Eagle Bulk Shipping Inc. Announces Fleet Scrubber Initiative
September 04 2018 - 4:30PM
Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk” or the
“Company”) announced today that it has entered into a series of
agreements (the “Agreements”) for the purchase of up to 37 exhaust
gas cleaning systems (“scrubbers”) which are to be retrofitted on
vessels within its fleet.
The Agreements are comprised of firm orders for
19 scrubbers and up to an additional 18 units, at the Company’s
option. The projected cost, including installation, is
approximately USD 2 million per scrubber system. The Company
intends to complete the retrofit of all 19 vessels prior to the
January 1, 2020 implementation date of the new sulphur emission cap
regulation, as set forth by the International Maritime Organization
(“IMO”).
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, thereby
reducing off-hire time as compared with a typical shipyard
installation.
Gary Vogel, Eagle Bulk's CEO, commented,
“Today’s announcement is the culmination of significant work and
analysis, and we are excited to be able to position ourselves to
not only meet the forthcoming sulphur emission regulations, but
also to realize the economic advantage we believe scrubbers will
provide. Additionally, we are confident that Eagle Bulk’s
active owner-operator model will ensure that we can effectively
maximize the returns on this investment and technology.”
Members of Eagle Bulk’s senior management team
will host a teleconference and webcast tomorrow, Wednesday,
September 5th, 2018 at 8:30 a.m. ET to discuss the
Company’s scrubber initiative and the IMO sulphur emissions
regulation.
To participate in the teleconference, investors
and analysts are invited to call +1 844-282-4411 in the U.S., or +1
512-900-2336 outside of the U.S., and reference participant code
6896257. A simultaneous webcast of the call, including a slide
presentation for interested investors and others, may be accessed
by visiting http://www.eagleships.com.
A replay will be available following the call
from 11:30 AM ET on September 5,
2018 until 11:30 AM ET on September 14, 2018.
To access the replay, call +1 855-859-2056 in the U.S., or +1
404-537-3406 outside of the U.S., and reference passcode
6896257.
About Eagle Bulk Shipping Inc.
Eagle Bulk Shipping Inc. is a Marshall
Islands corporation headquartered in Stamford,
Connecticut. Eagle Bulk owns one of the largest fleets of
Supramax/Ultramax dry bulk vessels in the world. Supramax/Ultramax
vessels, which are constructed with on-board cranes, range in size
from approximately 50,000 to 65,000 dwt. The Company transports a
broad range of major and minor bulk cargoes, including but not
limited to coal, grain, ore, pet coke, cement and fertilizer, along
worldwide shipping routes.
For further information, please visit our website:
www.eagleships.com.
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking
statements. Forward-looking statements reflect management's current
expectations and observations with respect to future events and
financial performance. Where the Company expresses an expectation
or belief as to future events or results, such expectation or
belief is expressed in good faith and believed to have a reasonable
basis. However, the Company's forward-looking statements are
subject to risks, uncertainties, and other factors, which could
cause actual results to differ materially from future results
expressed, projected, or implied by those forward-looking
statements. The Company's actual results may differ
materially from those anticipated in these forward-looking
statements as a result of certain factors, including changes in the
Company’s financial resources and operational capabilities and as a
result of certain other factors listed from time to time in the
Company's filings with the U.S. Securities and Exchange
Commission. The Company disclaims any intent or obligation to
update publicly any forward-looking statements, whether as a result
of new information, future events or otherwise, except as may be
required under applicable securities laws.
Company Contact Frank De Costanzo Chief Financial Officer Eagle
Bulk Shipping, Inc. Tel. +1 203-276-8100 Email:
investor@eagleships.com
Media Contact Rose & Company Tel. +1 212-359-2228
Eagle Bulk Shipping Inc.
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