Cargill invests in Maersk Tankers’ digital spin-off

CEO at ZeroNorth Soren Meyer; Image courtesy: ZeroNorth

Swiss freight trader Cargill has invested in ZeroNorth, the recent spin-off from Maersk Tankers,  committing its entire operated fleet to use the Optimise software to reduce CO2 emissions through digital technology.

Image by Zero-North

The tie-up comes on the back of ZeroNorth’s announcement back in June that it was looking for a new investor alongside Maersk Tankers to grow and develop the company into an industry-wide platform for the global tanker and dry bulk fleet.

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As investor, Cargill will play ‘an active role in shaping the company’s strategic direction,’ the company said.

Cargill has been a customer of the software since 2019, testing the Optimise software on part of its chartered fleet.

“By having Cargill onboard as a large-scale customer and investor we are taking yet another step towards digitalising the tramp shipping industry to make a positive impact on the climate,” says Soren C. Meyer, CEO at ZeroNorth.

The collaboration with Cargill will increase the number of vessels using the software to just under 1,000.

The software is being used to reduce bunker consumption by determining the optimal speed of each vessel using multiple data points, such as market rates, bunker prices, weather and individual vessel performance.

“By using the quantitative data approach on vessel performance, Cargill’s customers will benefit from reduced CO2 emissions and bunker consumption. Reducing CO2 emissions through improved vessel performance is a critical part of our business and we recognise the value of collaboration with fellow industry leaders to achieve this.

“By partnering with ZeroNorth, we will combine Cargill’s experience in chartering and trading with ZeroNorth’s expertise in software engineering,” says Jan Dieleman, Business Leader for Cargill Ocean Transportation.

The agreement is subject to anti-trust review and approval.