• Star Bulk fleet burns about 650,000 mt of fuel a year
  • 88% of ships fitted with energy-saving devices; savings of 7-15% reported
  • Nearly all vessels scrubber-equipped as Singapore HSFO/VLSFO spread tops $150/mt
  • Firm testing hull-cleaning robots to tackle fouling

Dry bulk shipowner Star Bulk Carriers is stepping up investment in fuel-saving technology across a fleet that consumes some 650,000 metric tonnes of marine fuel a year.

President Hamish Norton set out the scale of the programme in an interview with investor relations firm Capital Link published on Tuesday.

At an illustrative price of $600/mt, a 10% cut in consumption would be worth about $39 million a year to the company, Norton noted.

That figure is likely close to what the company's largely scrubber-fitted fleet currently pays, with Ship & Bunker's G20 index, that tracks the average price of fuel across the world's key bunkering hubs, shows HSFO averaging $603/mt so far in the third quarter of 2026, down from $713/mt in Q2.

For tonnage burning VLSFO, at the G20 average of $776/mt so far this quarter, the same 10% cut would be worth just over $50 million a year.

The firm has fitted 88% of its ships with energy-saving devices, and reports savings of 7% to 15% from the devices in combination with optimised propellers and silicone-based hull coatings.

A total of 62 energy-saving-device installations have been completed, with seven more planned for 2026, and 125 vessels have been retrofitted with digital telemetry equipment.

Norton also put numbers on the individual measures: ducts installed ahead of the propeller can cut fuel use by about 5%, propeller optimisation can save another 3% to 4%, and advanced coatings lower resistance when properly maintained.

The company is also testing hull-cleaning robots to address fouling after extended stays in warm-water ports, although their use depends partly on local port regulations and on whether cleaning can be carried out while a vessel is moving, he said.

With nearly all of its fleet fitted with scrubbers, the company also stands to gain from the price spread between VLSFO and HSFO, which Norton said had exceeded $150/mt in Singapore during the period under discussion.

Overall, Ship & Bunker data puts the Q2 2026 averge indicative HSFO / VLSFO spread in Singapore at $140/mt.

For the third quarter, Star Bulk has covered 62% of its available fleet days at an estimated time charter equivalent rate of $23,547/day, a figure that includes the expected scrubber benefit.

Norton added that higher bunker prices can encourage slower sailing speeds, reducing effective fleet capacity and supporting charter rates so long as broader economic activity holds up.

The interview followed second-quarter results earlier this month in which the company reported net profit of $144.9 million, its strongest quarterly performance since 2022.