Singapore-based Epic Gas has exercised the purchase option on its 2015-built, fully pressurised liquid petroleum gas (LPG) carrier Epic Sicily
The vessel had been on bareboat charter since Feb 2015 and Epic Gas has now exercised the option to purchase under the charter contract.
Some 60% of the acquisition cost comes from Epic Gas’ recently closed refinancing with the balance paid from cash. Epic Gas CEO Charles Maltby said the refinancing benefited the company by reducing business costs and allowed Epic Gas to “continue focused investment towards modern high-quality vessels, with the larger … capacity enabling us to capture up-sizing of cargo stems and deliver operational efficiencies for our customers.”
In early 2019, BW Group acquired majority share in Epic Gas and increased its holdings to more than 80% of the company by mid-2019. In October 2019, Epic Gas completed the refinancing of 20 vessels in its fleet.
The company stated that the five-year term, US$201M facility, would result in savings of US$2.8M per annum of the company’s debt service. According to the company, that figure included the acquisition of Epic Sicily which is expected to generate savings in debt service of US$1.4M per annum.
Built by Sasaki Shipbuilding Co. Ltd in Japan, Epic Sicily is a 11,000 m3 pressurised vessel. It adds to Epic Gas’ existing fleet of 44 pressurised gas carriers.