Awilco LNG (ALNG) Q2 2025 earnings summary

Executive summary

• Reported a net loss of USD 3.1 million and loss per share of USD 0.02 in Q2 2025, a slight improvement from Q1 2025; H1 2025 net loss was USD 6.4 million and USD 0.05 per share.

• Net freight income for Q2 2025 was USD 7.8 million, down from USD 8.3 million in Q1 2025; H1 2025 net freight income was USD 16.0 million, significantly lower than USD 44.3 million in H1 2024.

• EBITDA for Q2 2025 was USD 3.9 million, up slightly from Q1 2025; H1 2025 EBITDA was USD 7.7 million, down from USD 36.4 million in H1 2024.

• Vessel utilization dropped to 65% in Q2 2025 from 72% in Q1 2025; H1 2025 utilization was 68%, compared to 100% in H1 2024.

Financial highlights

• Freight income in Q2 2025 was USD 9.1 million, down from USD 10.2 million in Q1 2025 and USD 22.8 million in Q2 2024.

• Voyage related expenses decreased to USD 1.3 million in Q2 2025 from USD 1.9 million in Q1 2025.

• Operating expenses were USD 3.0 million in Q2 2025, down from USD 3.6 million in Q1 2025; administration expenses were USD 0.8 million.

• Depreciation charges remained steady at USD 3.9 million per quarter.

• Cash and cash equivalents decreased to USD 20.6 million at the end of Q2 2025 from USD 22.9 million at the end of Q1 2025.

Outlook and guidance

• LNG shipping market remains challenging due to oversupply from new vessel deliveries and limited increase in ton-miles.

• Long-term demand for LNG shipping is supported by steady flow of new LNG production projects.

• Market expected to improve as more LNG production comes online, but short-term challenges persist.