Epic Gas Announces Financial Results

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Epic Gas Ltd., the leading LPG shipping solutions company, today announced its unaudited financial and operating results for the interim period ended June 30, 2019. All amounts reported in US Dollars unless otherwise stated. Variance is second quarter 2019 compared with the same three-month period in 2018, unless otherwise stated.

Q2 2019 Highlights

• Revenue up 11% at $40.6 million

− Calendar days increased 2% to 3,606
− TCE per calendar day increased by 4% to US$9,454
− Fleet Operational Utilisation 90.6%
− Loaded c. 746,366 tonnes, up 1.3%: 75% LPG / 25% Petchems
− 673 cargo operations and 115 different ports visited
− Total operating expenses of $4,292 per vessel calendar day, up 4%
− Time chartered-in a modern 9,500cbm LPG vessel to increase fleet capacity by 4.8% to 276,900cbm (40 vessels)

• Adjusted EBITDA of $9.8 million, up 1%
• Net loss reduced to $1.6 million, a $0.7 million improvement, or 29%
• $60m capital increase completed to fund future growth
• Net leverage ratio reduced to 40% from 54%
• Cash position increased to $78m Post Period End
• Fleet expansion by four 11,000cbm vessels (all 2015 built in Japan), with 2-year time charter with leading LPG commodity trading and shipping company on two vessels

Charles Maltby, Chief Executive Officer of Epic Gas, commented:

“The first six months of 2019 have been transformational for Epic Gas, with a successful capital raise, a 21% increase in fleet capacity with the acquisition of four new ships and chartering in of another, and the strategic investment by BW Group. These actions allow us to continue to reinforce the strong platform Epic has developed in recent years and position us well for the expected tightening of global LPG shipping capacity. Our second quarter results are encouraging, with satisfactory progress on revenue and underlying efficiency. We have continued to pay down long-term debt and are exploring the potential to realise further cost efficiencies over the balance of the year.”

Sea News, August 15