Genco Shipping & Trading said that a comprehensive IMO 2020 strategy underway and four of its capesize vessels have had scrubbers successfully installed to date, and it anticipate its remaining capesize vessels to be scrubber-equipped by the end of 2019.
"We continue to progress on the execution of our comprehensive plan of compliance with the upcoming IMO 2020 emissions standards that targets a significant reduction of emissions from vessels globally," said the U.S.-based provider of international seaborne drybulk transportation services.
"Our portfolio approach entails the installation of scrubbers on our 17 Capesize vessels and the consumption of ultra-low sulfur fuel for the balance of our fleet. We have established this strategy to ensure 100% compliance with the upcoming environmental regulations," it added.
During the second quarter Genco began the scrubber installation process on four of it Capesize vessels, which was subsequently completed in the third quarter. The shipping company target a completion of its scrubber installation initiative by the end of the year, ahead of the January 1, 2020 sulfur cap enforcement date.
John C. Wobensmith, Chief Executive Officer, said: "As we approach the implementation of IMO 2020 in the months ahead, we continue to execute our comprehensive portfolio approach to compliance aimed at improving our environmental footprint, maximizing shareholder returns and reducing fuel costs in an evolving marine fuel environment."