Singapore-based gas carrier owner and operator Epic Gas has completed the refinancing of two 2010-built LPG tankers.
The 7,200 cbm Epic Bali and Epic Borneo were both in a finance lease structure and the company exercised a purchase option to refinance the vessels through a sale and leaseback transaction with an undisclosed Japanese ship owner.
Epic Gas noted that the bareboat charter back term is 10 years, with a purchase option from year five.
This transaction has reduced the company’s interest and amortization by a total of USD 1.3 million for both ships.
“Today’s transaction reflects our ongoing efforts to continuously optimise our cost of financing, driving out unnecessary cost wherever possible,” Uta Urbaniak-Sage, CFO of Epic Gas, said.