Star Bulk Carriers, owned by Petros Pappas, is implementing a multi-year program to “green” its fleet, through the construction of a new generation of ships, upgrades of existing units and the gradual withdrawal of older ones, with the aim of reducing emissions and achieving full energy compliance by 2050.
The company, listed on the US stock exchange, issued its ESG report for 2024, recording a year of radical initiatives, with strong environmental performance, “green” investments in infrastructure, amounting to 50 million dollars, in the last three years and a clear vision for the transition to sustainable shipping.
As the shipping company’s CEO emphasized in his message, the company’s mission is “to remain a reliable partner in global trade, while at the same time leading the transition towards a sustainable shipping future.”
Following the merger with Eagle Bulk Shipping, Star Bulk strengthened its position as one of the largest dry bulk fleets in the world, enhancing its scale and ability to invest in clean technologies and energy efficiency.
The company has a fleet of 142 dry bulk carriers (164 until 31/12/2024), with a total capacity of over 14.2 million dwt, covering the entire range of sizes – from Supramax and Ultramax to Panamax, Kamsarmax, Post-Panamax, Capesize and Newcastlemax.
The average age of the fleet is 11.9 years, significantly lower than the global average, which allows the company to implement extensive energy upgrade programs and compliance with the strictest environmental standards.
In 2024, Star Bulk allocated 12.4 million in green infrastructure investments, of which 7.8 million in Energy Saving Devices (ESDs) – a 34% increase compared to 2023.
Investments were also directed at Exhaust Gas Cleaning Systems (EGCS) and Ballast Water Treatment Systems (BWTS), which have already been installed on 100% of the fleet.
The company also completed an extensive energy efficiency upgrade program. Vessel Performance Monitoring telemetry and tracking systems were installed on 114 vessels, allowing for real-time analysis of CO2 emissions and the CII (Carbon Intensity Indicator).
At the same time, LED lighting replacements were completed on 55 ships and a pilot implementation of robotic hull cleaning systems on 4 ships was completed.
Decarbonization
Star Bulk’s decarbonization strategy is based on five pillars: fleet modernization – gradual retirement of older ships and investment in new, energy-efficient ones -, accurate monitoring and transparency through digital systems, enhancing energy efficiency with technical solutions and upgrades, partnerships and international initiatives (Poseidon Principles, Sea Cargo Charter, Getting to Zero Coalition) and, finally, research and development (R&D) for clean technologies and alternative fuels, such as ammonia, methanol and LNG.
According to its plan, Star Bulk aims to reduce its carbon intensity by 12% by 2026, 20% by 2030, 70% by 2040 and zero emissions by 2050.
Source: Naftemporiki