Singapore-headquartered shipping giant Eastern Pacific Shipping Pte Ltd (EPS) has entered into an agreement to invest in UK decarbonisation firm SulNOx and adopt its SulNOxEcoTM on minimum 30 vessels. The partnership entails an investment into SulNOx and a major new product supply contract for the SulNOxEcoTM fuel conditioner (SulNOxEco).
Following an extensive eight-month evaluation of SulNOxEco on various EPS-managed vessels including container ships, tankers, bulk and gas carriers, EPS will adopt SulNOxEco on a minimum of 30 vessels for a minimum of 18 months use per vessel.
The deal was confirmed by the UK-listed green decarbonisation pioneer SulNOx, which helps a wide range of industrial sectors to reduce emissions, lower fuel costs and meet critical ESG/CII targets.
EPS, which manages a diverse fleet of over 300 vessels on water and on order, will also provide information in relation to the results of the evaluation, which the company will be able to use in its marketing activities, along with the ongoing support of EPS, SulNOx said on Monday in its website.
Additionally, EPS will introduce SulNOxEco to some of the world’s largest shipping companies.
“The agreement itself will generate significant revenue and secure committed minimum product volumes of 250,000 litres,” SulNOx said.
Furthermore, EPS Ventures Pte. Ltd. (EPSV) will become a strategic shareholder in SulNOx.
Radu Florescu, chairman of SulNOx, said: “Signing the marquee shipping name of EPS after an extensive evaluation period proves the effectiveness of SulNOx products beyond doubt at a time when the industry is crying out for solutions to reduce fuel consumption and associated emissions against a backdrop of increasing regulation.
“With this partnership, not only have we secured substantial, committed revenues, but there is also significant additional potential revenue from EPS’ introductions to some of the world’s largest fleets.”
