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), it said.

Charles Maltby, CEO of Epic Gas, csaid: “Our recent refinancing continues to benefit Epic Gas and our customers, further reducing our business costs, whilst allowing us to continue our focused investment towards modern high-quality vessels, with the larger 11,000 cbm capacity enabling us to capture up-sizing of cargo stems and deliver operational efficiencies for our customers.”

Epic Gas, the provider of seaborne services for the transportation of liquefied petroleum gas and petrochemicals, controls a fleet of 44 vessels which serve the international supply chains of leading oil majors and commodity traders throughout Asia, Europe, Africa and the Americas.