Idan Ofer-controlled Eastern Pacific Shipping is splashing out more than $2.45bn for up to 12 LNG dual-fuel post-panamax container ships, swelling its vast orderbook to more than 100 newbuildings.
The Singapore-based company has signed eight firm 18,000-teu ships at New Times Shipbuilding and holds options for four more.
Industry sources said it ordered the ships against long-term charters from French liner CMA CGM.
Rates and employment terms have not been disclosed.
Chief executive Cyril Ducau confirmed that Eastern Pacific had ordered a series of container ships but declined to comment on whether they had been fixed to CMA CGM.
Brokers suggested the newbuildings, which can be powered by LNG or conventional fuel, would cost more than $200m each.
The New Times contract brings the number of firm container ship newbuildings on Eastern Pacific’s orderbook to 17.
According to Clarksons’ Shipping Intelligence Network, the company is scheduled to take delivery of four midsize vessels this year — two scrubber-fitted 6,900-teu vessels from New Times and two 5,920-teu ships from Japan’s Imabari Shipbuilding.
The New Times newbuildings are chartered out to CMA CGM, while Imabari’s boxships are fixed to Orient Overseas Container Line.
South Korea’s HD Hyundai Mipo Dockyard is building four LNG-fuelled 1,400-teu newbuildings for Eastern Pacific.
It ordered the feeder vessel quartet two years ago against long-term time charters from US shipping and logistics company Crowley. HMD will deliver them next year.
Fujian Mawei Shipbuilding is constructing one 3,000-teu boxship for delivery next month.
Meanwhile, Eastern Pacific has added one more conventionally fuelled 115,000-dwt product tanker newbuilding at state-owned Shanghai Waigaoqiao Shipbuilding. The deal brings the number of LR2 tankers that it has at the CSSC-controlled shipyard to three.
The other two product tankers were ordered last year against charters from Vitol and are slated to be delivered in February and May 2025.
Brokers believe Eastern Pacific is paying a premium price of close to $75m for the latest LR2 tanker, which is almost 20% more than the earlier two newbuildings. The early delivery date of the fourth quarter of 2026 is said to have been behind the premium.
Clarksons says Eastern Pacific’s orderbook stands at 85, excluding the freshly contracted boxships at New Times.
But sources familiar with the shipowner said it has 110 newbuildings on order, including newcastlemax bulkers, tankers ranging from MR2 to suezmaxes, very large ammonia carriers, LNG carriers and car carriers.
