The More The Merrier

first_img11newbuildings on order There are eleven more newbuildings on order which will bring the fleet to a total of 47 ships.The first half of this year saw the delivery of Epic St. Croix, a 5,000cbm LPG carrier, from Sasaki Shipyard in April, followed by Epic Bird (7,200cbm), Epic Curacao (3,500cbm), and order of two second hand carriers Mayfair (2007 built) and Charlton (2006 built) in June.In July 2014, Epic Gas concluded long-term inward bareboat charter contracts with the Siva Group for two 7,200cbm fully-pressurised gas carriers, 2010 built.In August 2014, Epic Gas took delivery of Epic Caledonia, a 3,500cbm LPG carrier, from Kitanihon Shipbuilding Co. According to the second quarter results, Epic Gas achieved fleet operational utilisation of 94.9%.Highlights – Second Quarter 2014Total Revenues of $27.4 millionAdjusted EBITDA of $6.5 millionAverage time charter equivalent revenues of $8,688 per day, or $264,260 per monthFirst Six Months 2014 ResultsRevenues for the six months ended June 30, 2014 amounted to $50.7 million compared to revenues of $38.1 million for the six months ended June 30, 2013 and include revenues from ship management of $1.1 million ($0.9 million in 1H2013).The increase was mainly due to additional voyage days (increase by 24.9% compared to 1H2013). The average time charter equivalent was $8,913 per day as compared to $8,666 per day during the six months ended June 30, 2013.Voyage expenses were $6.0 million for the six months ended June 30, 2014, a rise from $3.3 million during the same period in 2013 due to increased spot market days.Vessel operating expenses increased to $26.0 million from $21.3 million for the six months ended June 30, 2013, primarily reflecting the increased number of vessels in the fleet with 5,008 calendar days compared to 3,982 calendar days for the equivalent period in 2013.Operating expenses include charter-in costs of $4.9 million related to eight bareboat chartered-in ships ($4.2 million related to six bareboat chartered-in ships in 1H2013).Press Release, August 21, 2014 zoom Epic Gas Fleet Addition MayfairSingapore-based gas carrier owner Epic Gas has expanded its fleet of 25 ships reported in January 2014 to 36 ships as of August 20, 2014, according to the company’s unaudited financial and operating results for the second quarter ended June 30, 2014.last_img

Leave a Reply

Your email address will not be published. Required fields are marked *