Singapore-based diversified shipping company Eastern Pacific Shipping (EPS), led by Israeli shipping king Idan Ofer, has placed an order for four gas carriers with a Chinese shipyard.
East Pacific Shipping has placed an order with Huangpu Wenchong Shipbuilding, a subsidiary of China State Shipbuilding Corporation (CSSC), for four 60,000 cbm liquefied petroleum gas (LPG)-dual-fuel LPG carriers, with a total value of about $340 million, about $85 million each, which are expected to be delivered from 2027 to 2028, the industry news said.
East Pacific Shipping’s order marks the end of a decade-long order drought for this unpopular vessel. Sources said the industry was surprised by Eastern Pacific Shipping’s order for 60,000 cbm dual-fuel LPG carriers, for this LPG carrier is used in a very specific trade, operating mainly in South America. There are currently only a handful of 60,000 cbm LPG carriers in the trading fleet of any shipowner worldwide, and fewer than 20 vessels are currently in operation.
An order for a 60,000 cbm LPG carrier in the global newbuilding market dates back to 2015, when Greek shipping company Latsco Shipping ordered for two LPG carriers from HD Hyundai Heavy Industries (Hyundai Heavy Industries at that time) for $70 million each, which were delivered and put into operation in 2016, the data showed.
Industry analysts believe that East Pacific Shipping’s order for this particular vessel may be to promote its fleet renewal, as the company currently owns three LPG carriers, namely, Helsinki, Denver and Tokyo, all of which were completed and delivered in 2009.
