Epic Gas Ltd., an LPG shipping solutions company, has announced that it has completed the acquisition of two of the four ships that previously announced in April 2019.
The vessels, the Kahyasi and Kris Kin, are both modern second-hand 11,000 cubic metre (cbm) Japanese-built pressurised LPG carriers that were built in 2015. The remaining ships, the Kingcraft and Kisber, also both 11,000 cbm Japanese-built pressurised LPG carriers built in 2015, are due to complete in July and August. Two of the four vessels immediately enter a 2-year time charter with a leading LPG commodity trading and shipping company.
The four vessels will sit alongside six sister vessels already in the Epic Gas fleet, allowing the company to leverage on costs and scale to deliver safe high quality long-term low-cost freight to customers on a global basis.
The acquisition is financed with a combination of equity and debt, including a 7-year senior secured credit facility of USD 63.9 million with BNP Paribas and Danish Ship Finance.
Charles Maltby, CEO of Epic Gas, comments, “These vessels allow us to further leverage our operational platform at an attractive stage of the rate cycle for minimal additional cost, reflecting the benefits our growing scale can deliver. The financing at competitive terms further strengthens our competitive edge, and we thank our lenders for their support. Once the final vessel arrives in August, we will have a fleet of 44 modern vessels, reinforcing our market leading position and global reach.”