Epic Gas Acquires Four Vessels

Maritime Activity Reports, Inc.

July 17, 2019

Image: Epic Gas

Image: Epic Gas

Epic Gas, the liquid petroleum gas (LPG) shipping solutions company, announced that it has completed the acquisition of two of the four ships that it previously referenced in April 2019.

The vessels, the Kahyasi and Kris Kin, , are all modern second-hand 11,000cbm Japanese-built pressurised LPG carriers that were built in 2015.The remaining ships, the Kingcraft and Kisber, also both 11,000cbm Japanese-built pressurized LPG carriers built in 2015, are due to complete in July and August.

Two of the four vessels immediately enter a two-year time charter with a leading LPG commodity trading and shipping company, said a press release from the Oslo-listed company.

The four vessels will sit alongside six sister vessels already in the Company fleet, allowing the company to leverage on costs and scale to deliver safe high quality long-term low-cost freight to customers on a global basis.

The acquisition is financed with a combination of equity and debt, including a 7-year senior secured credit facility of US$ 63.9 million with BNP Paribas and Danish Ship Finance.

Charles Maltby, CEO of Epic Gas, said: “These vessels allow us to further leverage our operational platform at an attractive stage of the rate cycle for minimal additional cost, reflecting the benefits our growing scale can deliver."

Charles said: "The financing at competitive terms further strengthens our competitive edge, and we thank our lenders for their support. Once the final vessel arrives in August, we will have a fleet of 44 modern vessels, reinforcing our market leading position and global reach.”

Maritime Reporter Magazine Cover Aug 2019 - The Shipyard Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News