Awilco LNG (ALNG) Q4 2024 earnings summary

Executive summary

• Reported net profit of USD 1.5 million and EPS of USD 0.01 in Q4 2024, reversing a net loss of USD 0.3 million in Q3 2024; full-year 2024 profit was USD 17.1 million and EPS USD 0.13.

• EBITDA for Q4 2024 reached USD 8.8 million, up from USD 7.3 million in Q3; full-year EBITDA was USD 52.5 million.

• WilForce vessel received USD 3.7 million in Loss of Hire insurance compensation due to technical off-hire in Q4.

• WilPride is fixed on a contract until December 2025, providing stable cash flow.

• Vessel utilization was 89% in Q4 2024, up from 87% in Q3; full-year utilization was 94%.

Financial highlights

• Q4 2024 freight income was USD 10.6 million, with net freight income at USD 9.3 million after voyage expenses.

• Operating expenses for Q4 2024 were USD 3.0 million; administration expenses were USD 1.2 million.

• Depreciation for Q4 2024 was USD 3.9 million; net finance costs were USD 3.4 million.

• Net financial expenses for 2024 were USD 19.8 million, up from USD 17.7 million in 2023, mainly due to refinancing costs.

• Cash and cash equivalents at year-end 2024 were USD 23.5 million, down from USD 27.1 million at end-2023.

Outlook and guidance

• WilForce is exposed to a challenging spot market with rates below operating expenses and potential idle periods.

• One vessel is secured on a fixed rate contract until December 2025, providing stability.

• Market expected to recover in 2026–2027 as older vessels are phased out and new LNG production ramps up.

• Company is seeking longer-term contracts and is prepared to weather weak market conditions due to strong liquidity and reduced cash break-even.

• Mid- and long-term demand for LNG transportation remains strong, with significant new LNG production capacity under development.