US owner Eagle Bulk Shipping’s director of fleet performance Jonathan Dowsett said the bulker owner will not be contracting any newbuildings for the time being. The technological shift as the industry comes to terms with the energy transition means it is more sensible to wait a while, he argues. “I would definitely echo others in Eagle Bulk that at least in the midsize dry bulk segment right now, it’s really not the time to be ordering new ships,” he told TradeWinds. “That’s not what this segment needs.”

The fleet boss believes there is a value in waiting “a few incremental years” because of the momentum on decarbonization and all the research and development taking place on the issue. “We’re probably only a few years away from having so much more clarity on what ships in our segment should probably look like,” said Dowsett. “Right now, I don’t think there is a clear enough answer on that for new ship orders,” he added.

In the short-term, Eagle Bulk is weighing the further use of biofuels after a successful cross-Atlantic trial. But right now, the company’s emissions reduction efforts are centered around its mostly completed fleet renewal program and on improving energy efficiency and reducing fuel consumption through technical and operational initiatives, Dowsett explained. “Regardless of what fuel we’re using, we’ll want to minimize consumption of that fuel, especially in future scenarios where whatever that fuel is, it is probably going to be much more expensive than what we’re used to today,” the executive said.

In the longer term, Eagle Bulk’s strategy is, like many other owners, to look at all the various options for net zero that exist. “To say there’s a lot happening in that space would be a true understatement,” added Dowsett. He said the company is trying to be as collaborative and open-minded as possible, as demonstrated by its membership of the Getting To Zero Coalition. “We have valuable knowledge and data to share,” said Dowsett.