EPS secures 15-year time charter from STL

With the announcement of the 15-year charter, EPS said it has entered a new sub-segment. The vessels will carry ethane from the US Gulf to Shenzhen-listed STL’s plant in Lianyungang, China. All four VLECs will feature dual-fuel ethane propulsion which will reduce greenhouse gas emissions when compared to conventional marine fuels.

EPS chief executive Cyril Ducau said, “We are extremely pleased to partner with STL and enter the ethane carrier segment. Both companies share a vision of being the green and technology-driven leaders in our respective industries. This made the negotiations and subsequent agreement an enjoyable and seamless process.

For EPS, the addition of these four vessels complements our existing, and growing, mid and large gas carrier fleet. This deal also serves as an example of our commitment to using alternative marine fuels as transitional fuels towards decarbonisation and the preservation of the environment for future generations. This 15-year charter is a major milestone for us that will strengthen our foundation as we grow and diversify our fleet.”

The VLECs will be built at South Korea’s Hyundai Heavy Industries and Samsung Heavy Industries and are scheduled for delivery in the first half of 2022.