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Avance Gas Holding Ltd Reports Unaudited Results for the Second Quarter of 2021 BERMUDA , 19 August 2021 - Avance Gas Holding Ltd ( OSE : AGAS ) today reported unaudited results for the second quarter 2021 . HIGHLIGHTS The average time charter equivalent ( TCE ) rate was $ 28,774 on a discharge - to - discharge basis and $ 27,730 / day on a load - to - discharge ( IFRS 15 accounting principles ) , compared to $ 36,754 / day and $ 42,552 / day in Q1 2021 respectively . Daily operating expenses ( OPEX ) were $ 9,311 / day , compared to $ 9,440 / day in Q1 2021. OPEX was impacted by Covid - 19 crew and freight cost of $ 800 / day , repair , and maintenance of approximately $ 360 / day . A & G expenses were $ 1,357 / day , up from $ 1,191 / day in Q1 2021 . In July , the Company signed a $ 104 million sustainability - linked financing agreement for the two first dual fuel newbuildings . The transaction will secure financing of the two first dual fuel newbuildings , Avance Polaris and Avance Capella , scheduled for delivery in Q4 2021 and Q1 2022 . The board declared a dividend of $ 0.02 per share for Q2 2021 corresponding to 100 % of net profit or $ 1.5 million . ● For the third quarter of 2021 , we estimate TCE rate on a discharge - to discharge basis of approximately $ 28,000 / day contracted for 77 % of vessel days . In US $ thousands ( unless stated otherwise ) Income statement : TCE per day ( $ ) TCE earnings Operating profit before depreciation expense Net profit Earnings per share ( 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 Net cash from ( used in ) financing activities Net increase in cash and cash equivalents Three months ended 30 June 2021 27,730 30,697 18,077 1,473 0.02 30 June 2021 948,024 421,302 107,928 526,722 30 June 2021 3,460 ( 33,631 ) 42,381 12,217 Three months ended 31 March 2021 42,552 47,786 35,348 18,924 0.30 31 March 2021 901,698 429,243 95,711 472,455 31 March 2021 38,229 ( 360 ) ( 18,039 ) 19,830 * ) EPS for Q2 calculated based on the weighted average of shares for the quarter , considering the share capital increase of 12,899,00 shares in April 2021 . The VLGC freight market rebounded from the extreme cold in the US in Q1 supported by increased US LPG production and lower domestic demand allowing export volumes to flow to the Far East . During Q2 the number of US liftings have been on historical high levels driven by terminal expansions . Despite a record high number of liftings out of the US , the VLGC freight market has been impacted by low US inventories and a narrow US - Asia price arbitrage . Middle East export continued to follow the OPEC + production cuts remaining at same levels as previous quarter further increasing the US market share of global LPG exports . US Gulf and USEC VLGC exports increased to 78 cargoes on monthly average for the second quarter compared to 67 cargoes in Q1 . The increase reflects the terminal expansions in Targa , Nederland and Markus Hook . In Avance Gas