en.Wedoany.com Reported - Singapore-based Eastern Pacific Shipping has announced its exit from the chemical tanker sector, with the company expected to complete the sale of 14 vessels (including three newbuilds) this week.
The bundled transaction involves vessels with deadweight tonnage ranging from 19,000 to 26,000 tons, currently commercially managed through the Ace Quantum Chemical Tanker pool. Seven of the vessels will be sold to Ace Tankers, while the remaining seven (including three newbuilds) will be sold to Womar Tankers, with the vessels to be renamed under new ownership. The company, owned by shipping magnate Idan Ofer, stated that this move aligns with the consolidation trend in the chemical tanker segment following several large transactions.
Eastern Pacific Shipping said the sale marks a strategic exit from the sector, helping the group focus resources and investments on core business segments and future growth opportunities. Although the sold vessels represent only a small portion of the 350 ships currently managed by the company, it still defines this as a strategic exit. Currently, Eastern Pacific Shipping is implementing a robust growth plan, focusing on four core areas: container ships, dry bulk, gas, and tankers, with orders for over 150 vessels across multiple segments. Recently, the company has also expanded into areas such as car carriers and completed the integration of LNG carrier operator CoolCo last year.
In terms of green transition, the company continues to test biofuels and carbon capture technologies, and recently installed Bound4Blue wing sail wind-assisted propulsion systems on one of its MR tankers. Prior to exiting the chemical tanker market, other consolidation moves in this sector included MOL Chemical Tankers' acquisition of Fairfield Chemical Tankers last year, and Stolt-Nielsen's buyout of Odfjell's stake in a joint venture.
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