Singapore-based gas carried owner Epic Gas has completed the acquisition of the Epic Sicily, an 11,000 cbm pressurized vessel built in Japan in 2015.
Constructed by Sasaki Shipbuilding, the 8,100 dwt LPG carrier has been on bareboat charter-in since Feb 2015. 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 USD 1.4 million, according to the company.
In late October, Epic Gas completed the refinancing of twenty ships in its fleet with a new USD 201 million facility. Completion of the refinancing left Epic Gas with four unencumbered vessels, meaning that the company has no further refinancing needs until after 2023.
“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,” Charles Maltby, CEO of Epic Gas, commented.
Epic Gas currently controls a fleet of 44 vessels providing seaborne services for the transportation of liquefied petroleum gas and petrochemicals.