The New York-listed company signs agreement for purchase of up to 37 scrubbers to be retrofitted while the ships are at sea to reduce off-hire time as compared with a typical shipyard installation. Around 19 vessels will be installed with scrubbers before the IMO deadline.
The agreements comprises firm orders for 19 scrubbers and up to 18 optional units.
EAGLE Bulk Shipping has entered into a series of agreements to buy up to 37 exhaust gas cleaning systems on its existing fleet, including 17 units at the company's option.
The projected cost, including installation, is approximately $2m per scrubber, the company said in a statement.
The New York-listed owner and operator, whose fleet consists of 48 vessels comprising supramax and ultramax dry bulkers, plans to complete the retrofitting of 19 vessels prior to January 1, 2020, the implementation date of the new sulphur emission cap regulation.
Eagle Bulk said that it had partnered with an unnamed global engineering firm to develop a scrubber installation program whereby a significant amount of the required retrofit work will be carried out onboard the vessels while at sea, thereby reducing off-hire time.
Chief executive Gary Vogel said: “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.”
“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.”