US-based tanker shipping company International Seaways has signed contracts for the purchase and installation of exhaust gas cleaning systems on seven of its modern very large crude carriers (VLCCs).
The agreements with Norway’s Clean Marine AS and a qualified system installer include an option for a further three systems covering the remaining three modern VLCCs in International Seaways’ fleet.
The company said that the seven scrubbers are all to be installed prior to January 1, 2020, when the new 0.5% IMO sulfur emission cap goes into effect. The seven scrubber units are intended to be funded with available liquidity.
“Following significant economic analysis and evaluation of different systems, we are pleased to have executed contracts to install scrubbers on a large portion of our VLCC fleet,” said Lois Zabrocky , President and CEO of International Seaways.
“In addition to being well positioned to capitalize 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.”