EPS takes delivery of three LNG dual-fuel bulk carriers

Eastern Pacific Shipping (EPS), based in Singapore, has taken delivery of three LNG dual-fuel Newcastlemax bulk carriers from Qingdao Beihai Shipbuilding. Named Mount Victoria, Mount Yulong, and Mount Wuyi, these vessels are part of a 14-vessel series being built for EPS at the Chinese shipyard. The project is supported by various financiers including Sinosure, OCBC, and China Exim Bank, with the vessels chartered to Shourong Shipping, a subsidiary of Shougang Group.

Technical Specifications

The three dual-fuel vessels are 210,000 DWT in size, capable of operating on either LNG or conventional marine fuels. They were delivered five months ahead of their contracted delivery dates, showcasing the efficiency and planning involved in this project. These new additions to EPS's fleet will contribute to the company’s commitment towards sustainable maritime operations by reducing emissions.

Financial and Operational Details

The vessels are part of a broader initiative that involves significant financial support from multiple sources. The delivery dates for these vessels were as follows: Mount Victoria on 25 June 2024, Mount Yulong on 27 June 2024, and Mount Wuyi on 26 May 2024. This project highlights the growing trend of LNG-fuelled vessel orders, with 52 such orders recorded in August 2023 alone.

Industry Context

According to data from DNV, as of now, the global LNG fuelled fleet comprises 942 vessels, including 251 container ships, 154 car carriers, and 73 bulk carriers. This underscores the increasing adoption of LNG as a cleaner alternative in various segments of maritime trade.

Operational Impact

The delivery of these new LNG dual-fuel vessels will allow EPS to reduce its reliance on conventional marine fuels, thereby lowering operational costs and improving environmental performance. The company’s commitment to cleaner technologies aligns with global efforts to combat climate change and meet international maritime emissions targets.

What this means for operators is a significant shift towards more sustainable shipping practices. By investing in LNG dual-fuel technology, EPS sets an example that other shipping companies may follow. This trend is expected to continue as regulatory pressures increase and consumer demand shifts towards greener solutions. The efficient delivery of these vessels also demonstrates the potential for successful collaboration between shipyards, financiers, and operators in achieving common sustainability goals.