Green tech company Njord has struck a deal with the shipping subsidiary of finance firm Hayfin Capital Management to design fuel-saving measures for four of its ships.
The designs aim to cut emissions between seven and 16 per cent on three tankers and a dry bulk carrier owned by the subsidiary, Greenheart, said Njord.
A third partner, maritime consultancy Marsoft, will quantify and certify the savings allowing Greenheart to potentially trade them on voluntary carbon markets.
Njord, an initiative managed by Maersk Tankers, said the ships are currently being screened to design a custom-designed package from a portfolio of more than 20 technologies.
The 50,000-dwt tankers GH Parks and GH Austen (both built 2009), 75,000-dwt GH Madison (built 2010) and the 180,000-dwt bulker GH Kahlo (built 2014) are part of Greenheart’s nine-strong fleet.
Retrofits including hull coatings, better maintenance and sail technology have all been identified as ways of improving ship efficiency.
UK-based consultancy UMAS said retrofits are key for shipping to secure its emissions-cutting goals as part of the effort to limit global warming to 1.5C of pre-industrial levels.
New fuels, which will drive the bulk of emissions cuts, are still in their infancy. UMAS said vessel efficiency improvements of 60% will be needed by 2030, compared with 2008 levels, to maintain the push towards zero-emission targets.
But the report warned that owners were not taking advantage of existing technologies. Shipbroker Clarksons says just 5.5% of the global fleet have adopted energy saving technologies.
“Despite the many environmental and financial advantages of installing energy-saving devices, the investment can still be difficult for owners to finance,” says Frederik Pind, managing director at Njord.
“We help owners overcome that financing barrier by making the business case more attractive.”
UK-based Greenheart Management serves as the in-house shipping desk for Hayfin’s maritime funds.
“Collaboration in our industry is of paramount importance and this partnership is a firm step forward,” said Nikos Benetis, its technical director.
Njord was founded in 2019 by Maersk Tankers, Japanese trading house Mitsui & Co and US agriculture giant Cargill.
It has worked with more than 40 shipowners and is currently installing technology on about 30 ships, said the company.
