Norway-based transporter of liquefied petroleum gas (LPG) Avance Gas Holding has decided to exit the LNG shipping market as it entered into an agreement to sell its final LNG carrier, the 126,530cbm Gaea.

The company said that the 1980-built ship, the oldest one in its fleet, would be delivered to an undisclosed owner in December 2016.

The sale of Gaea will generate some US$13.3m in net cash proceeds, further strengthening the company's liquidity position, according to Avance Gas.

Featuring a length of 285 meters and a width of 43.7 meters, Gaea was purchased by Avance Gasin June 2015 for a price of US$20m.

According to data provided by VesselsValue, the ship's market value stands at US$18.1m.