Bermudian-based Avance Gas Holding Ltd has agreed to sell the 2008-built VLGC Thetis Glory with delivery in February after her current voyage.

Avance, which is engaged in the transportation of liquefied petroleum gas, said that following debt repayment, the sale of the very large gas carrier will generate approximately $22.5 million in net cash proceeds and a book profit of approximately $6 million.

The company said the sale follows its fleet renewal strategy, reducing average age and emissions while improving the fuel efficiency of the overall fleet as it is about to take delivery of its second dual-fuel newbuilding next month.