Eagle Bulk has reached greater heights while burning less fuel through adopting a performance-based business model and culture two years ago.
By creating performance models for its 47 ships through "smart data" from the engines and other ship functions, the company has optimised fuel consumption by adjusting voyage patterns, chief executive Gary Vogel said.
"These performance models and algorithms developed to calibrate them to current performance levels materially changed the way Eagle prescribes its vessels in charter parties," he said.
Vogel spoke this afternoon as a panelist discussing " Shipping's Role in a Changing World" at Shipping Insight's annual Fleet Optimisation & Innovation Conference and Exhibition in Staamford, Connecticut, USA.
"This enabled us ... to maximise the value of any ship based on current performance, fuel price and market environment'" he said.
"Ultimately, it will be the proactive involvement and empowerment of uor employees that will determine Eagle's success in each of these programmes."
Eagle told TradeWinds last week that it plans to use the "majority" of the 18-scrubber option as part of its plan to install up to 37 of the IMO 2020 devices at about $2m each.
Vogel said he was able to get "buy-in" from his captains on the performance-based model by telling them the positive differences it could make to the company, such as buying 20 efficient ships instead of just 13.
"It doesn't happen overnight but the captains become more engaging when they realise we're all on the same side," he said.
