An agreement has been reached between Navigare Capital Partners and NJORD, a joint venture comprising Cargill, Mitsui, and Maersk Tankers in the green technology sector, to design and install a customised set of fuel-saving technologies aboard four Navigare-owned vessels. The pact is a component of the businesses' efforts to reduce emissions. The objective is to reduce fuel consumption and emissions by six to 14% annually per vessel.
The NJORD team, highly experienced in energy efficiency retrofits, will design and install a custom-made solution for each of the four vessels. Usually, an owner tends to choose from one or two fuel-saving technologies, but NJORD is providing the solution, selecting from a portfolio of more than 15 technologies which will optimise each vessel’s fuel performance.
As a first step, the team screened Navigare Capital Partners’ fleet of more than 20 vessels to identify the reduction potential. Both parties decided to proceed with the first four vessels, one very large crude carrier and three container vessels.
“Aligned with our target of reaching net zero in 2050, and to ensure we are on the right trajectory, we will initiate a number of technological initiatives already at this stage. With the perspective of our entire fleet, managed by several technical managers, we found it useful to take a similar approach across the fleet to streamline the process,” says Mads Svensson, Technical Director, Navigare Capital Partners.
“Therefore, it was beneficial to engage with the NJORD team and gain from their experience to optimise our vessels. With the best combination of green technologies installed on our fleet, at the timings we choose, it will enable us to keep our portfolio on trajectory towards a greener future.”
NJORD was founded with the aim of accelerating cost-effective and industry-wide greenhouse gas reductions through financed green technology. Shipowners are increasingly interested in the solution at a time when decarbonisation regulations are becoming more stringent and fuel prices are rising.
“We are delighted to partner with Navigare Capital Partners and help them cut emissions and costs by making their vessels more energy-efficient,” says Frederik Pind, Managing Director of NJORD. “We believe that NJORD offers an important solution to shipping’s decarbonisation challenges. We are experiencing a surging demand from customers who are looking for a partner that can help them on their path to zero emissions – from assessment of potential all the way to execution.”
Twelve owners have signed contracts with NJORD since the green tech solution was brought to market and the business is looking to enter more partnerships with shipowners in the future.