FINANCIAL STATEMENTS FOR THE INTERIM PERIOD TO 30 June 2017

 

EPIC GAS LTD.

FINANCIAL STATEMENTS FOR THE INTERIM PERIOD TO

30 June 2017

SINGAPORE, 10 August 2017 – Epic Gas Ltd. (“Epic Gas” or the “Company”) today announced its unaudited financial and operating results for the interim period ended June 30, 2017. All amounts reported in US Dollars unless otherwise stated.

A conference call to discuss these results is scheduled for 10 August 2017 at 10:00 AM (New York) / 3:00PM (London) and can be accessed via the following dial-in information.

Conference call details:

United States:                   +1 845 507 1610

United Kingdom:              +44 203 651 4876

Norway:                               80010866

Singapore:                          +65 31580667

Hong Kong:                         +852 3051 2792

International:                    +61 283 733 610

Conference ID Number: 60777666

Second Quarter 2017 Highlights

  • 3,731 calendar days, up 8% year over year
  • Revenue of $33.9 million, up 4% year over year
  • Time charter equivalent revenues of $8,022 per vessel calendar day, down 2% year over year
  • General and administrative expenses of $1,049 per vessel calendar day, down 5% year over year
  • Adjusted EBITDA of $6.4 million, down 15% year over year
  • Net Loss of $5.4 million, compared to a net loss of $0.9 million in Q2 2016
  • Forward cover for balance of 2017 stands at 54% at $8,119 per day, up 8% year over
  • $8.5 million secured term loan drawn down to part-finance acquisition of 2009 built 7,500cbm vessel, bringing the Company’s on the water fleet to 42 vessels

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