Epic Gas Buys 11,000 CBM Vessel
Epic Gas Shipping Company, which owns and operates a fleet of fully pressurized gas carriers, has announced the acquisition of 2015-built 11,000 cbm LPG carrier Epic Sicily.The Singapore-based LPG carrier operator said that the vessel, Epic Sicily, is built by the Sasaki Shipbuilding Co. Ltd. of Japan in 2015.The vessel has been on bareboat charter-in since Feb 2015 and Epic Gas is now exercising the purchase option under the charter contract. Finance of 60% of the acquisition cost comes from Epic Gas’s recently closed refinancing, with the balance paid from cash.This acquisition will generate savings in debt service of $1.4m p.a. (this figure was included in the $2.8m savings announced at the time of the refinancing)…
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.
Hamburg Port Sets Record in Intermodal Growth
Handling 135.1 million tons of seaborne cargoes (down one percent), Germany’s largest universal port can report a respectable result for 2018.Hamburg successfully asserted itself in a difficult environment, achieving a distinct advance on railborne seaport-hinterland transport. In 2018, this category accounted for totals of 46.8 million tons – up 2.7 percent – and 2.44 million TEU – up 4.7 percent.More than 60,000 cargo trains with around 1.6 million freight cars were handled during 2018 on the Port Railway network alone. This topped the record total set in 2016 and extended Hamburg’s position as Europe’s leading rail port.Jens Meier, CEO of Hamburg Port Authority, says: "The positive figures for the Port Railway are a success that we achieved together with our partners last year.
Epic Gas Secured Credit Facility for 7 Newbuilds
Epic Gas Ltd has closed a new USD 120 million post-delivery senior secured credit facility to finance its remaining seven owned vessels under construction. The facility covers approximately 65% of the contract price of the vessels, and has been closed in partnership with Coordinator, Agent and Book running Mandated Lead Arranger ABN AMRO Bank N.V. Credit Agricole Corporate and Investment Bank and NIBC Bank N.V. also joined the facility as Book running Mandated Lead Arrangers. The Company remains committed to the delivery of a high quality fleet with an outstanding new building program of three 7,500cbm vessels and four 11,000cbm vessels, plus an additional 11,000cbm new building to be delivered under a bareboat charter to Epic Gas.
Singapore's Epic Gas Order Two Big LPG Carriers
Epic Gas Ltd. says it has contracted Kyokuyo Shipyard Corporation in Japan to build two 11,000 cbm fully-pressurised gas carriers to be delivered in 2016. This latest order brings the total newbuild contracts for the year to eight fully-pressurised vessels. In addition Epic Gas has taken delivery of three bareboat vessels during the year. The company says it is also actively looking at opportunities to purchase high quality secondhand tonnage. “Our decision to move into the largest segment of the fully-pressurised fleet underlines our clear expectations of change and growth in the fully-pressurised LPG market.” states Chris Buttery, Chairman of the Board.
