebrating achievements. We are APPROACHABLE and believe it is of the utmost importance we are easy to do business with, responsive and friendly. We never take ourselves too seriously. We are RESPECTFUL and believe that listening, being humble and acting with integrity are of cardinal importance to our business success. We always KEEP MOVING FORWARD by fostering a culture of innovation and continuous improvement. We want to seek out and embrace changes and dynamically adopt to them knowing that if we are not evolving, we are falling behind. We try to get better each day and take pride in ensuring quality in everything we do. Board of Directors Erik Jacobsen Chairman Erik Jacobsen has served as Director of Avance Gas since 26 May 2021. Mr. Jacobsen has worked in the LPG industry since the early 1980s starting his career in the Norwegian LPG shipbroking company Inge Steensland AS. Read more Kathrine Fredriksen Director Kathrine Fredriksen served as Director of Avance Gas since 26 May 2021. Ms. Fredriksen serves as President of Seatankers UK, board member of Norwegian Property since 2016 and as board member in Ship Finance since February 2020. Read more Øystein Kalleklev Director Øystein Kalleklev served as Director of Avance Gas since 26 May 2021. Mr. Kalleklev has been the CEO in FLEX LNG Management AS since August 2018, after serving as CFO of Knutsen NYK Offshore Tankers since 2013 and Chairman of the General Partner of the MLP KNOT Offshore Partners from 2015-2017. Read more François Sunier Director François Sunier has served as a Director of Avance Gas since 1 December 2010. He has been the CEO and Managing Director of Suntrust Investment Co. S.A. since January 2002. Prior to Suntrust Investment Co. S.A., Mr Sunier worked as an Executive Director at Goldman Sachs, London and at UBS Philips & Drew, London. Read more James O'Shaughnessy Director James O'Shaughnessy has served as a Director of the Company since January 2021. James O'Shaughnessy has been an Executive Vice President, Chief Accounting Officer and Corporate Controller of Axis Capital Holdings Limited since March 26, 2012. Read more Our team Kristian Sørensen CEO Read more Ben Martin CCO Read more Ke Zheng Junior Operation Manager Read more Martha Nord-Varhaug Boge Senior Chartering Manager Read more Captain Kenneth Aasvang Head of Operations Read more Randi Navdal Bekkelund CFO Read more Hanne Landvik Isaksen Senior Financial Controller Read more Inger Bårdsen Haviken Financial Controller Read more Tore Eia Chartering Manager Read more Jannicke Eilertsen Compliance Officer Read more Our History 2021 In May Avance Gas successfully completed a private placement raising $65 million in new equity. The net proceeds will be used for general corporate purposes, which includes partly financing of the Company's newbuilding program. Following the equity raise, Avance Gas increased its dual fuel VLGC newbuilding program from four to six vessels, with estimated delivery of the final two vessels for the second half of 2023. In July the Company further signed a $104 million sustainability-linked term facility with a bank syndicate to finance its first two dual-fuel newbuildings, Avance Polaris and Avance Capella. Avance Gas managed to navigate through the Covid-19 operational challenges and completed the schedueld drydocking programme for all 8 vessels, scrubber installation on 5 vessels and technical manager change for 6 vessels. Avance Gas sold the 2003-built VLGC Avance and succesfully completed a $45 million sale and leaseback transaction for the VLGC Pampero. By January 2021, Avance Gas has invested in four dual fuel newbuildings for delivery in 2021-2023. 2020 2019 The freight market improved significantly during the year returning profitability to Avance Gas. During 2019, the Company signed and closed a new $515 million credit facility, thereby fully refinancing all outstanding debt. End 2019, Avance Gas entered into two Dual-Fuel 91,000 cbm VLGCs at Korean shipbuilder DSME for delivery in Q4 2021 and Q1 2022 and scrubber installtion contracts were signed for six of our vessels. During 2018, Hemen Holding Limited increased its holdings and became the largest shareholder in Avance Gas. Avance Gas is integrating closer to the Seatankers group of companies, benefitting from economy of scale and the group’s extensive commercial and technical experience. After a weak freight market since 2016, the VLGC market began to strenghten end 2018. 