Dry bulk shipowner Star Bulk Carriers is expanding its investment in fuel-saving technology across a fleet that burns roughly 650,000 metric tonnes of marine fuel annually, according to Ship & Bunker. The scale of the programme was detailed by company president Hamish Norton in an interview with investor relations firm Capital Link, published Tuesday.
Potential Savings Tied to Fuel Prices
Norton estimated that at an illustrative fuel price of $600 per metric tonne, a 10% reduction in consumption could be worth approximately $39 million a year to the company, Ship & Bunker reports. The outlet notes this price point is close to what Star Bulk’s largely scrubber-fitted fleet currently pays, with its G20 index showing HSFO averaging $603/mt so far in the third quarter of 2026, down from $713/mt in the second quarter.
For vessels burning VLSFO, calculated at the G20 average of $776/mt for the current quarter, the same 10% efficiency gain would translate to just over $50 million annually, according to the report.
Fleet-Wide Efficiency Measures
Ship & Bunker reports that Star Bulk has equipped 88% of its ships with energy-saving devices, citing savings of 7% to 15% when combined with optimised propellers and silicone-based hull coatings. The company has completed 62 energy-saving-device installations, with seven more planned for 2026, and has retrofitted 125 vessels with digital telemetry equipment.
According to the report, Norton broke down individual measures: ducts fitted ahead of the propeller can reduce fuel use by about 5%, propeller optimisation can save another 3% to 4%, and advanced coatings reduce resistance when properly maintained. The company is also trialling hull-cleaning robots to combat fouling following extended stays in warm-water ports, though Norton noted their deployment depends on local port regulations and whether cleaning can occur while a vessel is underway.
Scrubber Benefits and Charter Rates
With nearly its entire fleet scrubber-equipped, Star Bulk also benefits from the price spread between VLSFO and HSFO, which Norton said exceeded $150 per metric tonne in Singapore during the period discussed, Ship & Bunker reports. The outlet’s own data placed the Q2 2026 average indicative HSFO/VLSFO spread in Singapore at $140/mt.
For the third quarter, Star Bulk has covered 62% of its available fleet days at an estimated time charter equivalent rate of $23,547 per day, a figure that includes the expected scrubber benefit, according to the report. Norton also observed that higher bunker prices can prompt slower sailing speeds, which reduces effective fleet capacity and can support charter rates provided broader economic activity remains steady.
The interview followed Star Bulk’s second-quarter results, released earlier this month, in which the company reported net profit of $144.9 million — its strongest quarterly performance since 2022, Ship & Bunker notes.
Does This Matter to You?
The efficiency measures and scrubber economics described in this report may carry relevance for those tracking dry bulk fuel consumption trends and bunker price spreads. Star Bulk’s reported reliance on the HSFO/VLSFO spread illustrates how scrubber-equipped fleets continue to factor fuel-grade price differentials into operational economics. Those monitoring bunker markets, fuel efficiency retrofits, or dry bulk charter rate dynamics may find these figures useful as a reference point, though the source material does not indicate broader industry-wide implications beyond Star Bulk’s own fleet and reporting.
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
Sources: Ship & Bunker
