New York-based dry bulk shipping company Genco Shipping & Trading has completed its exhaust gas cleaning system program which consisted of installing scrubbers on seventeen Capesize vessels.
“The execution of our scrubber program marks an important step for Genco in what was the busiest drydocking period in company history,” John C. Wobensmith, Chief Executive Officer, commented.
“The completion of this initiative has enabled us to comply with IMO 2020 regulations in a manner that meaningfully reduces sulfur emissions and strengthens our future prospects.”
According to Wobensmith, due to the timely scrubber retrofits, the company has been able to capture the differentials between compliant and high sulfur fuel so far in the early stages of compliance, significantly de-risking the initial investment.
“With no scheduled drydockings for our Capesize vessels for the balance of 2020, we plan to maximize fleet-wide utilization for these vessels while re-implementing our active chartering approach,” Genco’s CEO added.
In addition to the installation of scrubbers on the seventeen Capesizes, the balance of Genco’s fleet consisting of minor bulk vessels is consuming ultra-low sulfur compliant fuel.
As of January 29, 2020, Genco Shipping’s fleet comprises seventeen Capesize, one Panamax, six Ultramax, twenty Supramax and eleven Handysize vessels with an aggregate capacity of approximately 4,942,000 dwt and an average age of 9.7 years.