Genco implements comprehensive fleet plan ahead of IMO 2020 regulations
Genco Shipping & Trading Limited today announced that it plans to install exhaust gas cleaning systems (“scrubbers”) on its 17 Capesize vessels with options for installation on an additional 15 minor bulk vessels, the company said in its press release. The balance of the fleet is expected to consume compliant, low sulphur fuel beginning in 2020, when new environmental regulations come into effect capping sulphur emissions at 0.5%, down from 3.5% currently. Genco will also continue to execute its previously announced fleet renewal program aimed at selling older, less fuel-efficient vessels and redeploying the capital towards high specification, fuel-efficient vessels to further reduce emissions. The Company anticipates scrubber installation to be completed in 2019, ahead of the January 1, 2020 deadline.
Genco estimates that the cost of each scrubber, including installation, will be approximately $2 million. The Company is currently in discussions with various lenders in regards to scrubber financing.
About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of October 9, 2018, Genco Shipping & Trading Limited’s fleet consists of 17 Capesize, five Panamax, six Ultramax, 21 Supramax, one Handymax and 14 Handysize vessels with an aggregate capacity of approximately 5,430,000 dwt.