PRELIMINARY FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED 31 December 2016

EPIC GAS LTD
PRELIMINARY FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED 31 December 2016

SINGAPORE, 9 February 2017 – Epic Gas Ltd. (“Epic Gas” or the “Company”) today announced its unaudited financial and operating results for the fiscal year ended December 31, 2016. All amounts reported in US Dollars unless otherwise stated.

A conference call to discuss these results is scheduled for 9 February 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: 6616 2113

 

Fiscal Year 2016 Highlights

  • Vessel Calendar days up 2% year over year to 13,748 days
  • Revenue of $128.8 million, down 2% year over year
  • Time charter equivalent revenues of $8,102 per vessel calendar day, down 7% year over year
  • General & administrative expenses of $1,029 per vessel calendar day, down 8% year over year
  • Adjusted EBITDA of $25.6 million, down 15% year over year
  • Net Loss of $13.4 million before an impairment charge/loss on sale of vessels of $9.9 million
  • Delivery of 5 newbuildings from shipyards in Japan, capital expenditure of $99 million of which $95 million drawn under existing loan facility.
  • As of 31 December 2016, 38 vessels on the water with remaining 3 newbuildings (2 owned, one bareboat chartered in) to be delivered in Q1

Please click here to download a full copy of this financial statement.