Epic Gas is acquiring four 2015-built secondhand LPG vessels from Petredec, with the transaction for two of the vessels completed and the remaining two to be finalised by August.
The BW-backed Epic Gas announced that it now owns the two 11,000 cu m Japanese-built pressurised LPG vessels, Kahyasi and Kris Kin. The remaining ships, Kingcraft and Kisber, also both 11,000 cu m Japanese-built, are due to be handed to Epic Gas in July and August respectively.
Two of the four vessels immediately enter a two-year time-charter with an unnamed LPG commodity trading and shipping company, according to Epic Gas.
The four ships will sit alongside six sister vessels already in Epic Gas fleet, allowing the company to leverage on costs and scale to deliver long term low cost freight to customers on a global basis.
Read more: BW Group taking over Epic Gas
“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. Once the final vessel arrives in August, we will have a fleet of 44 modern vessels, reinforcing our market leading position and global reach,” said Charles Maltby, ceo of Epic Gas.
The acquisition is financed with a combination of equity and debt, including a seven-year senior secured credit facility of $63.9m with BNP Paribas and Danish Ship Finance.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
