Golar reported a net loss in the fourth quarter of 2018.
The company noted its net loss reached $313 million, compared to a $66.2 million profit in the previous quarter. The figures were impacted by $195.7 million of unrealized Brent oil-linked market-to-market derivative instrument losses and a $149.4 million impairment charge in relation to its investment in Golar LNG Partners.
The start-up of new LNG production facilities together with China’s early entry into the winter buying market and subsequent use of vessels for floating storage generated significant vessel demand.
Utilization quickly increased, as did voyage charter rates which reached record levels, Golar LNG said on Wednesday.
The company noted that fleet utilization increased from 86 percent in the third quarter to 93 percent in the quarter under review.