Epic Gas Names New Chairman, Cuts Loss

  • Business & Finance

Singapore-based LPG shipping company Epic Gas has appointed a new Chairman.

The company said that Charles Maltby has stepped down as Chairman of Epic Gas and that the Board has named Andreas Sohmen-Pao as Chairman. Charles Maltby remains a Board member and CEO of Epic Gas.

In addition, Esben Poulsson has been appointed as independent Non-Executive Director with immediate effect.

“It is with great pleasure that the Board of Epic Gas appoints Andreas as our new Chairman. Andreas brings unmatched industry knowledge and insight and will be a tremendous asset in leading our board. We also welcome Esben as independent Non-Executive Director,” Charles Maltby, CEO of Epic Gas, said.

In a separate statement, Epic Gas said that its revenue increased by 3.1% to USD 39.6 million from USD 38.4 million, reflecting growth in vessel charter hire income and higher fleet operational utilisation.

The company’s managed to shrink its net loss for the period to USD 0.3 million, compared to a loss of USD 2.7 million reported in the same quarter a year earlier.

“We have commenced initiatives to capture further profitable growth, including the time charter-in of additional pressurised LPG vessels and the proposed purchase of four modern second-hand carriers. These measures are well aligned with our vision of being the leading provider of pressurised LPG shipping solutions,” Charles Maltby, Chief Executive Officer of Epic Gas, said.

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