NOVEMBER 20, 2018 — Stamford, CT, headquartered Eagle Bulk Shipping Inc. (NASDAQ: EGLE) has exercised its options to purchase 15 additional exhaust gas cleaning systems that are to be retrofitted on vessels within its fleet. This follows an earlier announcement that Eagle Bulk had entered into a series of agreements for the purchase of up to 37 scrubbers, comprised of firm orders for 19 scrubbers and up to 18 additional units, at the company’s option.
Eagle Bulk intends to complete the 34 scrubber installations by January 1, 2020, the implementation date of the new IMO sulfur emission cap regulation.
As we previously reported, Eagle Bulk, in partnership with a global engineering firm, has developed a scrubber installation program whereby a significant amount of the required retrofit work will be carried out onboard the vessels while at sea and trading, reducing off-hire time as compared with a typical shipyard installation.
In its earlier announcement, Eagle Bulk put the projected cost of the program at approximately $2 million per scrubber system, including installation.
Eagle Bulk maintains options to purchase up to three additional scrubbers.