New Jersey-based CR Ocean Engineering outfitted most of Eagle's fleet of supramaxes and ultramaxes.
PARSIPPANY, N.J., May 19, 2022 (GLOBE NEWSWIRE) -- A 2018 strategic decision to install CR Ocean Engineering (CROE®) Scrubbers has proven to be an environmentally sound and profitable decision for Connecticut-based Eagle Bulk Shipping (NASDAQ: EGLE) with an expected payback on investment by the year's end.
According to a TradeWinds [https://bit.ly/3KkyLdO] interview with CEO Gary Vogel and Chief Strategy Officer Costa Tsoutsoplides, Eagle Bulk answered the MARPOL 2020 0.5% emissions ceiling with a strategic decision to invest in marine exhaust scrubber technology. A $100M investment equipped 47 ships with scrubbers -- 89% of its fleet of supramaxes and ultramaxes.
Nicholas Confuorto, at the helm of CROE at the time, congratulated Eagle Bulk Shipping. "It brings us great satisfaction to have helped reduce emissions while helping our clients recoup their investment in our technology. Their vision is now paying off. As an additional benefit, this success comes at a lower carbon footprint than using low sulfur fuels."
The numbers speak for themselves.
"With $60M of fuel savings back in its coffers and spreads between high-sulfur and low-sulfur fuels again on the rise, Eagle Bulk believes it can recoup its total outlay before 2022 is over."
"We're very happy with where we are, especially given the challenges of 2020 with Covid-19 and lower fuel spreads," Mr. Vogel said.
Mr. Vogel praised the CROE scrubbers, saying that they "were performing well beyond expectations, with some even cleaning to a level of 0.1% sulfur rather than the mandated 0.5%...their reliability has been outstanding," he said while praising CROE, the manufacturer of the scrubbing systems.
A broad range of studies has shown that using High Sulfur Fuel Oil with a scrubber results in a lower "well to wake" carbon footprint than using Very Low Sulfur Fuel Oil or even MGO. A paper published by the Elsevier journal Transportation Research [https://bit.ly/3sR0exV] suggests the switch from high-sulfur fuel oil (HSFO) to very low-sulfur fuel oil (VLSFO) may have increased global carbon output by 323 million metric tons per year — almost one-third of shipping's carbon footprint — because of increased refinery emissions from the desulfurization process.
CROE scrubbers can be installed in new ships or retrofitted into existing fleets. "They are the perfect solution for cruisers, ferries, RoRos, and many other vessels," Mr. Confuorto added.
ABOUT CR OCEAN ENGINEERING
CR Ocean Engineering, LLC offers its proven exhaust gas scrubbing technology as an economic alternative to the high-priced low sulfur fuel, providing the necessary reliability and the assurance of meeting the 0.1% sulfur fuel equivalency when burning high-sulfur, lower-cost fuels.
CR Ocean Engineering Exhaust Gas Scrubbing Technology: ideal for cruise ships, ferries, bulk carriers, containerships, RoRo and others.
Tel. +1 (973) 455-0005, Ext. 123
Privately held manufacturer of marine exhaust emissions technology, tracing its roots to 1917.
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