Benzinga | Dec 8, 2021 08:10AM EST

Eagle Bulk Shipping Completes First Sustainable Biofuel Voyage With GoodFuels

Eagle Bulk Shipping Inc. (NASDAQ:EGLE) ("Eagle Bulk", "Eagle", or the "Company"), one of the world's largest owner-operators within the midsize dry bulk segment, today announced that the Company has successfully completed its first sustainable biofuel voyage in cooperation with GoodFuels, a leading biofuels pioneer for the global transport industry.



The M/V Sydney Eagle (2015-built SDARI-64 Ultramax) was bunkered with GoodFuels' advanced marine biofuel during its port call at Terneuzen, the Netherlands. Basis the Company's calculations, the vessel's well-to-exhaust CO2 emissions were reduced by approximately 90% during its voyage, as compared to utilizing traditional bunker fuel.

Jonathan Dowsett, Director of Fleet Performance at Eagle Bulk Shipping, said: "Eagle continues to actively explore ways to decarbonize its fleet, while maximizing efficiency in line with international targets to reduce carbon intensity and absolute emissions from shipping. We are extremely pleased with the results of our first biofuel-powered test voyage and look forward to working with GoodFuels in the future."

Isabel Welten, Chief Commercial Officer at GoodFuels, said: "It's an honour to work with Eagle Bulk as a fellow passionate environmental frontrunner that is exploring an innovative and sustainable pathway to shipping's decarbonisation transition by bunkering our sustainable marine biofuels. We hope more organisations will follow Eagle's footsteps in embracing our credible near-zero carbon alternative to fossil fuels, as the industry steps up its efforts to meet its environmental regulatory targets in the near future."