Safe Bulkers Inc. Announces Results of Pilot Biofuel Project
February 16 2022 - 4:05PM
Safe Bulkers Inc. (the “Company”) (NYSE: SB), an international
provider of marine dry-bulk transportation services announced that
in the framework of several environmental initiatives targeting to
reduce its carbon footprint, it is assessing the use of biofuels as
alternative fuels. A number of pilot projects have been
designed to test the operational performance and the interaction of
biofuels with the vessel’s main engine and diesel generators
operations and assess the CO2 emissions reduction.
The first pilot project was carried out in M/V
Troodos Oak which received 346 metric tonnes of Bio-Fuel blend B20,
consisting of 20% Spent Bleaching Earth Oil mixed with conventional
Very Low Sulphur Fuel Oil (“VLSFO”). The project was performed in
cooperation with vessel’s charterer Cargill, Cargill Marine
Fuels and Oilchart as suppliers of the blended bio bunkers, the
vessel’s classification society Lloyds Register (“LR”) and Cyprus
Flag.
The trial followed the guidelines of
EU's Renewable Energy Directive “RED II” on calculating CO2
emissions. The trials resulted in a 13.54% CO2 equivalent reduction
compared to conventional VLSFO. No modification to
existing ship equipment was required. No operational abnormalities
or wear have been observed in main engine and diesel
generators.
For the purpose of CO2 emissions reporting
schemes, European Union – MRV scheme and International Maritime
Organization DCS scheme, the reported CO2 emissions as verified by
LR and accepted by Cyprus Flag are by 20% lower compared to the
VLSFO.
The Company will continue to explore potential
use of biofuel blends in its decarbonization alternatives by
further expanding the project with its partner Cargill, to
include additional vessels and higher biofuel blends, measuring in
addition the nitrogen oxide emissions.
Dr. Loukas Barmparis, President of the Company,
commented: “The successful pilot project that we have completed
with Cargill is encouraging for the use of biofuels as alternative
fuels. We will continue to assess their use in parallel to other
available technologies targeting to optimize our operations and
improve our environmental footprint.’’
About Safe Bulkers, Inc.
The Company is an international provider of
marine drybulk transportation services, transporting bulk cargoes,
particularly coal, grain and iron ore, along worldwide shipping
routes for some of the world’s largest users of marine drybulk
transportation services. The Company’s common stock, series C
preferred stock and series D preferred stock are listed on the
NYSE, and trade under the symbols “SB”, “SB.PR.C”, and “SB.PR.D”,
respectively.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and in Section 21E of the Securities Exchange Act
of 1934, as amended) concerning future events, the Company’s growth
strategy and measures to implement such strategy, including
expected vessel acquisitions and entering into further time
charters. Words such as “expects,” “intends,” “plans,” “believes,”
“anticipates,” “hopes,” “estimates” and variations of such words
and similar expressions are intended to identify forward-looking
statements. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have
been correct. These statements involve known and unknown risks and
are based upon a number of assumptions and estimates that are
inherently subject to significant uncertainties and contingencies,
many of which are beyond the control of the Company. Actual results
may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results
to differ materially include, but are not limited to, changes in
the demand for drybulk vessels, competitive factors in the market
in which the Company operates, risks associated with operations
outside the United States and other factors listed from time to
time in the Company’s filings with the Securities and Exchange
Commission. The Company expressly disclaims any obligations or
undertaking to release any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company’s expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based.
For further information please
contact:
Company Contact:Dr. Loukas
BarmparisPresidentSafe Bulkers, Inc.Tel.: +30 2 111 888 400Fax: +30
2 111 878 500E-Mail: directors@safebulkers.com
Investor Relations / Media Contact:Nicolas
Bornozis, President Capital Link, Inc.230 Park Avenue, Suite 1536
New York, N.Y. 10169Tel.: (212) 661-7566Fax: (212) 661-7526E-Mail:
safebulkers@capitallink.com
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