Singapore-based gas carrier owner and operator Epic Gas has completed the acquisition of two of four ships it is buying from Petredec Ltd.
The vessels in question are the 11,000 cbm LPG carriers Kahyasi and Kris Kin, built by a Japanese shipbuilder in 2015.
The units immediately entered a two-year time charter with an undisclosed LPG commodity trading and shipping company.
The transactions involving the remaining two ships, the 11,000 cbm Kingcraft and Kisber, are due for completion in July and August.
Epic Gas said that the acquisition is financed with a combination of equity and debt, including a 7-year senior secured credit facility of USD 63.9 million with BNP Paribas and Danish Ship Finance.
“These vessels allow us to further leverage our operational platform at an attractive stage of the rate cycle for minimal additional cost, reflecting the benefits our growing scale can deliver,” Charles Maltby, CEO of Epic Gas, said.
Once delivered, the four units will bring the company’s fleet to 44 vessels.