Idan Ofer’s diversified Singapore-based Shipping company Eastern Pacific Shipping (EPS) continues to place orders with Chinese shipyards to advance its multi-billion dollar new shipbuilding program.
EPS has ordered four 113,600 dwt liquefied natural gas (LNG) dual-fuel-powered LR2/Aframac product tankers from Xiamen Shipbuilding Industry (XSI), a company owned by Fujian Shipbuilding Industry Group, with deliveries expected in 2028, according to Trade Winds sources. The two sides had signed the relevant shipbuilding contract a few weeks ago, but the deal was never reported, the sources said.
Although the cost of the new shipbuildings has not yet been announced, according to shipbroker sources, the current market price of LNG dual-fuel powered LR2/Aframac product tankers ranges from $73 million to $75 million, which estimates the total value of the four new shipbuildings from XSI to be around $292 million (roughly RMB 2.121 billion) to $300 million (roughly RMB 2.179 billion).
It is worth mentioning that XSI also announced on July 16th that it has signed a financing agreement with Shanghai Pudong Development Bank Xiamen Branch for the construction of 8 114,000 DWT LNG dual-fuel powered tankers. Designed by Shanghai Ship Research and Design Institute (SDARI), the new shipbuildings have an overall length of about 249.9 meters, a beam of 44 meters, a deadweight of about 113,600 tons, which meets the NOx TIER III emission standard. It is the largest tanker undertaken in Fujian Province up to now, whether in terms of main scale or deadweight tonnage.
Together with the latest 4 LNG dual-fuel powered LR2/Aframac product tankers, EPS has recently placed orders for 20 newbuildings of 3 types with companies under the Fujian Shipbuilding Industry Group. These include 4+4 LNG 5,500 CEU dual-fuel powered PCTCs, expected to be delivered in 2027, which will be built by XSI, and 4+2+2 MR product tankers with Mawei Shipbuilding/Southeast Shipyard.
With the recovery of the tanker industry, EPS is currently focusing on the product tanker market and plans to expand its fleet of MR and LR2 product tankers to 50 units, with 4 LR2 tankers and 16 MR tankers already in operation.
EPS currently manages a diversified fleet of more than 270 vessels in four core segments: container ships, dry bulk carriers, gas carriers and tankers, with a total deadweight tonnage of 28 million tons. The company currently has one of the world’s largest newbuilding programs, with more than $8 billion in orders for 100 new vessels, covering container ships, car carriers, very large ammonia carriers (VLAC), Suezmax tankers, LNG carriers, Newcastlemax bulk carriers and product tankers.
With such a large-scale newbuilding program, EPS has already signed a number of newbuilding contracts with several Chinese shipyards this year in the fields of container ships, car carriers, product tankers and bulk carriers.EPS signed 8+4 18,000 TEU LNG dual-fuel-powered containerships with New Times Shipbuilding, EPS signed two 7,000 CEU car carriers and two 5,500 CEU LNG dual-fuel powered PCTCs with China Merchants Jinling Shipyard (Nanjing), EPS signed six 111,000 DWT LNG dual-fuel powered LR2 product tankers with Guangzhou Shipbuilding International, EPS signed one 210,000 DWT Ammonia DF/DF Ready bulk carrier with Beihai Shipbuilding, etc.
