In a surprising move, Eastern Pacific Shipping, based in Singapore and owned by shipping magnate Idan Ofer, has announced its immediate withdrawal from the chemical tanker segment. This decision aligns with a broader trend of consolidation within the industry and will allow the company to concentrate on growth in its core business areas.
The company plans to finalize the sale of its fleet of 14 chemical tankers, which includes three newly built vessels, this week. The ships, ranging from 19,000 to 26,000 dwt, are currently managed through the Ace Quantum Chemical Tanker pool. The sale consists of an en-bloc transaction, with seven vessels going to Ace Tankers and the remaining seven, including the newbuilds, to Womar Tankers. The vessels will be rebranded under their new ownership.
Eastern Pacific Shipping has described this transaction as a “strategic exit” from the chemical tanker sector, allowing it to refocus resources on its primary business segments, which include containerships, dry bulk, gas, and tankers. The company currently has over 150 vessels on order and is also expanding into car carriers. Additionally, it recently completed the consolidation of CoolCo, an LNG carrier operator.
Moreover, EPS is actively participating in the green transition, experimenting with biofuels and carbon capture technologies. The company has also installed wind-assisted propulsion systems on one of its MR tankers, showcasing its commitment to sustainability in maritime operations.
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