Epic Gas Ltd. announces the sale of the Epic Cebu (4,000cbm, 1997 built) and Cefalu (4,000cbm, 1996 built) to buyers engaged in Southeast Asian cabotage trades. The transaction demonstrates Epic’s commitment to proactively managing our fleet to improve profitability and to delivering our customers a differentiated service with modern vessels across the full size spectrum of pressurised LPG carriers, the company said in its press release.
Pro forma for the transaction, Epic’s fleet of pressurised LPG carriers consists of 36 vessels on the water with an average size and age of 5,625cbm and 8.4 years, respectively. The Company has an additional eight vessels on order with shipyards in Japan and a ninth newbuilding to be delivered under a bareboat charter to Epic Gas.
The sale will not have a material impact on the Company’s FY2015 earnings. Proceeds from the transaction were used to retire USD 9 million of senior debt set to mature December 28, 2015.
About Epic Gas
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 45 vessels which serve the international supply chains of leading oil majors and commodity traders throughout Asia, Europe, Africa and the Americas.