• Home
  • News
  • Epic Gas and Lauritzen Kosan to combine fleet and businesses
  • 2020 December 23 15:14

    Epic Gas and Lauritzen Kosan to combine fleet and businesses

    Epic Gas Ltd., a leading LPG shipping solutions company, and Lauritzen Kosan A/S, the gas carrier division of J. Lauritzen, have entered into a transaction agreement to combine their fleet and business activities to create BW Epic Kosan.

    Combination creates a world leader in last mile delivery of LPG and other speciality gases and petrochemicals: Lauritzen Kosan will contribute 34 gas carriers to EpicGas’s fleet of 43 pressurised gas vessels, in addition to certain other assets,in exchange for new shares in Epic Gas equivalent to a 27% stake.

    BW Epic Kosan will have greater scale and synergies across the organisation–the combined fleet of 77 LPG/ethylene vessels will range in size from 3,500 cbm to 12,000 cbm.53 of the vessels will be wholly owned, with a Gross Asset Value of USD 900million. The combined organisation will have significant commercial and technical capability across pressurised, semi-refrigerated, refrigerated gas and petrochemical transportation.

    Enhanced global reach–ouraim isto deliver leading service and operational standards to our combined global customer base. BW Epic Kosan will be headquartered in Singapore, withCopenhagen as a regional officealongside offices in London, Manila, and Tokyo. EpicGas’s current CEO Charles Maltby will be CEO of the combined entity, Lauritzen Kosan’s CEO Thomas Wøidemann will lead the commercial organisation, and Epic Gas CFO Uta Urbaniak-Sagewill be CFO. The team will be built on the strengths of both organisations.

    Reduced cost of finance-As a part of this transaction, BW Epic Kosan has secured committed finance forthe Lauritzen Kosan fleet at USD 155 million from SEB, Danske Bank, Nordea, Danish Ship Finance and CréditAgricoleCIB.

    Strong shareholder base-Post-completion, BW Group will be the largest shareholder in BW Epic Kosan with 58%, followed by J. Lauritzen A/Swith 27%, Tailwind, and Epic’s existing minority shareholders. The shares will continue to trade on Euronext Growth Oslo as EPIC.

    Completionof the transaction is subject to obtaining necessary competition clearances, as well as other customary closing conditions. The transaction is expected to close by the end of Q1 2021.

    Lauritzen Kosan was advised on the transaction by SEB Corporate Finance.

    About Lauritzen Kosan

    Lauritzen Kosan is a global, fully integrated owner and operator of gas carriers established in 1989 through the acquisition of pioneering gas carrier owner Kosan Tankers by J. Lauritzen, and today has over 65 years of experience in the specialised gas carrier industry. Customer base comprises the world’s largest and most demanding energy and petrochemical companies. Operates 34 gas carriers, of which 14 are wholly owned, three are 50% owned, four on sale-leaseback, four on bareboat charter, one on time-charter and eight vessels in commercial management.

    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 43 vesselswhich 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 Euronext Growth Oslounder the ticker “EPIC”.


2022 July 6

13:34 TechnipFMC awarded iFEED contract by Equinor for BM-C-33 project in Brazil
13:06 Nordic Engineering to speak at Ship Repair, Modernization and Components Conference about modernization of research vessels
12:01 Concordia Maritime sells the P-MAX vessel Stena Paris
11:39 MV Kholmogory to deliver first batch of cement to Kaliningrad
11:34 Germany prepares Uniper bailout - Handelsblatt
11:12 OPEC secretary-general is dead, Nigerian officials announce - AP
11:03 CMA CGM to implement Bunker Recovery Adjustment Factor to all West African ports
10:51 Krasnoye Sormovo shipyard delivers dry cargo carrier of Project RSD59 Sergey Volkov to GTLK
10:27 ECOWAS lifts sanctions against Mali
10:10 Novorossiysk Court orders Caspian Pipeline Consortium to suspend its activities for 30 days
09:55 TT Club highlights long-term changes to supply chain risk profiles
09:22 Throughput of port Kavkaz in H1’2022 fell by 26% Y-o-Y
09:08 MABUX: Global bunker prices to decline sharply on Jul 06
08:44 Turkey to try to reach outcome on grain corridor with Russia, Ukraine soon - Daily Sabah
08:13 The EU isn’t yet equipped to receive enough LNG to replace Russian gas entirely - Bloomberg

