Eagle Bulk Shipping Inc. Expands Fleet Scrubber Initiative
November 20 2018 - 8:30AM
Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk” or the
“Company”) announced that is has exercised its options to purchase
15 additional exhaust gas cleaning systems (“scrubbers”) which are
to be retrofitted on vessels within its fleet. This follows
the Company’s prior announcement that it 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.
The Company intends to complete the 34 scrubber
installations by January 1, 2020, the implementation date of the
new sulphur emission cap regulation, as set forth by the
International Maritime Organization. As previously disclosed, 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.
Following the announcement, Eagle Bulk maintains
options to purchase up to three additional scrubbers.
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 ContactFrank De CostanzoChief Financial OfficerEagle
Bulk Shipping, Inc.Tel. +1 203-276-8100Email:
investor@eagleships.com
Media ContactRose & CompanyTel. +1 212-359-2228
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