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Eastern Pacific Shipping clinches charter for four dual fuelled ethane powered VLECs

27 Oct 2020

Singapore-based tonnage provider Eastern Pacific Shipping (EPS), on Friday (23 October) said it has won a bid to purchase, build, and operate four 98,000 cubic meter VLECs for China-based Zhejiang Satellite Petrochemical (STL).

The vessels will be carrying ethane from the US Gulf Coast to Shenzhen-listed STL’s plant in Lianyungang, China, said EPS.

All four VLECs will feature dual fuel ethane propulsion which will reduce greenhouse gas emissions when compared to conventional marine fuels.

“We are extremely pleased to partner with STL and enter the ethane carrier segment, as both companies share a vision of being the green and technology-driven leaders in our respective industries,” said Cyril Ducau, EPS CEO.

“This made the negotiations and subsequent agreement an enjoyable and seamless process. For EPS, the addition of these four vessels complement our existing, and growing, mid and large gas carrier fleet.

“This deal also serves as an example of our commitment to using alternative marine fuels as transitional fuels towards decarbonisation and the preservation of the environment for future generations. This 15-year charter is a major milestone for us that will strengthen our foundation as we grow and diversify our fleet.”

 The VLECs will be built at South Korea’s Hyundai Heavy Industries and Samsung Heavy Industries and are scheduled for delivery in the first half of 2022. 

Photo credit: Eastern Pacific Shipping
Published: 26 October, 2020

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