Epic Gas completes refinancing of two ships

September 08 2019 Print This Article

Epic Gas Ltd., the leading LPG shipping solutions company, announced that it has completed the refinancing of two ships – the Epic Bali and Epic Borneo (each 2010 built, 7200 cbm).

The ships were both in a finance lease structure and Epic Gas exercised a purchase option to refinance the vessels through a sale and lease back transaction with a Japanese ship owner. The bareboat charter back term is 10 years, with a purchase option from year five.

This transaction has reduced Epic Gas’s interest and amortization by US$1.3m p.a. (total for both ships).

Uta Urbaniak-Sage, CFO of Epic Gas, commented: “Today’s transaction reflects our ongoing efforts to continuously optimise our cost of financing, driving out unnecessary cost wherever possible.”