Eagle Bulk Shipping Becomes a Signatory to the Sea Cargo Charter

Rhea-AI Summary

Eagle Bulk Shipping Inc. (NASDAQ: EGLE) has signed the Sea Cargo Charter, committing to align its operations with environmental sustainability goals. Launched in October 2020, the Charter aims to reduce greenhouse gas emissions from international shipping by at least 50% by 2050, in line with the International Maritime Organization targets. CEO Gary Vogel highlighted ongoing efforts for emissions transparency and noted initiatives like fleet renewal and energy-saving technology to enhance operational efficiency.

Positive

• Eagle Bulk Shipping has signed the Sea Cargo Charter, showcasing commitment to environmental sustainability.
• This initiative aligns with the International Maritime Organization's targets for greenhouse gas emissions reduction by 2050.
• Efforts include fleet renewal, energy-saving devices, and optimizing voyage execution to improve carbon footprint.

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• None.

STAMFORD, Conn., Dec. 22, 2020 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk”, “Eagle” or the “Company”), one of the world’s largest owner-operators within the Supramax / Ultramax drybulk segment, today announced that it has become a signatory to the Sea Cargo Charter (the “Charter”).

The Charter, which was launched in October 2020, provides a global framework for aligning chartering activities with responsible environmental behavior in order to promote international shipping’s decarbonization. The Charter is consistent with the International Maritime Organization’s (IMO) ambition for greenhouse gas (GHG) emissions from international shipping to peak as soon as possible and to reduce by at least 50% by 2050 compared to 2008 levels.

Gary Vogel, Eagle Bulk’s CEO, commented, “In a continuation of our efforts to help drive transparency to emissions reporting and decarbonization within shipping, we are excited to join the Sea Cargo Charter. We believe the Charter, along with other global green initiatives we are involved with, including Poseidon Principles and the Getting to Zero Coalition, will help our industry reach IMO 2030 and IMO 2050 emissions reduction targets. At Eagle, we continue to execute on both strategic and operational efficiency initiatives in order to improve our carbon footprint, such as: fleet renewal, installing energy saving devices, applying low friction hull coatings, and leveraging data to optimize voyage execution.”

For more information on the Sea Cargo Charter, please go to: www.seacargocharter.org

For information on Eagle’s ESG strategy, please go to: www.eagleships.com/esg/

CONTACT

Company Contact:
Frank De Costanzo
Chief Financial Officer
Eagle Bulk Shipping Inc.
Tel. +1 203-276-8100
Email: investor@eagleships.com

Media:
Rose and Company
Tel. +1 212-359-2228

FAQ

What is the Sea Cargo Charter signed by Eagle Bulk Shipping?

The Sea Cargo Charter is an initiative to align shipping operations with responsible environmental practices and aims for significant reductions in greenhouse gas emissions.

How does signing the Sea Cargo Charter affect Eagle Bulk Shipping's stock?

Signing the Sea Cargo Charter may positively impact Eagle Bulk Shipping's stock by enhancing its reputation for sustainability and compliance with international emissions targets.

What are Eagle Bulk Shipping's initiatives for sustainability?

Eagle Bulk Shipping's sustainability initiatives include fleet renewal, installation of energy-saving devices, and using data to optimize voyage execution.

What are the greenhouse gas reduction targets of the International Maritime Organization?

The International Maritime Organization aims to reduce greenhouse gas emissions from international shipping by at least 50% by 2050 compared to 2008 levels.