Newly-formed E4C Shipping behind tanker order at Hyundai Mipo

Singapore-based E4C Shipping Pte Ltd, a newly-formed joint venture company, has ordered two medium-range (MR) product tankers from South Korea’s Hyundai Mipo Dockyard (HMD).

E4C is comprised of entities and individuals affiliated with Danish shoe manufacturer Ecco Holding A/S, Swiss commodity trading company Gunvor Group and Dee4 Capital Partners ApS, a Danish private equity firm focussed on maritime-related investments.

The contract for the petrochemical tanker pair, which also includes two options, was unveiled earlier this week by Hyundai Mipo. The 50,000 dwt newbuilds will have a length of 183 metres and a width of 32.2 metres. They are scheduled for delivery in the third quarter next year.

When delivered, the vessels “will be amongst the most fuel-efficient product tankers operating in the world”, according to the JV.

As explained, the ships will be demonstrating substantial savings on CO2 emissions as against existing tonnage on the water, for the benefit of the environment and in savings to the owners and charterers of the vessels.

“We are delighted to place an order for vessels of such a high specification from the pre-eminent product tanker shipyard in the world. We look forward to working alongside our highly professional investment partners on this transaction,” Carsten Mortensen, founding partner of Dee4 Capital Partners, commented.

E4C will be managed by a board representing the investors. Day-to-day operations will be overseen by Dee4 Capital Partners, reporting to the board of E4C.

“The owners of the Ecco Group have decided to invest in the Newco E4C Shipping Pte Ltd. as an isolated good investment opportunity with professional partners with a proven track record within the field of ship building and shipping,” Ecco Holding confirmed to Offshore Energy in a separate statement.

“Ecco Holding A/S is already an investment partner with Dee4 Capital Partners, states Søren Dalsgaard Stier, Managing Director of ECCO Holding A/S”.