Epic Gas cut its loss for the second quarter in an improving market to close what chief executive Charles Maltby called a transformation opening to 2019.
Oslo-quoted Epic, in which BW Group is now the largest shareholder, booked a $1.6m red figure for the three months to the end of June.
Epic pointed to a 29% improvement it its results and noted a $78m rise in its cash position.
It comes following a $60m capital raise which followed BW’s investment and the acquisition of four ships this year.
Maltby said in a statement the first half developments had reinforced the company’s strong platform and helped its positioning for a tightening market.
Epic has a fleet of 44 vessels in a market which has only a handful of newbuildings on order.
