Epic Gas completes refinancing of two ships
Epic Gas Ltd. (ticker “EPIC-ME”, “Epic Gas” or the “Company”), the leading LPG shipping solutions company, today announced that it has completed the refinancing of two ships – the Epic Bali and Epic Borneo (each 2010 built, 7200 cbm).
The ships were both in a finance lease structure and Epic Gas exercised a purchase option to refinance the vessels through a sale and lease back transaction with a Japanese ship owner. The bareboat charter back term is 10 years, with a purchase option from year five.
This transaction has reduced Epic Gas’s interest and amortization by US$1.3m p.a. (total for both ships).
Uta Urbaniak-Sage, CFO of Epic Gas, commented: “Today’s transaction reflects our ongoing efforts to continuously optimise our cost of financing, driving out unnecessary cost wherever possible.”
About Epic Gas Ltd.
Epic Gas owns and operates a fleet of fully pressurised gas carriers providing seaborne services for the transportation of liquefied petroleum gas and petrochemicals. The company 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. The Company’s shares are traded over the Oslo Stock Exchange under the ticker “EPIC-ME”.
