Epic Gas posts bigger loss in 1Q

Epic Gas

Epic Gas posted a bigger loss in the first quarter compared to the year-ago period.

Net loss for the three months ended 31 March 2017 was registered at $3.4m, widening from the deficit of $1.4m in the previous corresponding period.

The first quarter revenue was slightly higher at $33.9m compared to $32.2m in the same period of last year.

“Epic gas has proactively sought to manage down its exposure to the smallest, oldest vessels in our fleet, and at the same time increase our exposure to the larger younger vessels,” the company stated.

“We continue to monitor the market for additional opportunities to sell assets where the sale would help improve the profitability of our business and further accelerate the transformation of our fleet,” it said.

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