Developments to position the company ahead of the implementation of sulphur caps, says CEO.
Plans storage developments at Singapore terminal for MGO and Rotterdam terminal for LSFO, it says.
Scrubber program covers four LR2s, two LR1s and eight MRs, it said in recent earnings release.
Orders came from Maran Tankers, Anangel Maritime, Delta Tankers, and Marmaras Navigation.
Firm estimates financial return of approximately 25% within five years on own vessels.
Upgrading to reduce bunker expenses by over 5% and allow ships to enter EU and US markets.
First half of 2018 shaped by ‘clearly increasing fuel costs’ and more, says CEO in results release.
Potentially spends up to $140 million in ‘balanced approach’ to tackle IMO 2020 0.5% global sulphur cap.
Company spending $55 million to install Alfa Laval scrubbers on 12 VLCCs by 2019.
Oil tankers, bulk carriers and containership vessels employ different strategies to meet 2020 compliance.
