Eastern Pacific Shipping (EPS) has launched one of the year’s largest newbuilding programmes at China’s Hengli Shipbuilding, signing contracts for 12 vessels in a deal estimated at $1.1bn–$1.6bn. The multi-segment order marks a significant expansion for the Idan Ofer–led company and signals its return to the VLCC market after a seven-year hiatus.
The headline element of the program is a series of six 306,000 dwt VLCCs—EPS’s first investment in the segment since the 2000-built Maritime Jewel was retired in 2018. The move underscores the Singapore-based owner’s renewed ambition to rebuild its crude tanker presence, following several years of activity focused on Aframax and Suezmax tonnage and, more recently, growth in its MR fleet.
EPS has also firmed up two 158,000 dwt LNG dual-fuel suezmaxes at Hengli. These ships form part of a broader four-vessel package first outlined in July, worth around $360m. The newly confirmed pair is expected to deliver in the first half of 2028.
Completing the order are four 6,000 teu container vessels. EPS had earlier been linked to discussions for up to eight such ships at the yard, with indicative pricing near $80m each including scrubbers and high-capacity reefer plugs.
For Hengli, the contract adds to a strong run of newbuilding gains across tankers, bulkers and container ships. The rapidly expanding Dalian yard is closing in on a 100-vessel orderbook for 2025, with production slots now committed as far out as 2029.
The agreement reinforces EPS’s standing as one of the most aggressive investors in the newbuilding market, with an increasingly balanced portfolio spanning tankers, container ships and gas carriers.
