Copenhagen-based vessel optimisation company ZeroNorth has celebrated its third anniversary by revealing another big rate of return.
The expanding operation, backed by AP Moller Holding, Cargill and PSG Equity, said it has achieved 300% annual growth for the second year in a row.
It has also quadrupled its accounting rate of return (ARR) each year since 2021, the company added, without giving more details.
ZeroNorth began in 2020 as a spin-off from Maersk Tankers with a single product, Optimise, which focused on voyage speed optimisation.
It has since added seven more services to create a full platform.
These include weather routing, an AI-enabled fuel model, emissions reporting capabilities, charter optimisation and enhanced analytics.
The platform enables companies to generate immediate emissions reductions and enhances collaboration, as stakeholders across different departments have access to a “shared reality”, it explained.
In 2022, ZeroNorth helped stop 443,780 tonnes of emissions from entering the atmosphere.
Chief executive Soren Meyer said: “The ZeroNorth team has done a remarkable job over the past three years of executing our shared vision to enable green global trade."
“Our quadrupled ARR each year over the last two years and ability to grow our employee base from six to 240 people further exemplifies the confidence from shipowners, charterers and the wider marine value chain in ZeroNorth’s solutions, and our ability to ensure tangible profit and sustainability impact through our platform,” he added.
Deals keep coming
Earlier this month, ZeroNorth teamed up with data-driven communication platform Sedna to combine their technologies to hone the two companies’ maritime email traffic.
The new partners said their agreement will more closely integrate their technologies and solutions, initially focused on unlocking information buried inside the many emails received by shipping professionals each day.
In May, ZeroNorth clinched a long-term strategic partnership with commodities giant Vitol.
The trader and shipowner will use the ZeroNorth platform, while the technology company will gain access to Vitol’s carbon reduction solutions and bunkering services through subsidiary Vitol Bunkers.
