Bermudian-based Avance Gas Holding Ltd has completed the sale of Venus Glory, the 2008-built very large gas carrier, for cash consideration of $66 million less ordinary broker commission of one per cent.

The company said the vessel completed her two-year time charter with Indian Oil Corporation at the end of December.

Subsequent to that, Venus Glory also carried out a single spot voyage at a net time charter equivalent result of $5.5 million prior to delivery of the vessel to the new owners.

The company said it expects to record a book gain on sale and a cash release following repayment of bank financing of $27 million and $40 million, respectively.

Avance Gas operates in the global market for transportation of liquefied petroleum gas.