Epic Gas expands its fleet

August 16, 2017 - Singapore-based Epic Gas has entered into a sale and 10-year bareboat charter back transaction for the 2017-built Epic Salina with a Japanese ship owning company. The company has purchase options to re-acquire the 11,000 cbm ship during the charter period, with the first such option exercisable on the third anniversary of the vessel delivery.

This transaction, agreed in July, has the advantage of increasing Epic Gas’ liquidity position while reducing the monthly financing cost, the company informed. The company unveiled the transaction as part of its financial report for the second quarter of the year, ended June 30, 2017, in which it said its net loss for the period widened to USD 5.4 million, compared to a net loss of USD 0.9 million reported in the second quarter of 2016.

Revenue for the quarter increased by 4 percent to USD 33.9 million year-on-year, while time charter equivalent revenues for the three months were at USD 8,022 per vessel per day, decreasing by 2% year-on-year, Additionally, the company said that it expanded its fleet in July 2017, when it took delivery of the 7,500 cbm LPG carrier Epic Boracay, built in 2009 at Japan’s Murakami Hide Shipbuilding. The acquisition was financed by a combination of equity and debt.