Crowley and Eastern Pacific Shipping Partner with Long-term Charters for Four LNG-Fueled Containership Newbuilds

The latest generation 1,400-TEU quartet reflects both organizations' commitment to the industry's clean energy transition

JACKSONVILLE,Fla.,Sept. 19,2022 -- U.S. shipping and logistics company Crowley has awarded Singapore-based Eastern Pacific Shipping (EPS) a contract for the charter of four newbuild containerships powered by liquified natural gas (LNG) for Crowley's U.S.-Central America trade.

Representatives from Crowley,Eastern Pacific Shipping and Hyundai Mipo Dockyard at the charter agreement signing.

Using LNG significantly lowers vessel greenhouse gas emissions,such as sulfur oxide,carbon dioxide and nitrogen oxide while eliminating particulate matter compared with conventional diesel fuel. In addition,these vessels will be fitted with high-pressure ME-GI engines from MAN Energy Solutions,reducing methane slippage to negligible levels and making these vessels the most environmentally efficient in their category.

Each vessel,which will have capacity for 1,400 TEUs (20-foot container equivalent units),will feature 300 refrigerated unit plugs to reliably transport perishable cargo. Operating under a long-term time charter to Crowley,the ships will expand Crowley's fleet and supply chain capabilities connecting U.S. markets to Nicaragua,Honduras,Guatemala and El Salvador.

"We are excited to develop our U.S. market footprint through these long-term time charters with such a reputable partner," said EPS CEO Cyril Ducau. "Like EPS,Crowley enjoys a rich history and diverse business portfolios,but more importantly,their organization is driven by a vision to lead the industry's decarbonization efforts. Once delivered,these vessels will be IMO 2030 compliant five years ahead of schedule and will play an important role as the world and industry transition to cleaner energy sources."

"These four ships will play a significant part in driving Crowley's strategic growth in our supply chain services for the U.S.,Central America and Caribbean. In addition,the vessels use of LNG and emissions technology will advance the company's commitment to innovation and decarbonization in the shipping industry as part of our sustainability strategy," said Tom Crowley,company chairman and CEO. "As more companies diversify their supply chains using nearshoring and the resources of Central America,Crowley will enhance our end-to-end logistics services to be partners in their growth."

The vessels will be built by Korea's Hyundai Mipo Dockyard and are slated for delivery in 2025.

About Crowley

Crowley is a privately held,U.S.-owned and -operated maritime,energy and logistics solutions company serving commercial and government sectors with more than $2.9 billion in annual revenues,over 170 vessels mostly in the Jones Act fleet and approximately 7,000 employees around the world – employing more U.S. mariners than any other company. The Crowley enterprise has invested more than $3 billion in maritime transport,which is the backbone of global trade and the global economy. As a global ship owner-operator and services provider with more than 130 years of innovation and a commitment to sustainability,the company serves customers in 36 nations and island territories through five business units: Crowley Logistics,Crowley Shipping,Crowley Solutions,Crowley Fuels and Crowley Wind Services. Additional information about Crowley,its business units and subsidiaries can be found at www.crowley.com.

About Eastern Pacific Shipping

With a history spanning 60 years,Eastern Pacific Shipping Pte. Ltd. ("EPS") is a leading shipping company that is committed to the green and technology-driven growth of the industry. Headquartered in Singapore for the past 30 years,EPS is driven by its mission to be the safe and efficient transportation provider of choice to the shipping industry. Empowering that mission is a 6,000 strong and growing workforce across sea and shore. They oversee a versatile fleet of over 200 vessels and 20 million deadweight-tonnes across three core segments of containership,dry bulk,and tanker vessels. EPS' shore team is fully integrated with in-house commercial,finance,innovation,IT,legal,manning,operations,and technical departments.