Idan Ofer-controlled Eastern Pacific Shipping (EPS) has signed a Framework Cooperation Agreement (FCA) to collaborate on the production of green energy and renewable fuel solutions with China Power International Development Limited.
Under the agreement, EPS and China Power will cooperate to advance the development and adoption of energy solutions for the maritime industry, including green ammonia and green methanol.
Both companies recognise the pressing need to transition towards low-carbon alternatives, and this collaboration will enable them to leverage their respective strengths to accelerate progress in this vital area.
The FCA comes at a time when the impetus for alternative marine fuel and power generation solutions is at an all-time high.
Various government mandates and ambitious corporate social responsibility agendas have made it clear that sustainability efforts must be accelerated, and this agreement will provide both industries with viable and scalable solutions that will aid in global decarbonisation and environmental preservation.
In recent months, EPS signed several notable deals. In May, it signed a deal for four very large ammonia carriers at China’s Jiangnan Shipbuilding. Only days later, the company signed up for two firm 115,000 dwt tanker newbuilds at CSSC Guangzhou Shipyard International, with an option for two more.
In late June, Eastern Pacific Shipping paid a hefty price of nearly $76m to buy the 2018-built suezmax tanker Elandra Osprey from Elantra.