Dry bulk cargo shipping services provider Genco Shipping and Trading has completed the installation of exhaust gas cleaning systems called scrubbers on 17 of its Capesize vessels.
The company installed the scrubbers to adhere to the International Maritime Organization’s (IMO) 0.5% sulphur fuel regulation.
In October 2018, the company announced its plans to install the scrubbers.
Genco previously said that the scrubbers would be installed by the deadline, which was on 1 January.
In October 2018, IMO adopted a complementary amendment to support consistent implementation of its upcoming 0.5% limit on sulphur in ship fuel oil.
Genco Shipping and Trading CEO John Wobensmith said: “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.”
In addition, minor bulk vessels in the company’s fleet use ultra-low sulphur-compliant fuel.
Wobensmith added: “With no scheduled drydocking for our Capesize vessels for the balance of 2020, we plan to maximise fleet-wide utilisation for these vessels while re-implementing our active chartering approach.
“As such, we strategically repositioned select Capesize vessels after the completion of their scrubber installations towards the Atlantic Basin during the end of 2019 to better capture market fundamentals.”
Genco currently operates a fleet of 17 Capesize, one Panamax, six Ultramax, 20 Supramax and 11 Handysize vessels.
Genco Shipping fleet total carrying capacity is approximately 4,942,000dwt with an average age of 9.7 years.
In July 2018, Genco Shipping purchased two Capesize vessels built in South Korea for a combined purchase price of approximately $98m.
Built in 2016, the fuel-efficient vessels have 180,000dwt capacity each.