Norway-based transporter of liquefied petroleum gas (LPG) Avance Gas Holding has swung to a full-year net loss of USD 68.2 million from a profit of USD 183.2 million seen in 2015.

During the fourth quarter of 2016, the company delivered a net loss of USD 13.9 million, compared to a net income of USD 45.1 million recorded in the same period of 2015.

Time charter equivalent (TCE) earnings in the fourth quarter of 2016 were USD 12.1 million, USD 800,000 lower than earnings in the third quarter of the year. In addition, TCE earnings in the year ended December 31, 2016, were USD 92.7 million.

The average TCE rate for the company’s fleet went down to USD 9,602/day in the fourth quarter of 2016 from USD 10,131/day in the third quarter of the year. Additionally, the average TCE for full-year 2016 was USD 18,324/day, the firm said.

Avance Gas said that its fleet utilization was 96% in the fourth quarter of 2016, compared with 95% in the third quarter of 2016.

In October 2016, the company reached an agreement with its lenders to reduce the scheduled loan repayments with 50% until the second quarter of 2019, and amend the financial covenants under the company’s credit facilities. The agreement was subject to an equity issue of minimum USD 55 million which was completed in November 2016, raising net proceeds of USD 58.7 million.

Avance Gas owns and operates a fleet of fourteen very large gas carriers (VLGCs).