Norwegian LPG carrier operator Avance Gas has announced the sale of the 2003-built VLGC Avance to an undisclosed buyer for a price of $35m.

The 82,500 cum vessel is set to be delivered to the new owner before September, and the sale will generate around $17m in net cash proceeds for the company after debt repayment.

Avance Gas said the sale is in line with the company’s fleet renewal strategy.

The company currently has a fleet of 14 VLGCs, with a further two 91,000 cum VLGCs under construction at DSME.