Navigare Capital Partners signs green tech deal with NJORD
Press release
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.
About
NJORD
NJORD is a green technological business powered by Cargill, Mitsui and Maersk Tankers, which aims to accelerate cost-effective and industry-wide greenhouse gas reductions. NJORD helps shipowners and charterers in tramp and liner shipping to become more efficient by offering advisory and technical solutions that help shipowners cut emissions. It offers a full-service package, including screening for potential, designing the solution and assisting owners with the installation of energy-saving devices, along with financing. Read more at https://njordsolution.com
Navigare
Navigare Capital Partners is an Alternative Investment Fund Manager dedicated to investments in maritime assets. Based in Copenhagen, Navigare Capital Partners was founded in 2017 by four experienced shipping professionals and Robert Mærsk Uggla.
The company has extensive experience in shipping, acquisition, construction, asset management, financing and exit strategies across the value chain. The company has access to a large network of direct and end-user contacts to ensure a significant deal flow.
Navigare Capital Partners is governed and regulated by the Danish Financial Supervisory Authority.
Cargill
Cargill’s 160,000 employees across 70 countries work relentlessly to achieve our purpose of nourishing the world in a safe, responsible and sustainable way. Every day, we connect farmers with markets, customers with ingredients, and people and animals with the food they need to thrive. We combine 154 years of experience with new technologies and insights to serve as a trusted partner for food, agriculture, financial and industrial customers in more than 125 countries. Side-by-side, we are building a stronger, sustainable future for agriculture.
Cargill Ocean Transportation
Cargill Ocean Transportation is a leading freight-trading business that provides bulk shipping services to customers across the globe. Founded in 1956, Cargill commands the highest level of operational expertise which ensures the sustainable and efficient management of its 650-strong fleet. Cargill has a unique market perspective and combines first-class operations with expert trading in both physical and financial freight markets.
Mitsui
Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that spans 63 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania. Mitsui has about 5,600 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries.
Maersk Tankers
Maersk Tankers is a service company that provides commercial management solutions for shipowners in the tanker industry, operating one of the largest tanker fleets in the world. Our purpose is to pioneer shipping solutions for our partners and the planet. Founded in 1928, we have a century of expertise in management of tankers, which we use to develop and deploy solutions that help shipowners boost the economic and environmental performance of their vessels. Maersk Tankers employs approximately 300 employees in Denmark, Singapore, India and the U.S. and is headquartered in Copenhagen, Denmark.