Danish fuel and voyage optimisation platform ZeroNorth is expanding its operations with the takeover of Norway’s Prosmar Bunkering.
The Copenhagen tech company, backed by AP Moller Holding, Cargill and PSG Equity, said the move will speed up bunker digitalisation and transparency, and help kick-start the green transition in the marine fuel market.
The deal involves Prosmar’s Bunker Dashboard solution and Bunker Pricer module, which will operate under the name Prosmar Bunkering.
Prosmar’s two other services, Prosmar Risk and Prosmar Price Matrix, which offer freight risk management services, are not included in the deal.
No price has been revealed.
Prosmar Bunkering will operate as an independent, stand-alone business, with the same management team currently running the company.
The idea is to simplify and streamline the bunker process, as well as support suppliers, buyers and brokers with their fuel needs.
“The move to acquire Prosmar Bunkering directly supports ZeroNorth’s ambitious growth strategy within the bunker space, allowing the company to offer more accurate bunker prices,” ZeroNorth said.
This is its first acquisition since its equity raise of $50m earlier this year.
ZeroNorth acquired ClearLynx — now ZeroNorth Bunker — in December 2021.
ZeroNorth chief executive Soren Meyer said: “The bunker industry and its full value chain are integral to the process of decarbonising shipping.
“The business-as-usual way of operating must now be fundamentally challenged if we are to propel the industry forward rapidly enough to save the planet and meet tightening regulations.”
Prosmar chief executive Ali Jourabchi said the partnership will enable his company to develop products, and rapidly bring new solutions to market.
“We will also place increased focus on growing Prosmar Bunkering’s presence in new markets, bringing us closer to customers and supporting their needs through this dynamic and changing landscape,” he added.
Prosmar has been operating since 2013. It has a client list of more than 60 major shipowners using its risk reporting, analysis and hedge execution services.
