Epic Gas said that the freight market continues to be under pressure from an oversupply of vessels and a global LPG glut.
The company’s net loss of USD900,000 for 2Q16 narrowed from USD1.88 million in 2Q15.
Epic Gas chairman and CEO Charles Maltby said, “A period of mixed sentiment and outcome as the market continues to bounce along the bottom. The very positive 45% reduction in net fleet growth for the quarter when compared to the same period last year, has been offset by the overhang of legacy tonnage, and changes in tonne mile demand caused by the repricing of commodities.”
During 2Q16, time-charter rates of 3,500 cbm, 5,000 cbm, and 7,500 cbm pressurised gas carriers averaged USD5,551, USD7,089, and USD11,116 per day, respectively, broadly stable on 1Q16, but for the smaller vessels, rates were 10% lower year-on-year.