Norwegian LNG transportation provider Awilco LNG swung to a profit in the fourth quarter of last year.
The company posted a net profit of $1.2 million for the fourth quarter of 2020, boosted by a sharp increase in spot LNG prices. The jump in spot LNG prices was largely driven by higher Asian LNG prices.
The profit for the period compares to a $6.5 million loss in the previous quarter.
Freight income for the quarter was $12.8 million , up from $3.7 million in the third quarter of 2020, again due to the jump in spot LNG prices.
Fleet utilisation for the quarter ticked up to 100 per cent, compared to 99 per cent in the previous quarter.