At first glance, Eagle Bulk’s vision and values seem to be such admirable sentiments. On your website, you share that you have a vision for sustainable growth. You state that integrity defines your culture and that you value forward thinking as it makes for a more successful tomorrow. If truly heartfelt, these aforementioned ideals would certainly be commendable causes, however actions speak louder than words…
Historically, Eagle Bulk has acted unlawfully by violating sanctions on Myanmar from 2011 to 2014. We wonder if the only reason this was admitted, was because Eagle Bulk’s Chapter 11 proceedings in 2014 gave you no choice but to confess.
Fast forward to present day and nothing seems to have changed. To comply with the new IMO sulfur cap, you have chosen to rely almost entirely on scrubbers. According to your statements in the press, you have invested in scrubbers for 41 of the 50 ships in your fleet. That suggests a confidence in scrubbers that is nearly unprecedented. Unfortunately, your past indiscretions indicate that your judgement can’t be trusted and it looks like history is about to repeat itself. The uncertainty that surrounds scrubbers is growing each day. The IMO has encouraged further study of the impact of scrubbers on the environment. As the results come in, more and more studies are indicating that scrubber washwater has devastating effects on marine ecosystems and in turn on all of us.
The likely reality is that the return on your investment in scrubbers is coming at the expense of the environment. Scrubbers are looking like yet another misstep in the effort to protect our planet. With a total of 41 scrubbers in your use, you and all your customers will be front and center when the scrubber controversy makes headlines. What will you do then? File bankruptcy again?
While we agree that greed has its place in the capital system, unless things change, Eagle Bulk will be exposed.
Of course, it doesn’t have to be this way. Scrubbers may be a major uncertainty, but clean fuels are not. Clean fuels are our best chance for, as you would say, sustainable growth and a successful tomorrow. Continuing to pollute the planet with high sulfur fuels and scrubber washwater is simply unacceptable.
The Environmental Protection Alliance