Singapore’s shipping giant Eastern Pacific Shipping (EPS) continues to ramp up its container ship orders, placing orders for 14 new vessels at two Chinese shipyards.
According to TradeWinds, EPS has signed orders for up to 14 mid-sized 6000 TEU container ships, scheduled for delivery between 2027 and 2029. Among them, Hengli Heavy Industry will build 4+4 ships, and a shipyard under China Merchants Industry will build 4+2 ships. The cost per new ship is approximately $79 million. If all option orders are confirmed, the total value for the 14 ships will reach $1.106 billion (approximately RMB 7.887 billion).
For reference, Clarksons data shows the current newbuilding price for a 5000-5500 TEU container ship is about $79 million, a 2% decrease from $81 million during the same period last year.
Sources indicate that these container ships have secured long-term charter contracts, although the charterer has not been disclosed. The new ships will be propelled by conventional fuel.
Both Hengli Heavy Industry and China Merchants Industry are familiar partners for EPS. In July this year, EPS signed a contract with Hengli Heavy Industry to build two 157,000 dwt LNG dual-fuel crude oil tankers, scheduled for delivery in the first half of 2028. This marked Hengli Heavy Industry’s first order for Suezmax tankers.
This container ship order from EPS will also be Hengli Heavy Industry’s first venture into building mid-sized container ships. In September last year, Hengli Heavy Industry secured its first order for 10 LNG dual-fuel 21,000 TEU ultra-large container ships from Mediterranean Shipping Company (MSC), marking its entry into the container ship construction market. Currently, all 28 container ships in Hengli Heavy Industry’s order book are ultra-large ships of over 20,000 TEU ordered by MSC.
On the other hand, among the shipyards under China Merchants Industry, only Qingdao Shipyard (formerly Qingdao Shipbuilding Industry), acquired this year, has built 6000 TEU class container ships. Among its other shipyards, only China Merchants Industry Jinling Shipyard has delivered container ships, with the largest container ships built by Jinling not exceeding 5000 TEU. However, China Merchants Heavy Industry (Jiangsu) secured an order for three 21,000 TEU dual-fuel LNG-powered ships from MSC earlier this year, formally entering the ultra-large container ship construction market.
Including the orders from Hengli Heavy Industry and China Merchants Industry, the number of container ships ordered by EPS this year will reach 38. Previously, in July, EPS ordered six 1800 TEU container ships at China Merchants Industry Jinling Shipyard, scheduled for delivery from late 2027 to 2028, with each ship costing approximately $30 million.
In August, EPS also signed an order for 12+6 1800 TEU container ships with Mawei Shipbuilding, under Fujian Shipbuilding Industry. The ships are planned for delivery in 2028. As the vessels are equipped with cargo handling gear, the cost is relatively higher. The total transaction value reached $680 million, equivalent to a unit price of approximately $37.78 million per ship. It is reported that these new ships have already secured a long-term charter contract with the world’s third-largest container shipping company, France’s CMA CGM.
This latest order also marks a rare move by EPS to build 6000 TEU mid-sized container ships in recent years. According to Clarksons data, since 2022, EPS’s container ship orders have primarily been for mid-to-large ships above 8000 TEU and feeder ships below 3000 TEU.
Industry sources indicate that there is currently strong demand for newbuild small and mid-sized container ships in the market. This specific segment is facing a capacity gap driven by an aging fleet and growth in regional trade.
Constantin Baack, CEO of Norwegian container ship owner MPC Container Ships (MPCC), recently pointed out that despite record container ship orders and European owners concentrating on ordering large numbers of feeder ships, the scale of orders for small container ships is still insufficient. Considering that 58% of existing ships below 6000 TEU are over 15 years old, investing in the construction of feeder and mid-sized container ships remains a highlight of the current market.
Founded in 2017, MPCC is one of the fastest-growing container ship owners in recent years. Its current fleet owns and operates 59 container ships with a total capacity of 141,000 TEU. It mainly leases container ships to global and regional liner companies through time charter contracts. In July this year, the company ordered four 4500 TEU container ships at Sanfu Shipbuilding, with the new ships expected to be delivered starting from the second half of 2027.
It is understood that EPS is one of the world’s largest independent ship owners, with over 60 years of excellence in the shipping industry. Headquartered in Singapore, it employs 6,000 seafarers and over 450 shore-based staff. It manages a diversified fleet of more than 270 vessels, including bulk carriers, container ships, car carriers, tankers, chemical tankers, LPG carriers, and LNG carriers, with a total deadweight tonnage of 28 million tons. The average age of the fleet is under 10 years, and it includes over 80 dual-fuel vessels.
Since 2021, EPS has been active in the newbuilding market, ordering over 120 new ships at shipyards in China, Japan, and South Korea. Clarksons data shows that EPS currently has 110 new ships on order, covering types such as container ships, car carriers, liquefied gas carriers, and tankers. After all ordered new ships are delivered by 2029, EPS’s fleet size is expected to exceed 300 vessels.
