Awilco LNG currently owns two 156,000-cbm TFDE LNG vessels, WilForce and WilPride.
The existing charter party for Awilco LNG’s WilPride runs until December 2025, and the charterer had an option to extend the charter party for this vessel.
“The charterer had an option to extend the charter party for two more years at the current rate until August 1, 2025, but no notice to extend was given before that date, and the vessel will be open at expiry of the firm charter period,” Awilco LNG said on Thursday.
Also, Awilco LNG said WilForce is trading in a “challenging spot market while the company is searching for longer-term employment.”
Awilco LNG noted that the “exceptionally weak” market for LNG shipping in the first quarter of 2025 continued into the second quarter and its open vessel WilForce “experienced extended idle periods with corresponding low earnings in this quarter.”
TCE earnings for Awilco LNG’s two vessels combined ended at $42,600 per day on average, down from $46,000 in the previous quarter.
Awilco LNG’s freight income for the quarter ended at $9.1 million compared to $10.2 million in the first quarter of 2025.
Voyage related expenses were $1.3 million, down from $1.9 million in the first quarter, whilenNet freight income for the quarter ended at $7.8 million compared to $8.3 million in the first quarter.
LNG shipping market “remains challenging”
Awilco LNG’s CEO Jon Skule Storheill said the short-term LNG shipping market “remains challenging as delivery of new vessels ahead of the massive increase in LNG production is creating oversupply.”
According to Fearnley LNG, 17 LNGCs were delivered during second quarter of 2025, compared to 16 during thefirst quarter.
Still 57 vessels are scheduled for delivery in the second half of the year, and Awilco LNG see it as “highly likely” that delivery of some of these vessels will be postponed as owners will push the yards for later delivery to get them closer to start of their intended contractual trade
“Additionally, the increased US production is currently going to Europe to rebuild gas inventories ahead of winter, limiting an increase in ton-miles. Therefore, the effect of an all-time high number of steam vessels sold for demolition has so far not been enough to rebalance the market,” Storheill said.
“A continued steady flow of final investment decisions for new LNG production is proof of strong long-term demand for LNG shipping,” he added.
