Group 1 - The China Shipbuilding Group is starting the new year with strong momentum, showcasing robust performance and a commitment to high-quality development [1] - Jiangnan Shipyard signed a contract with Eastern Pacific Shipping for the construction of two 90,000 cubic meter Very Large Ammonia Carriers (VLAC), featuring a new generation low-resistance design that maximizes cargo capacity while minimizing navigation resistance [3] - The VLACs will utilize a dual-fuel LPG propulsion system, which can reduce CO2 emissions by approximately 20% and SOx emissions by about 99%, meeting EEDI Phase III emission standards [3] Group 2 - Beihai Shipyard, in collaboration with China Shipbuilding Trading and Greek shipowner Cape Shipping, signed a contract for the construction of one plus one Very Large Crude Carriers (VLCCs) [5] - The "Morning Star" series VLCCs are designed with energy-saving devices and ammonia reserve designs, allowing for future installation of two 6,000 cubic meter ammonia fuel tanks for zero-carbon operations [5] - The new VLCCs meet the latest CSR, OCIMF, and oil company standards, as well as the International Maritime Organization's TIER III emission standards and EEDI Phase III requirements [5][7]

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].