Singapore: Fast expanding gas ship operator Epic Gas has said that it has sold two vessels, Epic Cebu (4,000cbm, built 1997) and Cefalu (4,000cbm, built 1996), to an undisclosed buyer in Southeast Asia for cabotage trades.
Epic did not confirm the price of the transaction, but did say in a release that proceeds from the transaction were used to retire $9m of senior debt set to mature December 28, 2015.
Speaking to Splash, Maike Brinckmann, senior finance manager at Epic Gas, said that the sale was not a change in the aggressive growth strategy for the company and was part of the process to keep the fleet modern.
Epic Gas has a fleet of 36 vessels with an average age of 8.4 years, 28 of them owned. It has a further 8 newbuilds on order in Japan along with a ninth newbuild to be delivered under bareboat charter.