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GAS CARRIER FLEETS TO UNITE

GAS CARRIER FLEETS TO UNITE

Tuesday, December 29, 2020 

Epic Gas, an LPG shipping company, and Lauritzen Kosan, the gas carrier division of J. Lauritzen, have entered into a transaction agreement to combine their fleet and business activities to create a new company, to be known as BW Epic Kosan.

The new entity will comprise 34 Lauritzen Kosan gas carriers and Epic Gas’s fleet of 43 pressurised gas vessels, in addition to certain other assets. It will be said to have greater scale and synergies across the organisation – the combined fleet of 77 LPG/ethylene vessels will range in size from 3,500m3 to 12,000m3. 53 of the vessels will be wholly owned, giving the combined organisation significant commercial and technical capability across pressurised, semi-refrigerated, refrigerated gas and petrochemical transportation.

BW Epic Kosan will be headquartered in Singapore, with Copenhagen as a regional office alongside offices in London, Manila, and Tokyo. Epic Gas’s current CEO Charles Maltby will be CEO of the combined entity, Lauritzen Kosan’s CEO Thomas Wøidemann will lead the commercial organisation, and Epic Gas CFO Uta Urbaniak-Sage will be CFO. BW Epic Kosan has secured finance from various banks, and the shares will be held by BW Group (58%), J Lauritzen (27%) Tailwind, and Epic’s existing minority shareholders.

Andreas Sohmen-Pao, Chairman of Epic Gas, said: “This transaction combines two well reputed operators into a strong new entity in the sector. We welcome our colleagues from Lauritzen Kosan and look forward to working together to build a great company delivering cleaner energy and feedstock to communities around the world.”

Tommy Thomsen, CEO of the Lauritzen Foundation and Chairman of Lauritzen Kosan, said: “We are delighted to be partnering with BW Group and other Epic shareholders. This will help to improve operational efficiencies and deliver an enhanced service offering to our customers. With a large and modern fleet spanning LPG and other petrochemical gases, BW Epic Kosan will be well positioned to deliver value for customers, while meeting IMO objectives for decarbonisation.”

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