12 vessels, 7 billion! Chinese shipyards share in the spoils! Shipping giant places another massive order

2024-11-26 09:00

Singapore shipping giant Eastern Pacific Shipping （ EPS ）continues to invest in and order medium-sized car carriers, signing the largest order in this segment in over a decade with two Chinese shipyards.

According to foreign media reports, EPS recently confirmed the execution of optional orders at China Merchants Industry Nanjing Jinling and Mawei Shipbuilding, ordering an additional 6 艘 5500 car spaces LNG dual-fuel car carriers. Mawei Shipbuilding will undertake 4 艘 2028 for delivery in 2 艘 2027 year; Nanjing Jinling received

EPS Initially this year 6 month, separate orders of 2+2 艘 4+4 艘 5500 car spaces dual-fuel car carrier orders were signed with Nanjing Jinling and Mawei Shipbuilding respectively, with each costing approximately 8000 million USD. With the activation of this optional order, the total value of all 12 new ships reached 9.6 billion USD (approximately RMB 69.48 billion).

Sources say that EPS have secured charter contracts for 6 of the new vessels. Spanish operator Suardiaz Shipping Lines leased two vessels, but the specific lease term and daily charter rate have not yet been disclosed.

It is understood that the 8 car carriers undertaken by Mawei Shipbuilding will be built by Xiamen Shipbuilding Heavy Industry. This series of ships is designed by CSSC ( SDARI ）, with a total length of 190 meters, a molded breadth of 35.6 meters, a molded depth of 14.10 meters, a design draft of 8.3 meters, a maximum draft of 9.5 meters, a deadweight of approximately 7800 tons, and a speed of no less than 18 knots. This type of vessel uses an electric RORO system, with a total of 11 decks, of which 4、6、8 is a movable deck, for unlimited navigation areas ( excluding polar waters ) ，capable of transporting passenger cars, vans, buses, trucks, container trailers and other high and heavy RoRo cargo, as well as new energy vehicles and IMDG packaged dangerous goods within the rules.

EPS ’s new order is the largest investment in the construction of medium-sized car carriers in recent years. Driven by EPS large order, new orders for medium-sized car carriers have increased significantly this year. Clarkson’s data shows that so far this year 4000-5999 car spaces medium-sized ship new orders totaled 16 艘 2 艘

It is worth mentioning that, as one of the most active shipowners in the wave of car carrier orders in the past few years, EPS ’s previous orders were all 7000 car spaces large vessels. According to Clarkson’s data, EPS since 2021 year, it has successively ordered 30 dual-fuel car carriers. Apart from this year’s 12 艘 5500 car spaces medium-sized vessels, the remaining 18 vessels are all 7000 car spaces large vessels, including 12 vessels from Nanjing Jinling and 6 艘

EPS is a well-known company with 60 years of excellent history in the shipping industry, known for its commitment to green energy and at the forefront of integrating innovative technologies to drive its development and improve operational efficiency. Currently, EPS has 6000 employees, managing a diversified fleet of more than 270 vessels, including four core areas: container ships, dry bulk carriers, LPG carriers and tankers, with a total capacity of 2800 thousand deadweight tons.

Since the beginning of this year, car carrier freight rates have fallen after four consecutive years of increases, yet the newbuilding market remains active. Clarkson’s data shows that new orders have totaled 61 艘 46.36 tens of thousands of car spaces so far this year, making it the fourth highest record in history after 2023 year ( 71.19 tens of thousands of car spaces), 2022 year ( 57.86 tens of thousands of car spaces) and 2007 year ( 53.81 tens of thousands of car spaces).

Chinese shipbuilders remain in an absolutely leading position in the car carrier construction sector. Of this year’s 61 new car carrier orders, 50 were undertaken by Chinese shipbuilders, while South Korean shipbuilders received 2 and Japanese shipbuilders received 9 艘

Clarkson's data shows that the top six car carrier newbuilding orders are all held by Chinese shipyards, namely China Merchants Heavy Industry (Jiangsu) 39 vessels, Nanjing Jinling 39 vessels, Guangzhou Shipyard International 29 vessels, Xiamen Shipbuilding Industry 16 vessels, Waigaoqiao Shipbuilding 16 vessels, and Yantai CIMC Raffles 13 艘

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