More cash for Epic

Epic Gas has secured a term loan facility of $32m to help finance the construction of three newbuildings.

The Singapore-based LPG carrier owner said the funds were secured from Germany’s Norddeutsche Landesbank.

Epic Gas has ten LPG tankers on order at yards in Japan ranging in size from 3,500-cbm to 11,000-cbm.

Details of the latest fund raiser were disclosed in Epic Gas’ annual report which was published Wednesday.

On Monday Epic Gas reported a 24% increase in first quarter revenue of $23.3m in its first set of results since listing in Oslo in February.

The shipowner said adjusted ebitda was $4.9m as the fleet increased from 22 to 26.3 ships.

During the period, Epic’s fleet earned average time charter equivalent (TCE) revenues of $9,171 per day as compared to $8,712 a year ago.

Just last week it purchased the 9,500-cbm Mayfair (built 2007) and the Charlton (built 2006) for an undisclosed price.

Epic Gas said the fully-pressurised carriers came with long term charter arrangements, but declined to name the counterparty.