Eastern Pacific Shipping Expands LNG Fleet
Eastern Pacific Shipping (EPS) is making a significant move to enhance its liquefied natural gas (LNG) operations by placing an order for two new LNG carriers, each with a capacity of 175,000 cubic meters. This order, contracted with Jiangnan Shipyard, marks EPS’s first foray into LNG carrier newbuildings in China. The vessels are slated for delivery in 2028, as EPS aims to strengthen its position in the gas shipping market following the merger of its LNG unit, CoolCo, with its subsidiary, EPS Ventures.
Strategic Growth in Gas Transportation
With this latest order, EPS signals its intention to become a long-term player in gas transportation. The two new carriers will be among the largest in the conventional LNG category, which aligns with EPS’s strategy to diversify its shipping portfolio. In addition to LNG, the company already has significant interests in liquefied petroleum gas (LPG), ethane, and ammonia shipping.
Over the past few years, EPS has been actively collaborating with Chinese shipyards to expand its gas shipping capabilities. In 2023, the company made headlines with a groundbreaking order for six 93,000 cubic meter very large ammonia carriers, followed by another order in 2024 for six ultra-large ethane carriers, each with a capacity of 150,000 cubic meters. Most recently, EPS placed an additional order for 90,000 cubic meter Panamax very large ammonia carriers.
The recent merger between CoolCo and EPS Ventures was a pivotal step in consolidating the company’s gas operations. Øystein Kalleklev, formerly of Flex LNG and Avance Gas, now leads the expanded gas fleet. EPS’s gas segment now boasts a fleet of approximately 63 vessels, including LNG carriers, LPG carriers, ethane carriers, and LNG bunker ships. This diverse array positions EPS as one of the most versatile gas shipping platforms among private owners in the industry.
