Net profits more than tripled to $24.3 million in the first quarter of the year for Avance Gas Holding Ltd, the Bermudian-based company engaged in the transportation of liquefied petroleum gas.

That compared with a net profit of $7.5 million for the fourth quarter 2021.

The average time charter equivalent rate was $37,608/day compared with $27,631/day in Q4 2021.

Daily operating expenses were $8,459/day, up from $8,139/day in Q4 2021.

In May, the company signed a $555 million sustainability-linked term facility with a bank syndicate.

The company said the facility is a refinancing of the previous bank facility financing the nine very large gas carriers including a financing of the newbuildings three and four, Avance Rigel and Avance Avior, for delivery in the fourth quarter 2022 and the first quarter 2023.

The board declared a dividend of $0.20 per share for Q1 2022 corresponding to $15.3 million.