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Avance Gas Holding Ltd Reports Unaudited Results for the First Quarter of 2021 BERMUDA , 27 May 2021 Avance Gas Holding Ltd ( OSE : AGAS ) today reported unaudited results for the first quarter 2021 . HIGHLIGHTS • • • • The average time charter equivalent ( TCE ) rate was $ 42,552 / day on a load - to - discharge ( IFRS 15 accounting principles ) and $ 36,754 on a discharge - to - discharge basis and , compared to $ 36,130 / day and $ 40,759 / day in Q4 2020 respectively . Daily operating expenses ( OPEX ) were $ 9,440 / day , compared to $ 9,419 / day in Q4 2020. OPEX was impacted by Covid - 19 crew and freight cost of $ 800 / day , seasonal up storing of spares and maintenance totaling approx . $ 800 / day . A & G expenses were $ 1,191 / day , up from $ 701 / day in Q4 2020 . In April 2021 , the Company increased its dual fuel VLGC newbuilding program from four to six 91,000 CBM vessels highlighting the company's commitments towards de - carbonisation of the LPG industries . In April 2021 , the company successfully completed a private placement raising $ 65 million in new equity securing fully funding of the newbuilding program assuming a normalised financing structure at delivery . In May 2021 , the company received credit approval for the financing of the two first dual fuel newbuildings for delivery Q4 and Q1 2022 in a $ 104 million facility with commercial banks , subject to normal documentation and closing procedures . The board declared a dividend of $ 0.14 per share for Q1 2021 corresponding to 57 % of net profit or $ 10.7 million which includes issued shares following the private placement in April 2021 . For the second quarter of 2021 , we estimate TCE rate on a discharge - to discharge basis of approx . $ 28,000 / day contracted for 95 % of vessel days . In US $ thousands ( unless stated otherwise ) Income statement : TCE per day ( $ ) TCE earnings Gross operating profit Net profit Net profit adjusted for impairment reversal Earnings per share ( diluted ) ( $ ) Earnings per share adjusted for impairment reversal ( diluted ) ( $ ) Balance sheet : Total assets Total liabilities Cash and cash equivalents Total shareholders ' equity Cash flows : Net cash from operating activities Net cash used in investing activities Three months ended Three months ended 31 March 2021 31 December 2021 42,552 36,130 47,786 41,260 35,348 29,156 18,924 46,839 18,924 13,106 0.30 0.73 0.30 0.21 31 March 2021 31 December 2021 901,698 897,238 429,243 444,666 95,711 75,882 472,455 452,571 31 March 2021 31 December 2021 38,229 ( 360 ) 17,370 ( 18,521 ) ( 688 ) ( 1,839 ) Net cash used in financing activities Net increase ( decrease ) in cash and cash equivalents ( 18,039 ) 19,830 Q1 LPG production was severely impacted by the extreme cold weather in the US . This black swan event , coupled with a higher than usual US domestic demand narrowed the product price arbitrage and curtailed shipments . Coming in to Q1 , the VLGC spot freight rates were around $ 100,000 / day early January but subsequently crashed to OPEX levels by March as US Avance Gas