SINGAPORE - Eastern Pacific Shipping Pte Ltd (EPS), a prominent privately-owned shipping company, has entered into a significant agreement with SulNOx Group Plc, a specialist in fuel conditioning technology. The partnership entails an investment from EPS into SulNOx and a supply contract for the SulNOxEcoTM fuel conditioner for a minimum of 30 vessels across EPS's diverse fleet.
The agreement, announced today, follows an eight-month trial of SulNOxEco on various EPS-managed vessels, which include container ships, tankers, bulk, and gas carriers. EPS will implement SulNOxEco for at least 18 months on each vessel, with the deal ensuring a minimum purchase of 250,000 litres of the product.
EPS Ventures Pte. Ltd. (EPSV), part of EPS, will also become a strategic shareholder in SulNOx by subscribing for new ordinary shares in two tranches. The initial subscription is tied to the purchase of SulNOxEco during the first 18 months, while the second is contingent on EPS introducing SulNOx to other large shipping customers over the next three years.
Cyril Ducau, CEO of EPS, emphasized the alignment of this partnership with EPS's sustainability goals, noting the importance of operational efficiency and adherence to environmental standards. Radu Florescu, Chairman of SulNOx, highlighted the validation of SulNOx's products through EPS's evaluation and the potential for substantial revenue growth stemming from the agreement.
This strategic collaboration is expected to contribute significantly to SulNOx's revenue and market presence, as EPS not only adopts the SulNOxEco technology but also acts as an introducer to other major players in the shipping industry.
The transaction is seen as a transformative move for SulNOx, positioning it for a new era of growth and partnership in the shipping sector's ongoing energy transition. This news is based on a press release statement from SulNOx Group Plc.
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