EPS and Value Maritime Announce Agreement
17 May 2022
Eastern Pacific Shipping and Value Maritime team up to install the first carbon capture solution onboard a pair of tankers
The Singapore-based tonnage provider will retrofit two MR tankers with carbon capture systems, making them the largest ocean-going vessels fitted with carbon capture technology to date
SINGAPORE, 17 May 2022 – Eastern Pacific Shipping (EPS) has signed a definitive agreement with Rotterdam-based Value Maritime (VM) to install carbon capture and filtering systems on MR tankers M/T Pacific Cobalt and M/T Pacific Gold, with an option to equip three more vessels. The installation of the first system is scheduled to be completed within 2022 with engineering and planning underway.
The 2020-built, 49,700 DWT sister vessels, will be fitted with VM’s Filtree System – a prefabricated gas cleaning system that filters sulphur and 99% of particulate matter. The system will include a Carbon Capture Module charging a CO2 battery onboard. The charged CO2 battery will be discharged in port and subsequently used by CO2 customers, such as greenhouses, or injected into carbon sequestration networks. The discharged battery will be returned to the vessel for CO2 recharging. This ‘plug and play’ approach allows vessels to capture up to 40% of CO2 emissions today, with the potential of exceeding 90% in the future.
EPS CEO Cyril Ducau stated, “Partnering with Value Maritime is a major step forward for EPS and the industry’s energy transition. Carbon capture technology was missing in our existing portfolio of emission lowering solutions, which today consists primarily of alternative marine fuels. We believe that carbon capture technology holds significant promise for reducing emissions for existing and future ocean-going vessels. Coupled with alternative fuels, biofuels and other solutions, carbon capture is a crucial step in accelerating the shipping industry’s decarbonisation efforts ahead of IMO targets. After extensive research, we agreed that Value Maritime is the right partner to implement this solution and complement our own decarbonisation efforts. Their passion for innovation, existing infrastructure, and commitment to lowering emissions today is what we look for in a partner. By equipping our tankers with VM’s systems, we hope to prove to the industry that carbon capture is a viable and scalable option available right now.”
“Bringing our filtering and carbon capture technology to the tanker market has been a goal of ours from the very beginning. Realising this vision with forward-thinking partners like Eastern Pacific Shipping is a dream come true. Together, we are making sustainable shipping and emission reduction for this segment no longer a pipe-dream. It’s happening today, and we couldn’t be prouder that it’s happening with EPS,” said Maarten Lodewijks, Co-Founder & Director – Value Maritime.
In addition to its carbon capture capabilities, the Filtree System also removes oil residue and particulate matter from the wash water, ensuring its PH value is neutralised and contributes to reducing the acidification of seawater.
Installation onboard M/T Pacific Cobalt is expected to be completed by the end of 2022, while the installation onboard M/T Pacific Gold is scheduled to be completed by the end of Q1 2023.
In addition to the retrofits, EPS and VM are exploring future collaboration opportunities, such as deploying the Filtree System onboard EPS newbuilds, including a new generation of containerships.
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 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.
About Value Maritime
Value Maritime (www.valuemaritime.com) is a young innovation-driven team of experienced engineers and financial experts who understand shipping and the need for new, simple, sustainable solutions that make commercial and financial sense. Their vision is to dramatically decrease the environmental footprint of shipping and significantly contribute to improving the overall sustainability of the maritime industry. Since 2017, their technology has been helping shipowners and operators to increase their competitiveness by achieving valuable emission reductions and financial savings.
Value Maritime – a fast-growing and innovative company that is sustainable by nature with a team that is dedicated to making an impact.