Hong Kong-listed Handysize and Supramax dry bulk vessel owner and operator Pacific Basin Shipping (PBS) says it will not be considering the use of scrubbers to comply with the upcoming 0.5% sulphur emissions limit for marine fuel effective 2020.
“We do not think that sulphur scrubbers are an effective solution either technically or environmentally,” said David Turnbull, Chairman of PBS, during a recent financial earnings presentation.
“There are also too many uncertainties over the price and availability of fuels, waste water management, potential transition periods before you can practically comply, etc. making a scrubber investment very difficult.
“We much prefer a mandate to use low sulphur fuel and the level playing field, lower speeds and lower emissions (including carbon dioxide) this would support.”
Turnbull believes the change in 2020 will penalise poor performing and older ships while benefitting stronger companies with high quality fleets that are better positioned to adapt and cope both practically and financially with compliance.
PBS posted net profit of $3.6 million for the financial year ended 31 December 2017, compared to net loss of $86.5 million during the previous year due to a significantly improved dry bulk market.
Moving forward, the company says it is “cautiously optimistic” for continued market recovery albeit with some volatility along the way within the dry bulk sector.
Photo credit: Pacific Basin Shipping
Published: 2 March, 2018
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