Eagle Bulk has firm orders for 19 scrubbers. Image Credit: Eagle Bulk
Eagle Bulk Shipping Inc. [NASDAQ:EGLE] (Eagle Bulk) today added its name to the growing list of firms choosing scrubbers for IMO 2020 compliance.
The company say it will fit units on as many as 37 ships, with firm orders for 19 scrubbers and options for up to an additional 18 units.
The projected cost, including installation, is approximately $2 million per scrubber system and Eagle Bulk plans to have the 19 retrofits in place prior to the January 1, 2020 start date for the 0.50% sulfur cap on marine fuel.
Of note is that the owner says that, in partnership with an unnamed global engineering firm, it has developed a scrubber installation program whereby a significant amount of the required retrofit work will be carried out onboard the vessels while at sea and trading, thereby reducing off-hire time as compared with a typical shipyard installation.
"Today's announcement is the culmination of significant work and analysis, and we are excited to be able to position ourselves to not only meet the forthcoming sulphur emission regulations, but also to realize the economic advantage we believe scrubbers will provide," said Gary Vogel, Eagle Bulk's CEO.
"Additionally, we are confident that Eagle Bulk's active owner-operator model will ensure that we can effectively maximize the returns on this investment and technology."