Epic Gas Expands Fleet with LPG Newbuild
- Business & Finance
Owner and operator of pressurized gas carriers Epic Gas has taken delivery of a 7,500 cbm vessel Epic Borinquen from Japan’s Sasaki Shipyard.
The Singapore-based company said that the newbuilt ship will now start operating on its time charter agreement for trading in Asia.
According to Epic Gas, this is their sixth vessel built and delivered by Sasaki. The yard has previously delivered four 5,000 cbm ships and the bareboat chartered-in 11,000 cbm vessel to Epic Gas.
Two more 7,500 cbm carriers are currently under construction at the yard, and are expected to join the fleet in the third quarter of 2016 and the first quarter of 2017.
The company also has four 11,000 cbm vessels under construction at Kyokuyo shipyard, plus an additional 11,000 cbm newbuilding to be delivered under a bareboat charter.
Epic Gas owns and operates a fleet of 44 vessels, ranging from 3,300 to 11,000 cbm, which serve the international supply chains of oil majors and commodity traders throughout Asia, Europe, Africa and the Americas.
In October 2015, the operator closed a USD 120 million post-delivery senior secured credit facility to finance its seven owned newbuilds.
The facility covers approximately 65% of the contract price of the vessels.