UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 7, 2023
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
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Item 7.01. Regulation FD Disclosure.
On August 7, 2023 , Eagle Bulk Shipping Inc. (the “Company”) published certain emissions-related metrics for the year ended December 31, 2022 to its website at eagleships.com/esg, a copy of which is attached hereto as Exhibit 99.1. These emissions-related metrics have been prepared by the Company in accordance with the emissions-related sections of the Marine Transportation Sustainability Accounting Standard, established by the Sustainability Accounting Standards Board (SASB), as well as additional emissions metrics commonly used within the marine transportations industry.
The information in this report is being furnished, not filed, pursuant to Regulation FD. Accordingly, the information in Items 7.01 and 9.01 of this report will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EAGLE BULK SHIPPING INC. | ||||||||
| (registrant) | ||||||||
Dated: | By: | /s/ Constantine Tsoutsoplides | ||||||
| Name: | Constantine Tsoutsoplides | |||||||
| Title: | Chief Financial Officer | |||||||
 | Eagle Bulk Shipping Inc. 2022 Emissions Metrics | ||||||||||||||||||||||
| Metric | Unit of Measure | Data 2020 | Data 2021 | Data 2022 | SASB Reference | ||||||||||||||||||
CO2 Emissions | |||||||||||||||||||||||
Gross global Scope 1 emissions: Financial control approacha | Metric tons (t) CO₂-e | 853,860 | 895,060 | 877,666 | TR-MT-110a.1 | ||||||||||||||||||
| Discussion of long-term and short-term strategy or plan to manage Scope 1 emissions, emissions reduction targets, and an analysis of performance against those targets | Please refer to our published ESG Sustainability reports available on our website at www.eagleships.com/ESG | TR-MT-110a.2 | |||||||||||||||||||||
Gross global Scope 2 emissions: Purchased electricitya | Metric tons (t) CO₂-e | 30 | 35 | 44 | n/a | ||||||||||||||||||
| Energy Consumed | |||||||||||||||||||||||
Total energy consumedb | Gigajoules, Percentage | 11,883,225 100% | 12,460,154 100% | 11,505,492 100% | TR-MT-110a.3 | ||||||||||||||||||
| Percentage heavy fuel oil | Gigajoules, Percentage | 10,633,885 89% | 10,163,661 86% | 9,621,627 84% | |||||||||||||||||||
| EEDI | |||||||||||||||||||||||
Average Energy Efficiency Design Index (EEDI) for new ships added to the fleet during the reporting periodc | Grams of CO2 per ton-nautical mile | No purchased vessels delivered in 2020 | 3.85 | 4.11 | TR-MT-110a.4 | ||||||||||||||||||
| AER | |||||||||||||||||||||||
| Average Efficiency Ratio (AER) | Grams of CO2 per deadweight ton-nautical mile | 5.20 | 5.55 | 5.43 | n/a | ||||||||||||||||||
| EEOI | |||||||||||||||||||||||
| Energy Efficiency Operational Indicator (EEOI) | Grams of CO2 per cargo ton-nautical mile | 8.34 | 8.75 | 8.57 | n/a | ||||||||||||||||||
| Transport Work | |||||||||||||||||||||||
| Total transport work | Cargo ton-nautical mile | 102.3 billion | 102.3 billion | 102.4 billion | n/a | ||||||||||||||||||
| Other Emissions to Air | |||||||||||||||||||||||
NOx (excluding N2O)d | Metric tons | 21,747 | 22,945 | 20,872 | TR-MT-120a.1 | ||||||||||||||||||
SOxd | Metric tons | 2,259 | 2,251 | 2,098 | |||||||||||||||||||
Particulate matterd | Metric tons | 188 | 194 | 191 | |||||||||||||||||||
| Notes | |||||||||||||||||||||||
| A | CO2 EMISSIONS (METRIC TONS CO2-e): Scope 1 calculations are based on the IMO emission factors and fuel consumption for the year. The financial control approach defined by the GHG Protocol has been applied. This includes company owned vessels only. Scope 2 emissions are based on conversion factors from the The U.S. Energy Information Administration (EIA), Danish Energy Agency, and the Energy Market Authority (EMA) of Singapore. | ||||||||||||||||||||||
| B | TOTAL ENERGY CONSUMPTION: Calculated based on available data on fuel purchases by using the fuel properties defined by DEFRA, Conversion factors, 2022 – note that properties concerning Light Fuel Oil were obtained from the IMO. The figure includes all owned vessels and covers Scope 1 emissions. | ||||||||||||||||||||||
| C | AVERAGE ENERGY EFFICIENCY DESIGN INDEX (EEDI) FOR NEW SHIPS: The EEDI provided represents a simple average of EEDI for new ships entering the fleet during the period. Note however, that the requirement to have an EEDI measurement became effective for ships built after January 1, 2013. Ships we may acquire that were built before this date will not have an EEDI measurement and will be excluded from the average. For 2021, this means that the figure provided in the table excludes three of the ships we acquired, as they were built in 2011. | ||||||||||||||||||||||
| D | PARTICULATE MATTER (PM), NOX, SOX EMISSIONS (METRIC TONS): Eagle Bulk has adopted the recommendations of the IMO’s Fourth GHG Study for estimating emissions of CO2, NOX, SOX, and PM from ships. In cases where Eagle elects to deviate from the approach outlined in the IMO’s Fourth GHG Study, these deviations have been documented. It is expected that the IMO will continue to update its emissions estimate calculation recommendations over time and Eagle may choose to modify its approach accordingly. In cases where fuel consumption breakdown by consumer, vessel age, rated auxiliary engine rpm, or other details are not available, a specific set of assumptions will be used to estimate emissions inventories as follows: 80% of total HFO and MDO consumed will apply to main engine emissions contribution; 17% of total HFO and MDO consumed will apply to auxiliary engine emissions contribution; and 3% of total HFO and MDO consumed will apply to boiler emissions contribution. Vessel age will be taken from Clarkson’s database or other similar vessel information database. Auxiliary engine rated rpm will be assumed as 900 rpm for any Supramax and Ultramax vessel where the rated engine rpm is not known. | ||||||||||||||||||||||
| Disclaimer | |||||||||||||||||||||||
| This report was prepared by the Company using the emissons-related sections of the Marine Transportation Sustainability Accounting Standard, as established by the Sustainability Accounting Standards Board, as well as additional emissions metrics commonly used within the marine transportation industry. Information provided herein is based on the best available data at the time the report was issued. We generated some of this data internally. In cases where actual figures were not available, estimates have been provided. | |||||||||||||||||||||||