Epic Gas remained in the red for the first three months of the year with a net deficit of USD 2.4 million, compared to a net loss of USD 2.5 million in the same period last year. The carrier's revenue increased to USD 33.4 million from USD 23.3 million last year, even though the rates for transporting liquefied petroleum gases (LPG) have decreased significantly over the past 12 months, says Epic Gas in the first quarter interim report.
The bigger 5,500 cubic meter vessels only experienced slight declines, while smaller ships - especially in the East - have seen rates drop 22 percent year-on-year. In the first quarter, average rates for ships of 3,500 and 5,000 cubic meter range came to USD 5,863 and USD 7,534 per day, respectively, while ships of 7,500 cubic meters sailed at USD 11,178 per day.
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