Eastern Pacific Shipping

Singapore based shipowner and operator Eastern Pacific Shipping (EPS) has ordered five (5) LNG-fuelled newcastlemax bulk carriers 208K DWT at New Times Shipbuilding, China. Eastern Pacific Shipping’s (EPS) order is backed by a charter deal with iron ore giant BHP. New Times Shipbuilding is going to deliver the first newcastlemax bulk carrier in 2022 to Eastern Pacific Shipping (EPS). Eastern Pacific Shipping’s (EPS) charter deal is going to start in 2022 with BHP. Idan Ofer-led Eastern Pacific Shipping (EPS) is going to pay $66 million for each LNG-fuelled ­newcastlemax bulk carrier. In December 2019, Eastern Pacific Shipping (EPS) ordered LNG-fuelled newcastlemax bulk carriers 209K DWT at Shang­hai Waigaoqiao Shipbuilding (SWS). Aussie iron ore giant BHP has been showing interest in chartering cleaner LNG-fuelled ships. 22-July-2020


Singapore based shipowner and operator Eastern Pacific Shipping (EPS) sold 2019 built ultramax bulk carrier 61K DWT MV Divinegate for around $23 million. In 2017, Eastern Pacific Shipping (EPS) ordered MV Divinegate at Dalian Cosco KHI Ship Engineering. To completely focus on capesize segment, Eastern Pacific Shipping (EPS) has been selling handysize and ultramax bulk carriers. In March 2020, Idan Ofer led Eastern Pacific Shipping (EPS) 2010 built supramax bulk carrier 53K DWT MV Bridgegate for $10 million. Eastern Pacific Shipping’s (EPS) handysize bulk carriers are advancing the 10-year life-span which will attract many shipowners. Eastern Pacific Shipping (EPS) put its supramax fleet into the C Transport Maritime (CTM) Pool. Eastern Pacific Shipping (EPS) operates most of its handysize bulk carriers on short period charters or spot voyages. Eastern Pacific Shipping (EPS) chartered-out panamax bulk carriers to Indian mining companies. 10-June-2020


Singapore based shipowner and operator Eastern Pacific Shipping (EPS) sold 1993 built VLOC (Very Large Ore Carrier) 290K DWT MV Shagang Giant to green ship recycling in India. However, MV Shagang Giant demolition deal was hit by Indian coronavirus lockdown in India. MV Shagang Giant sale did not materialize as force majeure was called by the Indian authorities on ships calling at Indian ports due to coronavirus pandemic. MV Shagang Giant steamed to Karachi from India. Under Eastern Pacific Shipping’s (EPS) new corporate ship recycling policy, MV Shagang Giant was sold to India based Shree Ram ship-breaking yard which is in line with environmental, social, and governance (ESG) prospectus. MV Shagang Giant was sold to Indian ship-breaking yard Shree Ram at the beginning of 2020 for $370 per ldt (Lightweight Displacement Tonnage). Green ship-breaking yard Shree Ram is very well known as one of India’s most advanced demolition yards in terms of its environmental and safety standards. Green ship-breaking yard Shree Ram is closely connected to cash buyer NKD Maritime and has been serving giant shipowners such as Gearbulk and NYK Line. According to sale and purchase (S&P) shipbrokers, MV Shagang Giant will be scrapped in Karachi. Although, Pakistan does not have any ship-breaking yards in line with Eastern Pacific Shipping’s (EPS) environmental policies. Currently, Eastern Pacific Shipping’s (EPS) fundamental focus is the health and safety of people. Eastern Pacific’s environmental, social and governance (ESG) policy commits the company to scrap ships at green ship-breaking yards which have a statement of compliance with the Hong Kong Convention for the Safe and Environmentally Sound Recycling of Ships. Unfortunately, Indian lockdown due to coronavirus has been preventing ships from beaching in India and other ship recycling centers in the subcontinent and the Far East. 21-April-2020


Idan Ofer led Singapore based shipowner and operator Eastern Pacific Shipping made a quick profit on a capesize dry bulk carrier which was bought for $18 million in November 2016 and sold for $28 million. Eastern Pacific Shipping bought capesize dry bulk carrier 2009 built 179K DWT MV Mount Meru (ex MV Hanjin Cape Lambert) for just $18 million in November 2016 from bankrupted Hanjin Shipping. Now, Eastern Pacific Shipping sold the ship to Arne Blystad’s Songa Bulk for $28 million. Singapore based shipowner and operator Eastern Pacific Shipping has a fleet of 80 ships. 13-April-2017


Eastern Pacific Shipping bought 2016 Japanese built capesize bulk carrier 180K DWT M/V Aquacargo which is the second similar capesize bulk carrier acquired for $33 million. In January 2016, Eastern Pacific Shipping bought 182K DWT MV Mount Hermon (ex MV Megalodon) from Star Bulk Carriers for $35 million. 8-March-2016