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Epic Gas reports growing revenue in tough 2015

Rates in the LPG market were "bouncing along the bottom" in 2015, especially due to a record number of newbuildings, weak demand and sliding commodity prices. But Epic Gas delivered an improved revenue and reduced deficit, driven mainly by a focus on larger vessels.

Photo: Epic Gas

The gas transport market is low, and 2015 brought about the lowest rates in 15 years in a development driven primarily by low commodity prices, a large influx of newbuildings and low demand in certain regions, reports carrier Epic Gas in its unaudited results for 2015, published Thursday.

However, Epic Gas finished the year with a slightly improved result in spite of the dire market, as the carrier's revenue increased to USD 130.3 million from USD 117.1 million in 2014. The net result remained in the red, with a smaller deficit of USD 16.3 million compared to a loss of USD 23.0 million last year.

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