Epic Gas Seals Refinancing Deal for 14 LPG Carriers

Image Courtesy: Epic Gas

Singapore-headquartered owner and operator of gas carriers Epic Gas has closed a contract for a new USD 90 million facility intended to refinance 14 LPG carriers.

The refinancing deal has been inked with ABN AMRO Bank N.V., DVB Bank SE Singapore Branch and Norddeutsche Landesbank.

Epic Gas said that the facility has an advance rate of 55% of the fair market value of the underlying vessels and matures in 2024.

“Proceeds from the facility were used to repay amounts outstanding under the company’s existing facilities with DVB Bank and Norddeutsche Landesbank expiring in December 2017 and 2019/2020, respectively,” the company said.

With completion of the refinancing, the company has no refinancing requirements until 2019.

The announcement comes just a few days after the company welcomed into the fleet the eight and final LPG carrier, the 11,000 cbm LPG carrier Epic Salina, constructed by Japanese shipbuilder Kyokuyo Shipyard.

According to the company’s information, since the first quarter of 2013 Epic Gas has grown its fleet by 270 percent.

The company owns and operates a fleet of 41 fully pressurized gas carriers with an average vessel size of 6,559 cubic metres.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Europort 2017

The 38th edition of Europort will take place from 7-10 November 2017 in Rotterdam Ahoy. Established as one of the world’s leading maritime…

read more >

Mozambique Gas Summit & Exhibition

Mozambique Gas Summit & Exhibition is recognised as the leading strategic meeting for Mozambique’s gas industry. Working in partnership…

read more >

FCCA Cruise Conference & Trade Show

The ​FCCA ​Conference ​is ​a four-day ​event ​designed ​to ​foster ​a ​better ​understanding ​of ​the ​inner ​workings ​of ​the ​cruise…

read more >

Bulk Liquid Storage Europe 2017

The event will cover current key challenges and issues faced by the industry and provide in depth discussions and analysis of today`s…

read more >