2022 July 5

19:44 Termination of oil and gas supplies to Japan from Russia is possible – Deputy Chairman of the Security Council of the RF
18:23 Norled accepts delivery of second newbuild zero-emission battery-powered Ropax Ferry from Sembcorp Marine
17:56 BAM and Transsib failed to deliver 70 million tonnes of cargo in 2021 - Yury Trutnev
17:31 DNV recognizes Arcadia Shipmanagement’s Aegean Myth as the first verified SEEMP III vessel
17:11 Wartsila supplies battery to Pivot Power as part of cutting-edge Energy Superhub Oxford project
16:53 Lotos Shipyard launches first self-propelled dredger of Project 93.159
16:24 Russia may ramp up its gas supplies to Asian markets to a level close to its exports to EU in a decade - IEA
16:17 Siemens Gamesa secures deal to supply 75 MW for South Korea’s third largest wind farm
15:33 DeloPorts completed full repayment of bond issue for RUB 3.5 billion
15:11 TAQA, Heerema, and AF Offshore Decom completed decommissioning project in Brae Field
15:04 ABP launches 1m sq ft development site at Port of Grimsby
14:52 Edda Wind appoints new COO
14:21 APM Terminals takes the next step on its strategic journey
14:05 Bunker sales at Vladivostok port in H1’2022 fell by 25% YoY
13:46 Throughput of Azov port in H1’2022 fell by 18% YoY
13:28 Strike affecting Equinor-operated fields on the Norwegian continental shelf
13:19 Ulstein's trawler design for Bluewild is one of three nominees for innovation award
12:41 New quayside unveiled at Port of Nigg
12:17 DEME announcement of the Member State of origin
11:51 Vladimir Potanin: we are ready to discuss merger of Nornickel and Rusal
11:29 MPCC placed orders for two carbon-neutral 1,300 TEU newbuildings
10:56 RZD Logistics launches new railway container service on eastern branch of North-South ITC
10:18 HHLA and Eurogate make joint declaration on cooperation talks
09:57 Russian Maritime Register of Shipping supports Ship Repair, Modernization and Components Conference
09:35 Russia’s internal container traffic in H1’2022 rose by 5.1% YoY
09:14 MABUX: Upward changes to continue on Global bunker on Jul 05

2022 July 4

18:22 Vestas pioneers world’s first hydrogen-powered offshore service vessel
17:59 Plans on modernization of BAM and Transsib are outdated - Yury Trutnev
17:53 MARIN to have new defense department with Pepijn de Jong as manager
17:28 World's largest civilian hospital ship in port in Senegal
16:47 Programme on development of diesel engines manufacture to cover domestic demand in full - Mikhail Mishustin
16:29 ClassNK releases latest “PrimeShip-PSC Intelligence” mobile application
15:56 Sovcomflot shareholders decide not to allocate payment of dividends
15:34 TGS named successful bidder in the auction process for ION assets
15:34 Vestas secures 266 MW order in the USA
15:18 Saudi Global Ports awards contract for future-ready quay cranes to Shanghai ZPMC
15:00 Berth in Ugolniye Kopi is 50% complete — Chukotka Governor
14:39 Fire at Mongstad extinguished - Equinor
14:21 ClassNK releases comprehensively revised structural rules
14:10 ASCO's ferry Professor Gul returns to operation after overhaul
13:47 Petrofac and Hitachi Energy to collaborate in growing offshore wind market
13:34 Fishery Shipowners Association President Aleksey Osintsev to speak at Ship Repair, Modernization and Components Conference
13:17 Boskalis expands presence in the US with opening of new offshore renewables office in Providence, Rhode island
12:55 Amur Shipyard lays down corvette Bystry of Project 20385
12:33 BPA's statistics review shows three-month port traffic was up 7.3% to 111.8 million tonnes