Epic Gas announces first quarter results

Epic Gas today (Thursday) announced its unaudited financial and operating results for the interim period ended 31st March, 2017.

Highlights from the results show vessel calendar days were up 7% year over year to 3,569 and revenue of $33.9 million, up 5% year over year. Time charter equivalent revenues of $8,423 per vessel calendar day were up 3% from Q4 2016, but down 3% year over year.

Adjusted EBITDA of $8 million was up 13% year over year though there was a net loss of $3.4 million, down $2 million year over year.

The upturn seen in the market towards the end of 2016 continued into the first quarter, most notably for the 3,500cbm, 5,000cbm and the largest-sized 11,000cbm vessels. The largest gains in the last 12 months have been for the 3,500cbm and 5,000cbm vessels where the 12-month average rates in the first quarter have been 9.6% and 7.3% higher than same period last year. The rates for the 3,500cbm, 5,000cbm, 7,500cbm and 11,000cbm vessels averaged $6,296, $7,847, $10,247 and $13,589 per day respectively in Q1 2017.

During the quarter, three pressure vessels representing 29,500cbm of capacity were delivered into the market, while two vessels of 7,134cbm capacity were sold for scrap. All three of these deliveries joined the Epic Gas fleet, which also marked the end of the company’s newbuild programme.