Eastern Pacific Shipping (EPS) has signed a time charter agreement with Equinor for three newbuild liquefied petroleum gas (LPG) dual-fuel propulsion mid-sized gas carriers (MGCs).

The vessels will be delivered by Hyundai Mipo Dockyard in South Korea in 2022.

The deal is in accordance with the Environmental, Social and Governance Policy of EPS. The policy calls for use of alternative marine fuels to reduce the carbon footprint of the industry.

The vessels will help in decarbonisation by emitting reduced levels of greenhouse gases and will also comply with the International Maritime Organization requirements.

In a press release, EPS said: “The construction and management of these vessels firmly place EPS and Equinor at the forefront of the shipping industry’s agenda to preserve the environment for future generations.

As part of the deal with Equinor, EPS has expanded the current fleet of 11 gas carriers, which includes three LPG tankers received in September 2019 from Neu and the delivery of two MGCs from Hyundai Mipo Dockyard.

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By GlobalData

All 11 engines will be powered by two-stroke engines of MAN B&W.

In March last year, EPS exercised an option, linked to an order for 5 × 15,000 twenty-foot equivalent unit (TEU) box ships, that was placed in November 2017 and also requested six additional vessels.

In February 2019, EPS partnered with Techstars to jointly launch a global MaritimeTech startup accelerator in Singapore.

The new EPS MaritimeTech Accelerator Powered by Techstars will be based in EPS’ headquarters in Singapore.