New York-listed Scorpio Tankers Monday says it intends to fit exhaust gas cleaning systems (scrubbers) on approximately 90 of its vessels.
The company has entered into an agreement to retrofit 15 of its LR2s with scrubbers, and has further signed letters of intent with suppliers, engineering firms, and ship repair facilities to cover the purchase and installation of Scrubbers on substantially all of its remaining owned and financed leased LR2, LR1, and MR tanker vessels (approximately 75 vessels).
The period of scrubber installations will commence between the second quarter of 2019 and the second quarter of 2020.
The scrubbers and their installation are expected to cost between USD $1.5 to $2.2 million per vessel, and the company anticipates between 60-70% of these costs will be financed.
“We have long maintained that the IMO 2020 regulations are both disruptive to the shipping industry generally as well as a powerful demand catalyst for product tankers,” commented Emanuele Lauro, Chairman & CEO.
“Although many well-capitalised and publicly-listed shipowners can source capital and publicize their intentions to pursue scrubbers, most of our industry cannot, and will rely on cleaner fuels to the benefit of ton-mile demand for product tankers.
“Irrespective, our focus remains on operating the most competitive fleet in our marketplace, and this has led us to carefully evaluate and ultimately opt for the benefits of fitting hybrid-ready scrubbers on approximately 90 ships in our fleet.”
Published: 16 October, 2018
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