2018 2016 2016 marked the first full year of operations for all 14 of the VLGCs in the Avance Gas fleet. All vessels show excellent technical performance. In October, the Company raised $58.7 million in a private placement and subsequent offering, issuing 29.5 million new shares. In December the LNG carrier, Gaea, was sold. During 2015 the Company completed it’s newbuilding program. In January 2015, Avance Gas took delivery of Mistral and Monsoon, the first two of its eight 83,000 cbm VLGC newbuildings from Jiangnan Shipyard in China. Breeze was delivered in April, followed by Passat, Sirocco, Levant, Chinook and Pampero, one each month between June and October. The Avance Gas fleet now consists of 14 modern VLGCs, with a total capacity of 1.17 million cbm. In July 2015 Avance Gas acquired a 1980 built LNG carrier, Gaea with plans to explore the use of the ship in commercial LPG projects. 2015 2014 On April 9, 2014, an initial public offering of Avance Gas shares was completed, raising $100 million from the issuance of new shares. Avance Gas’ three largest shareholders—Stolt-Nielsen Gas Ltd, Sungas Holdings Ltd and Frontline 2012 Ltd—simultaneously sold shares with an total aggregate value of $175 million, including over-allotment options. Trading of Avance Gas shares commenced on the Oslo Stock Exchange on April 15, 2014. During 2014, Avance Gas also completed the financing of its newbuilding program by raising a total of $650 million from a consortium of eight large shipping banks, underscoring the market’s confidence in the Company’s business strategy. In 2013, Transpetrol Holdings Ltd exercised an option to withdraw as an owner of Avance Gas, essentially through a reversal of the original transaction, leaving Stolt-Nielsen Gas Ltd and Sungas Holdings Ltd as equal owners. Shortly thereafter Frontline 2012 Ltd entered as a new shareholder of Avance Gas through a cash investment. In addition, Avance Gas agreed to purchase eight VLGC newbuildings—previously ordered by Frontline 2012 Ltd from Jiangnan Shipyard in China—for $75 million per ship. The acquisition was in part financed by a $100 million private equity placement, through which Avance Gas was listed on the Norwegian Over-the-Counter (“N-OTC”). Subsequent to this event, Stolt-Nielsen Gas Ltd and Sungas Holdings Ltd each held approximately 26% of Avance Gas’ shares outstanding, with Frontline 2012 Ltd holding approximately 23%. 2013 2011 In 2011, the VLGC market began to strengthen. That momentum carried into 2012, when Avance Gas acquired the VLGCs Prospect and Progress from Transpetrol Holdings Ltd., which then became a one-third owner of Avance Gas. In addition, Avance Gas acquired Maran Gas Knossos and Maran Gas Vergina from Maran Gas Maritime, Inc. in a cash transaction, now named Promise and Providence. The fleet now stood at eight VLGCs, following the expiry of the Yuhsho and Navigator Taurus timecharters. In exchange for 50% ownership in the Company, Sungas Holding Ltd sold three 2008 built VLGCs to the Avance Gas fleet: Iris Glory, Thetis Glory and Venus Glory. Navigator Taurus, a medium sized gas carrier, was also taken on timecharter in 2010, bringing the fleet up to a total of six ships. 2010 2009 The company entered the market in 2009 with a three-year timecharter of the VLGC Yuhsho, followed by the acquisition of the 2003-built VLGC Althea Gas, subsequently renamed Stolt Avance, today named Avance. Avance Gas Holding Ltd was established. Avance Gas traces it's roots to 2007 and creation of Stolt-Nielsen Gas Ltd. The goal of Stolt-Nielsen Gas Ltd was “to pursue growth opportunities in the expanding market for the transportation of liquefied petroleum gas (LPG).” 2007 Avance Gas AS Bryggegata 3 P.O. Box 1327 Vika 0112 Oslo Norway Navigation About Fleet Investor Relations Corporate Governance Bye-laws Contact Phone +47 22 00 48 00 Chartering lpg@avancegas.com Investor Relations ir@avancegas.com Avance Gas AS © 2021 | Laget av Oase Privacy policy