Navigare Capital Partners inks green tech deal with NJORD

Danish investment company Navigare Capital Partners and NJORD, a green technology business venture between Cargill, Mitsui and Maersk Tankers, have entered into an agreement for the latter to design and install a package of fuel-saving technologies on four Navigare-owned vessels.

Illustration. Courtesy of Maersk Tankers

As informed, the agreement is part of the companies’ work to cut emissions. The goal is to achieve fuel and emission reductions of between six and 14 per cent per vessel on an annual basis.

The NJORD team 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 (VLCC) 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,” Mads Svensson, Technical Director, Navigare Capital Partners, said.

“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,” Frederik Pind, Managing Director of NJORD, said.

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.