Epic Gas Ltd, on Thursday announced that it has completed the refinancing of two ships – the Epic Bali and Epic Borneo (each 2010 built, 7200 cbm).
The ships were both in a finance lease structure and Epic Gas exercised a purchase option to refinance the vessels through a sale and lease back transaction with a Japanese ship owner. The bareboat charter back term is 10 years, with a purchase option from year five.
This transaction has reduced Epic Gas’s interest and amortization by US$1.3m p.a. (total for both ships).
Uta Urbaniak-Sage, CFO of Epic Gas, commented:
“Today’s transaction reflects our ongoing efforts to continuously optimise our cost of financing, driving out unnecessary cost wherever possible.”
Sea News, September 6