BW Epic Kosan, a merger between Lauritzen Kosan and Epic Gas, increased both revenue and operating result by more than 50% in Q1. The gas carrier believes in growth for sea transportation of liquefied petroleum gas this year.
Increasing demand for gas products such as liquefied petroleum gas (LPG) has lifted results at BW Epic Kosan, which saw marked progress in the first quarter of more than 50% in both revenue and operating result.
This is evident from BW Epic Kosan’s Q1 interim report.
”The increased scale of our fleet combined with improving market conditions and effective cost management has helped us deliver a first quarter net profit of USD 9.1m, a 30% year on year increase,” says Charles Maltby, CEO of BW Epic Kosan, in the financial statement.
Revenue grew by roughly 51% to USD 90.6m compared to the same quarter last year, and earnings before interest, taxes, depreciations and amortizations (EBITDA) came to USD 33.3m, an increase of almost 58% in comparison to the same period last year.
BW Epic Kosan, which is a merger between Lauritzen Kosan and Epic Gas from the end of 2020, furthermore states that raw material and energy prices in general have increased.
The carrier worries how the soaring energy costs, including LPG, will impact the developing countries.
”However, driven by increasing supply of LPG, we anticipate 3.7% growth in LPG seaborne trade,” writes BW Epic Kosan in the announcement.
The publicly listed BW Epic Kosan’s two major shareholders are BW Group (58%) and the Lauritzen Foundation (26%).
