Singapore-based LPG carrier operator Epic Gas has announced the acquisition of 2015-built 11,000 cu m LPG carrier Epic Sicily.
The Sasaki-built vessel was owned by Japanese owner Kumiai Senpaku and has been on bareboat charter to Epic since February 2015. Epic Gas has exercised the purchase option under the charter contract.
Epic Gas funded 60% of the acquisition through its recently closed refinancing and the balance with cash. The company says acquisition will generate savings in debt service of $1.4m per annum for Epic Gas.
“Our recent refinancing continues to benefit Epic Gas and our customers, further reducing our business costs, whilst allowing us to continue our focused investment towards modern high-quality vessels, with the larger 11,000 cbm capacity enabling us to capture up-sizing of cargo stems and deliver operational efficiencies for our customers,” said Charles Maltby, CEO of Epic Gas.
In October, Epic Gas completed the refinancing of 20 ships in its fleet.