Avance Gas Holding Ltd, the Bermudian-based company engaged in the transportation of liquefied petroleum gas, has reported a net profit of $30.1 million in the third quarter of the year.

That compares with a net profit of $35.7 million for the second quarter of 2023.

The average time charter equivalent rate basis discharge-to-discharge was $55,300/day versus guidance in the high $50s and compares with $50,800/day for the second quarter, the company said.

Daily operating expenses were $8,070/day, compared with $8,000/day for the second quarter of 2023.

For the fourth quarter, Avance said, it estimates a TCE rate for the quarter to be approximately $70,000-75,000/day on a discharge-to-discharge basis.

The board has declared a dividend of $0.50 per share or $38.3 million for the third quarter.

Øystein Kalleklev, chief executive of Avance Gas, said: “The LPG freight market continues to rip with the best market conditions since 2015.

“Consequently, we are also delivering our strongest year-to-date numbers since 2015, with net profit of $102 million, and the best is yet to come as we do expect that Q4 will be by far our best quarter this year.

“From September onwards the freight market has been exceptionally strong, fuelled by Panama congestion, strong US export growth and a very high arbitrage between LPG prices in US compared to Far East supporting freight levels.”