Singapore-based Eastern Pacific Shipping (EPS) and China Power International Development Limited have signed a Framework Cooperation Agreement (FCA) to collaborate on the production of green energy and renewable fuel solutions.
Under the FCA, the two parties will cooperate to advance the development and adoption of energy solutions for the maritime industry, including green ammonia and green methanol.
The companies said they recognize the need to transition towards low-carbon alternatives, adding that this collaboration will enable them to leverage their respective strengths to accelerate progress in this area.
The FCA comes at a time when the impetus for alternative marine fuel and power generation solutions are at an all-time high, EPS noted, adding that the FCA aims to provide both industries with viable and scalable solutions that will aid in global decarbonization and environmental preservation.
EPS Commercial Director Tay Gak Yong expressed his gratitude to China Power and stated: “Our framework agreement will lay the groundwork for expanding joint efforts towards market development to promote the adoption of sustainable energy solutions. By leveraging our combined expertise, we aim to unlock new opportunities, drive innovation and deliver tangible solutions that address the pressing global challenges of maritime decarbonization and sustainability.”
To note, this year, EPS has been very active in its LNG endeavours. However, in May, it also signed a contract with Jiangnan Shipbuilding, a subsidiary of China State Shipbuilding Corporation (CSSC), for the construction of four very large ammonia carriers (VLAC), with a capacity of 93,000 cubic meters.
Green ammonia is widely recognized as one of the most promising alternative fuels in the pursuit of zero-carbon shipping. Its utilization as a zero-carbon energy source allows ships to comply with more stringent greenhouse gas (GHG) emission regulations and enables them to achieve the ultimate emission reduction target set for 2050.
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