Epic Gas has exercised purchase options for three LPG vessels

Epic Gas has bought in and chartered three LPG vessels, the company said in its first quarter statement.

In April 2018, the Company exercised purchase options under existing leases expiring in the first quarter 2019, and subsequently entered into a finance lease transaction with a term of 5 years for the Epic Balta (6,300 cbm, 2000 built), Epic Burano (7,500 cbm, 2002 built) and Epic Bolivar (7,500 cbm, 2002 built) with a Japanese ship owning company, resulting in a net decreased monthly finance cost.

The company has purchase options to re-acquire the vessels during the charter period, with the first such option exercisable on the third anniversary of the vessels’ delivery.

Epic Gas recorded a net loss of $2.7m in the first quarter, down from last year’s loss of $3.4m.

At the end of the first quarter 2018, the company had a fleet of 39 vessels with a total capacity of 264,000 cbm and an average size of 6,769 cbm, a 3.2% increase in average size from a year ago.

For more information, visit: www.epic-gas.com

14th May 2018