Eastern Pacific Says It Won't Carry Coal
Ship management firm Eastern Pacific Shipping (EPS) announced it will no longer carry coal cargos on its bulk carrier vessels as a matter of company policy aimed at supporting the global transition away from the fossil fuel.
EPS' commercially managed dry bulk fleet hasn't carried coal since April 2020, and the Singapore-based tonnage provider made its commitment official this month, outlining its "no coal cargo policy" within its 2022 environmental, social and governance (ESG) policy report published on Tuesday.
"With a significant portion of our commercially managed fleet being in the dry bulk segment, we aim to play a small part in making one of the world’s worst pollutants that much harder to access," EPS CEO Cyril Ducau said.
EPS said it hopes the initiative will help to reduce coal's economical viability while boosting demand for greener options. If a number of other shipping companies were to implement similar ESG measures, the move could significantly impact dry bulk markets by limiting fleet availability for coal transport.
"EPS is committed to setting strong mandates, sharing best practices, expertise and resources to accelerate the industry's energy transition. However, we know we can't do it alone," Ducau said.
The company said its no coal policy should serve as a "message to the maritime industry", stating "decarbonization isn’t exclusive to how we move ships—what we move also matters."