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Epic Gas posts narrow loss in Q3

Epic Gas posts narrow loss in Q3
Epic Gas has posted a narrow loss of $300,000 in the third quarter compared to the larger deficit of $3m in the same period of 2014.

The Singapore-based gas carrier operator recorded largely stable third quarter revenue of $32.2m compared to $33.1m in the year-ago period.

Epic Gas brought in revenue of $8,798 per vessel calendar day, up 4% year-on-year, from its fleet of 37 vessels on the water including 13 vessels of over 7,000 cu m in capacity.

“The larger vessel earnings have remained firmer, whilst we also see the average rates for all pressurised LPG vessels in the west maintaining a 5% premium year-to-date,” the company stated.

It also noted that rates in the pressurised LPG sector for the third quarter were on average below the previous quarter and similar period in 2014, but by the end of the quarter were showing some marginal signs of recovery.

“Overall average rates, year-on-year, approximately 20% lower in the 3,500 cu m and 5,000 cu m segment, whilst the rates for the 7,500 cu m have dropped only marginally,” it said.

On newbuilding program, Epic Gas has eight on order with deliveries stretching to the first quarter of 2017. The eight new ships comprise of three 7,000-7,500 cu m capacity and five 11,000 cu m capacity.

TAGS: Tankers