Idan Ofer’s Eastern Pacific Shipping has highlighted a $2.6bn investment in green initiatives to upgrade, renew and enlarge its fleet and help it hit emissions targets ahead of schedule.
Singapore-based Eastern Pacific has been one of the prime movers in ordering alternative-fuelled vessels at what it believes is a “pivotal moment for the shipping industry”.
Its decarbonisation efforts date back to 2018, when it signed one of the world’s first orders for a dual-fuel LNG boxship, CEO Cyril Ducau wrote in the company’s 2024 environmental, social and corporate governance report.
“Since then, we have significantly expanded our fleet, crossing the 250-vessel and 26m-dwt mark, including an unrivalled orderbook of over 80 vessels, around 70% of which will be able to operate on alternative fuels,” he wrote.
Ducau said Eastern Pacific has invested $2.6bn across 15 green projects since 2018.
They span dual-fuel vessels, carbon capture, biofuels, voyage optimisation and wind propulsion technology to achieve energy efficiency and emissions reductions, he said.
Ducau said in 2023, the shipowner was already ahead of its 2025 emissions reduction targets after recording an annual efficiency ratio of 3.6 g of CO2 per dwt-mile last year.
“Over the past six years, while most talked and took a wait-and-see approach, we acted, improved the efficiency of our legacy fleet, selected and tested many emissions-reduction solutions and invested into alternative fuels for our new tonnage,” he said.
Overall, 45% of Eastern Pacific’s fleet is powered by alternative fuels, the report said.
Among that number, the shipowner boasts of being the pioneer in developing dedicated very large ammonia carriers with dual-fuel engines and currently has eight vessels on order.
It also has 14 newcastlemax bulkers under construction, which will be the first in the world to be fitted with ammonia dual-fuel engines.
Eastern Pacific is also taking delivery of a series of 18 dual-fuel LNG car carriers, with the first three now handed over.
In addition, the company has a fleet of 23 LNG dual-fuel, 15,000-teu container vessels on the water.
Ducau explained the shipowner was also optimistic about the growth of the hydrogen economy.
“Our series of ammonia dual-fuel vessel orders in 2023 marked a significant milestone,” he said.
“These orders include the largest ammonia carriers ever constructed, a move set to substantially increase the availability and affordability of ammonia transportation and serve as a catalyst in establishing ammonia as a globally viable alternative fuel.”
