Last year, to showcase that sustainability begins with
accountability, Singapore-based shipowner Eastern Pacific Shipping (EPS)
started disclosing a fleetwide CO2 emissions report as part of its inaugural
environmental, social & governance (ESG) policy.
Eastern Pacific has a diverse fleet totalling 15 million dwt
in the container, dry bulk and tanker segments. Using the industry-accepted
annual efficiency ratio (AER) – the ratio of a ship’s carbon emissions per unit
of actual transport work - EPS reported a fleetwide AER of 4.7 grams of CO2 per
tonne-mile in 2019, showing a steady decline over the AER of 5.1 posted in
2015. This trend prompted EPS’ management to set a target of achieving an AER
of 4.5 by 2022.
On January 28, EPS announced that it achieved an AER of 4.4,
meeting its target a full two years ahead of schedule. EPS CEO Cyril Ducau said
that the company’s ability to align its forces towards a common green goal can
be credited to the philosophy of “not letting the perfect be the enemy of the good.”
This same philosophy has attracted like-minded charterers, including BHP, CMA
CGM, and Equinor, which awarded EPS with landmark time charter contracts in
“EPS is fully committed to the green and technology-driven
growth of the industry on all fronts. While the ultimate objective is zero
emissions, that is simply not feasible today. What is feasible is using various
resources currently available to significantly lower CO2 emissions and
greenhouse gas emissions in general. Optimization technology, alternative
marine fuels like LNG, LPG, and biofuels, and a workforce dedicated to the
greater good, has proven that cleaner shipping is achievable today,” said
“While our 2020
emissions report is good news, it’s important for us not to become complacent.
We need to maintain a low AER at a time when our diverse fleet across the
container, dry bulk, and tanker segments is expanding, with over 40 newbuilds
on the horizon. Fortunately, most of these vessels will be powered by
alternative marine fuels, making them some of the cleanest ships on the water
in their respective categories,” he said.