Avance Gas Holding Limited, the Bermudian-based company engaged in the transportation of liquefied petroleum gas, has reported a net profit of $36.3 million in the first quarter of the year, which the company said is among its best first quarter results.

That compares with a net profit of $34.7 million for the fourth quarter 2022.

The average time charter equivalent rate on load to discharge basis was $58,379/day compared to $46,478/day for the fourth quarter 2022, slightly ahead of guidance of $58,000/day.

For the first quarter, Avance had time charter coverage of 41 per cent at an average TCE rate of $40,000/day and spot voyages of 59 per cent at $71,000/day.

Daily operating expenses were $8,626/day, compared to $8,738/day in the fourth quarter of 2022.

Øystein M Kalleklev, chief executive officer, said: “We have only delivered better first quarter numbers once and that was back in the first quarter of 2015.”