Epic Gas: Strengthened Balance Sheet and Operational Performance

Epic-Gas

Epic Gas, the leading LPG shipping solutions company, announced its unaudited financial and operating results for the interim period ended September 30, 2019.

All amounts reported in US Dollars unless otherwise stated. The base of comparison is third quarter 2019 versus the same three-month period in 2018, unless otherwise stated.

Underlying Net Profit of $0.3 million excluding one off charges related to the fleet refinancing.
• Net loss of $2.9 million after extraordinary costs of $3.2 million related to the fleet refinancing.
• Refinancing of 2 vessels at $30.5 million with annualized savings in debt service of $1.3 million.
• Acquired 4 modern 11,000 cbm LPG vessels for $106.5m to increase fleet capacity by 15.9% to 320,900cbm (44 vessels).

Post Period End
• Completed $201 million refinancing of 20 vessels with further annualized savings in debt service of $2.8 million and no further refinancing needs until 2023.

Charles Maltby, Chief Executive Officer of Epic Gas, commented: “We have enjoyed a positive quarter, with further improvements to operational utilisation and revenue per calendar day. Despite growing the fleet, we have also managed to reduce General and Administrative costs. Most notably, we have continued to optimise our debt structure, with cost savings and no loan expiry until mid-2023. “As we come to the end of the year, we are finalising our preparations to be fully IMO 2020 compliant and turn our attention to IMO 2030 and IMO 2050. Alongside the positive supply demand fundamentals for global LPG trade, we expect that these new regulations and compliance may drive higher scrappage rates of older vessels. We are well positioned with an efficient and sustainable younger fleet.”

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