Greek shipping company Spring Marine has struck a deal to use fuel additives produced by Constantine Logothetis-backed SulNOx.
SulNOx said its new partner will be able to reduce bunker consumption and emissions through its product by virtually fully combusting what would otherwise be unburnt fuel normally emitted as particulate matter.
Tests by another shipowner on a four-stroke engine showed an average cut in fuel use of 10.5% over three months.
General manager Captain George Chondronikolas said Spring Marine has a constant commitment to adopt the latest technologies to minimise fuel consumption and reduce the environmental impact of the business.
“Our vision includes adopting innovative green tech solutions like SulNOx for the continuous, incremental improvements required of our vessels to meet regulatory expectations and improve the service we offer our customers,” he added.
VesselsValue lists Spring Marine with a fleet of 22 ships worth $480m, including three bulkers and two aframaxes.
Ben Richardson, chief executive of SulNOx, said Spring bosses instantly understood the “unique, green chemistry”.
Teekay testing out additive
His company has already signed up tanker giant Teekay to its service this year.
Last month, Constantine Logothetis, a board member and co-founder of Libra Group, increased his total shareholding in SulNOx to 22.46%.
The transaction involving his Tergeo company also welcomed new shareholders into SulNOx from three “substantial” but unnamed shipping companies, the green tech company said.
Logothetis began investing in June.
SulNOx is listed on London’s Aquis Stock Exchange.
Logothetis co-founded Libra, the owner of Lomar Shipping, with his brother George in 2003.
He stepped down as vice chairman in 2021 to set up the family office at Alithea Capital.
