Genco Installs Scrubbers on 11 Capesizes, Six More to Go
- Business & Finance
New York Stock Exchange-listed dry bulk operator Genco Shipping & Trading has six more scrubber installations to go as its project reached 65% completion rate.
To date, the company has installed the equipment on 11 of 17 Capesize vessels.
Three units are currently in the shipyard being fitted with scrubbers, while the remaining three Capesize vessels are scheduled to enter the shipyard to commence installation in the coming weeks.
Therefore, Genco Shipping said that it expects to complete its scrubber installation program ahead of the January 1, 2020 International Maritime Organization’s compliance date limiting sulfur content in fuel consumed by vessels from 3.5% to 0.5% on a global basis.
“We expect that, in addition to meeting the compliance date, this will provide us with experience operating these systems prior to the regulations entering into force. We anticipate that our remaining fleet of minor bulk vessels will consume ultra-low sulfur compliant fuel following implementation of the IMO regulations,” the company explained.
The company marked the third quarter of 2019 as its busiest in terms of drydocking. A total of 22 vessels entered the shipyard for scrubber installations, ballast water treatment system installations, scheduled special surveys and other repairs.
“As a result, we have updated our associated offhire time for the quarter to 601 days,” with the majority of these incremental days attributable to Capesize vessels due to scrubber installations, ballast water treatment system installations and scheduled special surveys.
The total owned available days for the company’s fleet during the third quarter was 4,735 days.