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Eastern Pacific Shipping surpasses CO2 emissions reduction target

Photo: Eastern Pacific Shipping creweps.PNG
Singapore-based shipowner Eastern Pacific Shipping (EPS) it has surpassed its C02 reduction target two years ahead of schedule.

EPS, which operates a diverse fleet of over 15m dwt, revealed the achievement as it published its Environmental, Social & Governance (ESG) Policy for 2021.

EPS started disclosing its fleetwide CO2 emissions last year and uses the Annual Efficiency Ratio (AER) measurement for which had set a target of 4.5 by 2022, reducing 4.7 in 2019 and 5.1 in 2021. On Thursday EPS disclosed that it had achieved an AER of 4.4 well ahead of its of target date.

EPS ceo Cyril Ducau said that while zero emissions was not achievable today it was possible to significantly lower CO2 and Greenhouse Gas (GHG) emissions by use of vessel optimisation technology, alternative marine fuels, like LNG, LPG, and biofuels, as well as workforce that has bought into the commitment to reduce emissions.

The shipowner has seen commercial gains from its commitment to reducing emissions and noted it had attracted charterers with the same goals such as CMA CGM, Equinor and BHP, which it said had awarded the company “landmark” time charters last year.

Looking ahead Ducau said: “While our 2020 emissions report is good news, it’s important for us not to become complacent. We need to maintain a low AER at a time when our diverse fleet across the container, dry bulk, and tanker segments is expanding, with over 40 newbuilds on the horizon. Fortunately, most of these vessels will be powered by alternative marine fuels, making them the cleanest ships on water in their respective categories.”

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