Njord brings shipowners, charterers, vendors and financiers closer together, helping to make vessels more fuel-efficient and reduce their greenhouse gas emissions.
With new regulations, vessel owners are faced with increasing pressure to find solutions to increase energy efficiency of their vessels. Improvements rely heavily on the continued development and use of innovative solutions.
Cargill, Mitsui and Maersk Tankers are using their combined technical and operational expertise to bring a full-service package to shipowners and operators. This is based on a combination of energy saving devices targeted at lowering vessel emissions. An expert team will assess the vessel’s optimisation potential, design the solutions required and help the shipowner and operators get these implemented, along with offering attractive financing. Customers can choose all three or select only some of these services depending on actual needs.
“Njord is part of our work to pioneer and scale solutions to decarbonise shipping – and it has the potential to deliver significant value to shipowners and the environment. It closes the tech and incentives gap by linking industry players through operational expertise and financial inducements, making it a valuable offering in an otherwise fragmented industry,” explains Frederik Pind, Head of Decarbonisation at Maersk Tankers.
Njord was born in 2019 from a partnership between Maersk Tankers, Cargill and Mitsui, with each bringing their expertise and experience to the table. Cargill provides access to its extensive fleet and operational knowhow, while Mitsui offers a global network within shipping stakeholders, access to the financial market and its experience in ship owning and ship building. Maersk Tankers combines its heritage as a tanker owner with managerial insight to offer solutions that enhance vessel performance.
“Njord helps ship owners and charterers unlock decarbonization potential to reduce greenhouse gas emissions. We are proud to be part of this partnership which will create a greener shipping value chain,” said George Wells, Asset Trading Lead for Cargill’s Ocean Transportation business. “The customers of Njord can rely on the combined experience, know-how and financial strength of the partners to help them start or continue their decarbonisation journey.”
In pursuit of cutting maritime greenhouse gas emissions, the companies came together to explore decarbonisation solutions. The trio have spent the last few years trialling both existing and new fuel-saving technologies on the large and varied fleet they jointly own, manage or charter.
“We believe that energy saving devices will play a vital role not only as a short-term solution but also in a greener shipping world. By gathering diversified expertise and knowledge with partners, we look forward to contributing to the development of sustainable solutions for shipping, which will help to create an eco-friendly society,” said General Manager of Transportation & Machinery Business Div.IV, Mitsui & Co., Ltd., Kensuke Kubota.
Njord’s services can work in both tramp and liner markets. Depending on vessel size, trading patterns and installations, they have been estimated to reduce the yearly fuel consumption for a vessel by, on average, 7 to 16%.
The companies have signed contracts with five owners and expect to enter more partnerships in the coming period.
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 & 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 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.