Eastern Pacific linked to dual-fuelled VLGC quartet worth $400 mln
Eastern Pacific linked to dual-fuelled VLGC quartet worth $400 mln - Offshore Energy
Eastern Pacific linked to dual-fuelled VLGC quartet worth $400 mln
Singapore-based ship management company Eastern Pacific Shipping (EPS) has reportedly placed an order for four very large carriers (VLGCs), splashing $100 million apiece.
According to broker reports, the company has placed an order for two dual-fuel 93,000 cbm VLGCs at Hyundai Samho and two more at Samsung Heavy Industries (SHI).
The delivery of the quartet is scheduled for 2026, Intermodal said in its weekly market report.
However, other brokers have linked the order to China’s Jiangnan Shipyard.
EPS has two more VLGC on order at Samsung. The 88,000 cbm duo is scheduled for delivery in 2025, data from VesselsValue indicates. In addition, Hyundai Samho Heavy Industries is building two 174,000 cbm large LNG carriers for EPS slated for delivery in 2025.
Two LPG VLGCs, Logan Explorer and Nirvana Explorer, are taking shape at Hyundai Samho and EPS is expected to take delivery of the 86,000cbm gas carriers in 2023.
Overall, the company has around 70 vessels on order, according to VV, including 34 containerships, 6 MR2 tankers, six capesize bulkers, 6 gas carriers and 14 large car truck carriers (LCTCs).
At the beginning of this month, Eastern Pacific Shipping completed its first-ever CO2 liquid bunkering with the Dutch maritime technology company Value Maritime.
The operation, which has also been described as the first in the world, took place in Rotterdam with Mon-Desir bunker barge, making EPS’ managed vessel M/T Pacific Cobalt ready to capture carbon.
The bunkering follows the recent installation of Value Maritime’s Filtree system onboard the M/T Pacific Cobalt.
Related Knowledge Center: Offshore wind energy
Over the next decade, U.S. offshore wind power is expected to grow from a single 30-megawatt wind farm off Rhode Island to more than 2,000 MW of capacity along the Atlantic Seaboard. There are contracts for wind power off the coasts of Massachusetts, Connecticut, New York, Maryland, New Jersey, Rhode Island, and Virginia.
The National Renewable Energy Laboratory has estimated the United States has over 4,000 gigawatts (GW) of offshore wind potential, enough to power the country four times over.
The growth in part being spurred by state solicitations, including in New York, where then-Gov. Andrew Cuomo (D) set a commitment of 9,000 MW of offshore wind by 2035, and in Connecticut, where in June 2021, Gov. Ned Lamont (D) signed legislation authorizing the construction of 2,000 MW of offshore wind by 2030.
The offshore development is also being driven by an investment tax credit set to end in December 2019 and is equal to 12 percent of expenditures. U.S. Sens. Susan Collins (R-Maine) and Tom Carper (D-Del.) have introduced a bill to extend the tax credit for up to eight years.
The Interior Department has held eight competitive lease sales that resulted in 15 offshore wind leases over 1.7 million acres that has the potential for 21 GW of capacity. In February 2022, the Bureau of Ocean Energy Management completed a bidding process that realized $4.37 billion for 488,000 acres across six lease areas in federal waters off New York and New Jersey.
Projects have also been proposed off the Southeast coast, off California and Hawaii, and for the Great Lakes.