Singapore shipowner Berge Bulk says it will spend $1bn over five years as it looks to decarbonise its 80-strong bulker fleet.

The shipowner said it plans to spend the money on a combination of decarbonisation technology as well as carbon offsetting.

“We are a private company, so I don’t mind investing in the business in terms of decarbonisation,” Berge Bulk chief executive James Marshall told the TradeWinds Shipowners Forum in Singapore.