Eastern Pacific Shipping Expands VLCC Fleet
Eastern Pacific Shipping (EPS), led by Idan Ofer, is significantly enhancing its presence in the Very Large Crude Carrier (VLCC) market. The Singapore-based company has secured contracts for two new 306,000 dwt vessels from Hengli Shipbuilding in China, with a total deal valued between $200 million and $300 million. These vessels are expected to be delivered in the latter half of 2028, marking a strategic move for EPS as it expands its crude tanker operations.
A Strong Return to VLCCs
The recent contracts come on the heels of EPS’s re-entry into the VLCC segment in 2025 after a seven-year hiatus. The company previously ordered six VLCCs from Hengli, marking its first newbuildings in this category since the Maritime Jewel was scrapped in 2018. This renewed focus on VLCCs signifies EPS’s commitment to rebuilding its crude tanker portfolio, following several years of concentrating on aframax and suezmax tankers, along with a series of MR product carrier additions.
Hengli Shipbuilding has recently attracted a range of notable clients, including interests linked to John Fredriksen and Greek owner George Procopiou, who have both placed significant orders for VLCCs with similar delivery timelines. EPS’s latest order positions it as one of Hengli’s largest customers, with total orders exceeding $2.5 billion across various vessel types, including tankers, containerships, and capesize bulkers. The increased orders illustrate EPS’s robust strategy in the competitive shipping industry.
Growing Fleet and Market Presence
In addition to its new VLCC contracts, EPS reportedly has over 140 vessels of different types on order throughout the Far East. This expansion reflects the company’s proactive approach in the global newbuilding market. With the recent VLCC deal, EPS’s total orders with Hengli Heavy Industry are nearing 30 ships, reinforcing its status as a formidable player in the maritime sector.
Capital Maritime Expands Fleet with New Shipbuilding Contracts in China
As EPS continues to solidify its position in the VLCC market, industry analysts will be watching closely to see how these strategic moves impact the company’s overall operations and market share in the competitive shipping landscape.
