Danish optimisation service ZeroNorth has made another acquisition, buying Euronav’s Fleet Automatic Statistics & Tracking (FAST) platform.
As part of the deal, the Saverys family-controlled tanker owner also becomes a customer of ZeroNorth’s full platform offering.
ZeroNorth will buy and manage FAST, which collects advanced high-frequency data in real time from sensors across Euronav’s fleet of VLCCs and suezmaxes.
FAST uses this information to boost voyage and ship optimisation, improving collaboration between vessels and all shore departments.
The platform has reduced fuel consumption and lowered operating expenses, Euronav said.
“These improvements have had a tangible positive impact on Euronav’s bottom-line results and have also helped improve its sustainability strategy,” the partners said.
No financial details have been given for the deal.
Over time, the plan is for ZeroNorth and Euronav to integrate FAST’s data and functionality into the ZeroNorth platform.
This will “accelerate the industry’s green transition and massively increase the company’s positive impact on the market”, they hope.
Euronav is being merged with the Saverys’ low-carbon shipping vehicle CMB.Tech, and will take that company’s name, diversifying into bulkers and container shipping.
Uniting green shipping leaders
The ZeroNorth transaction unites two sustainable shipping leaders with a shared vision to make a positive impact on the planet, the companies said.
Pelle Sommansson, chief growth officer at ZeroNorth, said: “We are extremely excited by this new partnership with Euronav, which is already recognised as one of the most sustainable and progressive companies in the shipping industry.
“By acquiring FAST and incorporating it into our existing platform, we believe we will accelerate the transformation and sustainability strategies of a large part of the global fleet.”
Patrick Declerck, Euronav’s operations manager, said his company has a clear ambition to be a leader in sustainability and efficiency.
“Together, we are leading brands focused on creating a better world. We believe this new partnership will enable us to drive the journey to zero emissions across the shipping industry to decarbonise today and navigate tomorrow,” he added.
ZeroNorth is backed by heavyweights AP Moller Holding, Cargill and PSG Equity, and led by chief executive Soren Meyer.
Organic growth and bolt-on acquisitions have propelled ZeroNorth to the forefront of optimisation under his leadership, including a combination process with Rajesh Unni’s Alpha Ori Technologies.
Meyer told TradeWinds in December that more mergers and acquisitions were on the cards.
The list of deals is already lengthy, including marine fuel supply software company BTS, Prosmar Bunkering and bunkering optimisation outfit ClearLynx.
