US-based shipping service provider International Seaways has awarded a contract to Norway’s Clean Marine to purchase and install exhaust gas cleaning systems (scrubbers) on seven of its very large crude carriers (VLCCs).
The contract also includes an option for three additional systems for the remaining three modern VLCCs operated by International Seaways.
Installation of the seven scrubbers is expected to be completed before the International Maritime Organization’s (IMO) new 0.5% sulphur emission cap goes into effect on 1 January 2020.
International Seaways said it intends to fund the purchase of scrubbers with available liquidity.
International Seaways president and CEO Lois Zabrocky said: “We believe that by installing scrubbers on our largest ships, we will gain an economic advantage while further demonstrating a commitment to the environment as we did with our recent acquisition of highly efficient VLCCs.
“In addition to being well-positioned to capitalise on a market recovery based on International Seaways’ sizeable high-quality fleet, our scrubber initiative also strengthens the company’s ability to take advantage of a potential strong tanker market resulting from the IMO regulations, as both crude and product tankers stand to benefit from increased transportation demand.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
International Seaways currently owns and operates a fleet of 52 vessels that comprise 14 VLCCs, two Suezmaxes, seven Aframaxes / LR2s, 11 Panamaxes / LR1s and 12 Medium Range (MR) tankers.
The company, through joint ventures, also has ownership stakes in four LNG carriers, two floating storage and offloading service vessels.