Owner and operator of small fully pressurised gas carriers, Epic Gas, has gained a new $120 mill post-delivery senior secured credit facility to finance its remaining seven vessels under construction.
The Singapore-based company said that the facility covered about 65% of the contract price of the vessels. The facility was closed in partnership with book running mandated lead arranger ABN AMRO Bank. Credit Agricole Corporate and Investment Bank, while NIBC Bank also joined the facility as book running mandated lead arrangers.
“The company remains committed to the delivery of a high quality fleet with an outstanding newbuilding programme of three 7,500 cu m vessels and four 11,000 cu m vessels, plus an additional 11,000 cu m newbuilding to be delivered under a bareboat charter to Epic Gas,” the company said in a statement.
The two, option two, 78,700 cu m LPG carriers mentioned ordered by TMS Cardiff Gas last week have been contracted on the back of long term charters to Shell.
They were reported to have cost $76 mill each.
“These orders mark the group’s successful entry into the LPG sector, which further grows its already significantly diversified global shipping fleet,” the company said.
Japanese newcomer LPG importer Gyxis has been reported as behind the orders for four 82,200 cu m VLGCs in Japan for Kumiai and K Line (two each) by taking the newbuildings on long term charters.
In the tanker sector, d’Amico International Shipping (DIS) has launched two eco-tankers at Hyundai Vinashin Shipyard– Vietnam, bringing the fleet to a record number of over 50 units.
The vessels ‘Cielo di Ulsan’- a Handysize Ice Class tanker of 39,000 dwt and ‘High Trader’- an MR showcase innovative design aimed at offering versatility in type of transport, elevated performance in terms of energy efficiency and consumption and an reduction in emissions, allowing them to already meet the international standards that will come into force in 2025, the company claimed.
With the addition of the two ships, the DIS fleet now comprises 51.83 double-hull tankers, with an average age of 7.6 years, of which 25.33 vessels are owned and 26.50 chartered - decimal numbers due to ships in joint ventures with other companies.
The two tankers, worth more than $62 mill, are a part of the $755 mill dollar investment plan that DIS launched in 2012 and which includes, thus far, 22 vessels, of which 10 have already been delivered.
DIS had signed timecharter contract with two major international oil companies at the time of the order, one lasting 30 months and the other three years.
Marco Fiori, DIS CEO, said:“We have added two more ships of great construction quality to our young fleet, which are capable of offering our customers safety, efficiency and profitability. In this context, the partnership with the shipyards of Hyundai Vinashin Shipyard has proven to be strategic for the development of our fleet, which today reaches the record number of ships in the history of d’Amico International Shipping.
“This extremely positive moment on the market and increasingly close relations with major oil companies and multi-national manufacturers of vegetable oils, which request our ships more and more often, confirm that DIS has taken the right route. With the addition of other 12 eco-ships currently under construction by 2018, we will further consolidate our competitive position on the global shipping market that today already sees us among the leaders,” he said.
Elsewhere, Eletson was believed to have ordered three, plus one option, LR2s at SWS for 2017-2018 deliveries. The price was put at $50 mill each.
Several MRs were also thought to have been ordered, including two for Navig8 at STX for 2017 delivery at $39 mill each. They are reported to be IMO II high specification vessels.
Navios was believed to have purchased two MR newbuilding resales from Hyundai Mipo for $37 mill each, while Meiji Kaiun was believed to have ordered two MRs at Hyundai. No price was revealed.
US company Sargeant Marine reportedly ordered two 37,000 dwt asphalt/bitumen carriers at AVIC.
In the S&P market, Maersk Tankers was said to have bought the 2008-built Handysize ‘Elbtank Italy’ for $18.2 mill, while the 2004-built MR Bazio changed hands to undisclosed interests for $17.2 mill.