Star Bulk Fleet Receives First Carbon Emissions Measurement Certificate

NASDAQ-listed global shipping company Star Bulk has been awarded the first Certificate of Measurement from the Carbon Positive Programme for Ships (CPPS) after successfully monitoring its emissions for 12 months.

Star Bulk’s commitment to a carbon emissions reduction plan and transparency of its carbon footprint has resulted in each vessel within the Starbulk fleet receiving the certificate, which follows a year-long comprehensive carbon emissions measurement process. This is phase one - 'measurement' - of the Carbon Positive Programme for Ships.

Star Bulk is one of the first shipping companies to proactively manage its carbon output and risk, and prepare for future regulation by embarking on an independent, phased approach to understanding the carbon footprint of its fleet. The intelligence generated provides the foundation for identifying opportunities for improvements that can generate cost benefits and commercial advantage.

Star Bulk conducted two full onboard energy audits to assess each vessel's operational pattern and identify potential energy saving opportunities. Throughout the programme process, a combination of technical and operational measures to deliver optimum emissions reduction was also implemented. This included installing PBCF (Propeller Boss Cap Fins) and upgrading all the m/e by installing fuel valves and alpha lubricators. Using an intelligent weather routing system, Starbulk is aiming not only for a shorter and safer route but also most energy efficient. A monitoring system has also been installed to demonstrate net energy delivered on the propeller.

Star Bulk is now in the second 'Reduction' phase of the CPPS, monitoring the effectiveness of these measures to eventually receive the Carbon Positive phase two 'Reduction' certificate. This phase is effectively building on SEEMP to create a 'SEEMP Plus' that puts this regulation into practice.

Spyros Capralos, Managing Director and CEO, Star Bulk, said: "We are very pleased to have received the first Carbon Positive certificate for phase one – Measurement, which reflects the commitment that we have made as an organisation to managing our carbon emissions risk and understanding our carbon footprint. Transparency is very important, not only to generate efficiencies as a company but to also communicate effectively with our key stakeholders, who are increasingly demanding this information. Now that we understand our carbon emission baseline and have an official record of this and the process that we have undergone, we look forward to progressing to the next stage of our carbon emission management programme and generating genuine emissions reduction and further efficiencies, which will benefit our customers, suppliers and the wider environment."

Helena Athoussaki, CEO, Carbon Positive, added: "Measurement is fundamental to making progress on emissions reduction, particularly in light of the recent European Union statement announcing the upcoming Monitoring, Reporting and Verifying system. Star Bulk's achievement is an important industry milestone for carbon emissions reduction. Owners and operators that act now have a significant opportunity to not only reap commercial benefits for themselves in the short term and stabilise operations for the future, but to also contribute to shaping a workable regulation for shipping, grounded in actual data. Now that we have a clear picture of the company's carbon footprint and the appropriate measures have been implemented, we will continue to work with Star Bulk and progress to the next phase of the programme, Reduce."