Epic Gas Refinances Two LPG Tankers
Singapore-based gas carrier owner and operator Epic Gas has completed the refinancing of two 2010-built liquefied petroleum gas (LPG) tankers.The two ships – the Epic Bali and Epic Borneo (each 2010 built, 7200 cbm) - were both in a finance lease structure and Epic Gas exercised a purchase option to refinance the vessels through a sale and lease back transaction with a Japanese ship owner, a press release from the fully pressurized gas carriers providing seaborne services for the transportation of LPG and petrochemicals.The bareboat charter back term is 10 years, with a purchase option from year five, it said.This transaction has reduced Epic Gas’s interest and amortization by US$1.3m p.a.
TMS Cardiff Gas Orders Four LNG Carriers at Hyundai Heavy Industries
Greek gas carrier owner and operator TMS Cardiff Gas has signed additional contracts with Hyundai Heavy Industries (HHI) & Samsung Heavy Industries (SHI) of Korea for the construction of 174,000 cubic meter LNG carriers with XDF propulsion. The Greek corporation said that this order is the latest in the Company’s X Carrier Series of orders taking the tally of X Carriers Series within the fleet to eleven. The Company’s fleet of managed vessels has grown to sixteen. The vessels are scheduled for delivery in 2020/2021, when they will enter into time charter contracts with energy major ShellThe vessels will be built to the highest industry specifications…
Skaugen Goes to Red Again
Norwegian Marine Transportation Service Company I.M. Skaugen SE reported interim losses but cautiously positive and expecting a gradual recovery of trading opportunities for long routes the petrochemical market. The gas carrier owner reported profit before and after tax of minus $ 5.1 million (loss) in Q2 2016. The same quarter a year ago profit before and after tax minus $ 0.5 million. Freight revenues amounted to $ 18.5 million in this year's 2nd quarter, against 15.7 million in last year. I.M. Skaugen SE’s (IMSK) core business is liquefied gas transportation. The fleet of 15 advanced gas carriers is operated in a revenue sharing pool managed by Norgas Carriers Pte Ltd.
GasLog Proft Doubles, But Misses Forecast
Monaco-based liquefied natural gas carrier owner GasLog has reported a sharp increase in profits in 1Q15, saying the sector's medium- to long-term outlook remains encouraging. Group net profits jumped to $13.8 million in 1Q15 from $6.4 million in the same period last year, as revenues rose to $97.3 million from $57 million. “Against a back drop of weak overall energy markets, the first quarter of 2015 saw us take delivery of the Methane Becki Anne and the Methane Julia Louise, bringing our consolidated fleet to 27 vessels,” Paul Wogan, Chief Executive Officer of GasLog said. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by $0.01. During the same quarter in the previous year, the company posted $0.13 earnings per share.
A&P wins Contracts from Norway
A&P Tyne is celebrating this week after clinching its third contract from Norway in just a matter of weeks. The first contract, which is currently underway in the Hebburn shipyard, involves the refurbishment of the 10,385 grt pipe-laying vessel Seaway Falcon for Stolt Offshore of Stavanger, Norway. The second contract involves the refurbishment of the 3,254 grt Skandi Fjord, an oil well stimulation vessel, owned by DOF Ship Management, Bergen. The Skandi Fjord will arrive at the Hebburn yard on or around May 23 for the two-week refurbishment contract. The third repair contract involves a ‘first’ from leading Norwegian tanker and gas carrier owner Bergesen, Oslo. Work will involve the 25,926 dwt liquid petroleum gas (LPG) shuttle vessel Hedda.
