Oslo-based Awilco LNG, the owner of two 156,000-cbm LNG carriers, reported a profit of $1 million in the first quarter of this year as compared to a loss of $31.8 million in the comparable period last year.

In the fourth quarter of 2017, Awilco LNG posted a net loss of $4.5 million.

Awilco LNG’s quarterly net freight income rose to $13.8 million from $9.6 in the quarter before due to “full exposure to a spot market with increased activity and rates following a firm winter market,” Awilco LNG said in its statement.

Fleet utilisation for the quarter ended at 97 percent, compared to 83 percent in the fourth quarter of last year.

Headline spot LNG rates in the quarter under review were on average 70 percent higher than in Q1 2017, and in late April activity again picked up with a long list of charterers coming to the market for multi-month term business and spot rates appear to have troughed, according to Awilco LNG.

Looking forward, Awilco LNG said it expects LNG carrier rates to strengthen in the second half of this year, and the long-term outlook for LNG shipping “remains promising.”

“Awilco LNG is presently trading both ships in the spot market, is fully financed until 2020 and is thus well positioned for the improving market,” it added.