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Genco secures up to 90% expenses of scrubber retrofit program

06 Mar 2019

New York-listed drybulk shipowner Genco Shipping & Trading Limited on Tuesday (5 March) said it has already covered up to 90% of the expenses related to the acquisition and installation of exhaust gas cleaning systems (scrubbers) on its 17 Capesize vessels.

It expects the scrubber installation cost for its Capesize vessels to be approximately $2.25 million per vessel, which may vary according to the specifications, among other variables.

“We anticipate funding the acquisition and installation of scrubbers on our 17 Capesize vessels through a combination of commercial bank debt from an additional tranche of up to $35 million under our $460 Million Credit Facility and cash on hand,” it states.

The company also noted it is considering options to install scrubbers on an additional 15 minor bulk vessels but did not provide details.

Its capital expenditures related to drydocking, including capitalised costs incurred during drydocking related to vessel assets and vessel equipment, ballast water treatment system costs, scrubber costs and scheduled off-hire days for its fleet through 2019 are as follows:

  Q1 2019 Q2 2019 Q3 2019 Q4 2019
Estimated Drydock costs $2.5 million $19.2 million $8.7 million $3.2 million
Estimated Scrubber costs $0.0 million $22.5 million $15.8 million $0.0 million
Estimated Offhire days 40 480 295 60

Published: 6 March, 2019

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