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Eagle Bulk Shipping to purchase up to 37 exhaust gas cleaning systems

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Dry Bulk,

Eagle Bulk Shipping Inc has entered into a series of agreements for the purchase of up to 37 exhaust gas cleaning systems (‘scrubbers’) which are to be retrofitted on vessels within its fleet.

The agreements are comprised of firm orders for 19 scrubbers and up to an additional 18 units, at the company’s option. The projected cost, including installation, is approximately US$2 million per scrubber system. The company intends to complete the retrofit of all 19 vessels prior to the 1 January 2020 implementation date of the new sulfur emission cap regulation, as set forth by the International Maritime Organization (IMO).

Eagle Bulk, in partnership with a global engineering firm, has developed a scrubber installation programme 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.

Gary Vogel, Eagle Bulk's CEO, commented: “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 sulfur emission regulations, but also to realise the economic advantage we believe scrubbers will provide. Additionally, we are confident that Eagle Bulk’s active owner-operator model will ensure that we can effectively maximise the returns on this investment and technology.”

Members of Eagle Bulk’s senior management team will host a teleconference and webcast today at 8:30am ET to discuss the company’s scrubber initiative and the IMO sulfur emissions regulation.

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