Gas carrier BW Epic Kosan delivered revenue growth of more than 100 percent in the third quarter of the year as well as a significant increase in operating earnings compared to the same period last year.
BW Epic Kosan, which is a merger of BW Epic Gas and Lauritzen Kosan, writes in its quarterly report that revenue grew by 103 percent to USD 92.2 million compared to the third quarter of 2021.
The operating result (EBITDA) came to USD 23.3 million – an increase of 85 percent from the same period last year. The company booked a net result of USD 3.9 this quarter against a deficit of USD 2.6 million in the same quarter of last year.
Improved gas market
Year to date, BW has delivered USD 236 million in revenue against USD 139.2 million for the same three quarters of 2020.
The operating result (EBITDA) for the first nine months came to USD 67.1 million against 44.2 million in the same period last year.
"Our fleet mix, which includes pressurized, semi-refrigerated and ethylene capable vessels, combined with an improving underlying market, saw our time charter earnings (TCE) per calendar day for the quarter increase by 15.5 percent year on year to USD 11,346 per day," remarks CEO of BW Epic Kosan Charles Maltby in the financial report.
In the third quarter, the gas carrier has carried out a purchase of a second-hand 9,000 cbm ethylene vessel, the report reveals. BW Epic Kosan's fleet comprises 77 vessels for transporting liquefied petroleum gas, petrochemicals and other speciality gases.
BW Group is the largest shareholder in the merged gas carrier with a 58 percent stake while J. Lauritzen owns a 26 percent stake.
English Edit: Christoffer Østergaard