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Greece’s Star Bulk Carriers Corp. to equip entire fleet with scrubbers

12 Sep 2018

Athens-headquartered shipping company Star Bulk Carriers Corp intends to equip its entire fleet with exhaust gas cleaning systems before the January 1, 2020 implementation date of the new IMO sulfur emission cap.

Star Bulk expects average cost, including installation, to be below $2 million per vessel.

The company has secured debt financing with an average margin of below 3.0% to cover up to approximately 70% of such cost and expects the remaining amount to be covered from operating cash flow and cash on hand, without raising equity for this purpose, the company said in a statement last week.

The company will employ “riding teams” to carry out the retrofitting works onboard the vessels while at sea, reducing off hire time by 50-60%.   A month ago, Star Bulk successfully completed the first scrubber installation at sea.

Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain, and minor bulks, which include bauxite, fertilizers and steel products.

On a fully delivered basis, Star Bulk will have a fleet of 111 vessels, with an aggregate capacity of 12.67 million dwt, consisting of 17 Newcastlemax, 20 Capesize, 2 Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 16 Ultramax and 12 Supramax vessels with carrying capacities between 52,055 dwt and 209,537 dwt.

Photo credit: Star Bulk
Published : 12 September, 2018

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