EMEA News
Star Bulk Eco-Fleet Saves Up to 25% in Bunker Costs
Greece-based Star Bulk Carriers Corp. has been putting emphasis on their eco-fleet, which has led to bunker savings of up to 25 percent on some ships, reports Market Realist.
Almost 60 percent of its fleet is energy efficient, said the company, with fuel savings higher on larger-intake vessels.
Star Bulk said that the eco-vessels improve cash flow during a high-freight market while providing downside protection during a low-freight season.
Shipping companies across the industry have made motions towards incorporating fuel-efficient vessels into their fleet, especially as freight rates have plunged through the floor.
Maersk Line announced earlier this year that it had retrofitted 137 of its ships for fuel efficiency, while CMA CGM announced that fuel efficiency had boosted its second quarter results this year.
Tor Svensen, CEO of maritime for DNV GL, also said earlier this year that eco-ships have become the norm, making it "difficult to compete and offer the charterer a non-energy efficient vessel."
