Epic Gas Cuts Loss amid Improving Market Conditions
- Business & Finance
Singapore-based gas carrier owner Epic Gas managed to shrink its net loss in the second quarter of 2018, mainly due to improving market conditions.
The company’s net loss was at USD 2.3 million, against a loss of USD 5.3 million seen in the second quarter of 2017.
During the period, the company’s revenue increased by 8% to USD 36.7 million, compared to USD 33.9 million reported in the same quarter a year earlier. Time charter equivalent revenues of USD 9,124 per vessel calendar day, up 14% from USD 8,022 reported a year earlier.
“Our performance during the second quarter of 2018 reflects the improving market conditions as well as our continued focus on cost control and fleet optimization. The TCE per vessel calendar day increased by 13.7% year over year, while the TCE per voyage day was up 9.4% from the same period in 2017 and our fleet utilization improved to 92.9%. Year-to-date in 2018, we completed the refinancing of a total of 9 vessels reducing our annual financial expense, enhancing our liquidity and optimizing our capital structure,” Charles Maltby, the Chief Executive Officer of Epic Gas, said.
Maltby added that Epic Gas, which operated a fleet of 39 vessels with a total capacity of 264,000cbm at the end of the quarter, is well positioned to benefit from the improving fundamentals of the LPG market.
Global seaborne LPG volume is expected to grow by 3.5% in 2018 and beyond, according to Epic Gas. Fleet supply in the smaller vessels segment remains contained taking into account minimal newbuilding deliveries scheduled for the next three years and a growing pool of scrapping candidates from older vessels.