Epic Gas Strengthens Pressurised LPG Fleet

zoomIllustration; Image Courtesy: Epic Gas Singapore-based owner and operator of pressurized gas carriers Epic Gas has taken delivery of the 7,500 cbm LPG carrier Epic Boracay. Built in 2009 at Japans Murakami Hide Shipbuilding, the vessel is the 42nd ship in the companys pressurised LPG fleet, representing the latest step in Epics strategic consolidation of, and growth within, the sector. The acquisition was financed by a combination of equity and debt. Part of the equity portion of the acquisition was funded through the issuance of 85,714 shares at a share price of NOK 15 per share. Following registration of the new share capital, the company will have an issued share capital of USD 704,717.71, divided into 70,471,771 shares, each with a nominal value of USD 0.01. NIBC Bank N.V. provided a senior secured loan facility of USD 8.5 million with a 5-year tenor. Since 2013, the company has acquired 10 second-hand vessels and taken delivery of 17 newbuild vessels as part of its mission to build the leading last-mile service provider to the global seaborne LPG trade.