Core Viewpoint - Singapore Eastern Pacific Shipping (EPS) has signed a contract with China Shipbuilding Group's Jiangnan Shipyard for the construction of two old Panamax-type 90,000 cubic meter Very Large Ammonia Carriers (VLAC) [1][3]. Group 1: Contract Details - The new vessels will feature a next-generation low-resistance design that maximizes cargo capacity while minimizing navigation resistance, adhering to the size limitations of the old Panama Canal [2][4]. - The core LPG dual-fuel propulsion system is expected to reduce CO2 emissions by approximately 20% and SOx emissions by about 99% compared to traditional fuel systems, meeting EEDI Phase III emission requirements [2][4]. - The delivery of the new ships is anticipated in the first half of 2028 [2][4]. Group 2: Historical Context - This contract continues the close cooperation between EPS and Jiangnan Shipyard, which previously included an order for six 93,000 cubic meter VLACs in 2023, each costing around $100 million [2][4]. - In 2024, EPS further contracted Jiangnan Shipyard for six 150,000 cubic meter Ultra Large Ethane Carriers (ULEC) [2][4].