EPIC GAS LTD. (EPIC) RELEASE OF Q2 2015 RESULTS

EPIC GAS LTD.
FINANCIAL STATEMENTS FOR THE INTERIM PERIOD TO
30 June 2015

SINGAPORE, 11 August 2015 – Epic Gas Ltd. (“Epic Gas” or the “Company”) today announced its unaudited financial and operating results for the interim period ended June 30, 2015. All amounts reported in US Dollars unless otherwise stated.
A conference call to discuss these results is scheduled for 11 August 2015 at 10:00 AM (New York) / 3:00PM (London) and can be accessed via the following dial-in information.

Conference call details:
United States: +1 631 510 7498
United Kingdom: 08444933800
International: +44 (0) 1452 555566

Conference ID Number: 95945232

Second Quarter 2015 Highlights

  • 3,367 calendar days, up 27% year over year
  • Revenue of $32.9 million, up 20% year over year
  • Adjusted EBITDA of $7.6 million, up 17% year over year
  • Time charter equivalent revenues of $8,735 per vessel calendar day, up 2% year over year
  • General and administrative expenses of $1,225 per vessel calendar day, down 23% year over year
  • Forward cover as of 30 June 2015 of $80.5 million: 9,635 days at $8,350 per day
    • 2H 2015: Projected 6,808 fleet calendar days with 5,410 days covered at $8,596 per day for 79% cover
    • FY2016: Projected 13,645 fleet calendar days with 3,465  days covered at $8,136 per day for 25% cover
  • Remaining newbuilding program of 1 vessel chartered-in and 7 owned vessels totalling $126 million in capital expenditure
  • $50.0 million Private Placement of common equity closed 20 July 2015

Please click here to download a copy of the earnings release