Green venture Njord will retrofit its first four ships with emissions-reducing technology since signing deals with 12 shipowners, managing director Frederik Pind said on Tuesday.

The agreement will see Njord, a joint venture between Cargill, Maersk Tankers, and Mitsui, carry out the work on a VLCC and three container ships to cut emissions by an estimated six to 14% per vessel.

The four ships are part of a fleet of more than 20 vessels owned by Copenhagen-based Navigare Capital Partners. The deal comes amid strong demand for green technology as fuel prices surge and the industry works towards net zero emissions by 2050.

Pind said Njord had a portfolio of 15 different technologies and was finalising the package of measures it would use for the four Navigare ships.

He said it could include work to reduce hull fouling, more efficient propellers and wind power to cut fuel use and greenhouse gases.

“We’ve screened and/or designed solutions for more than 40 vessels… In terms of the installations, these will be the first ones,” said Pind.

“What we’ve come to conclude is that it’s not going to be one solution. It’s going to be a combination of many different things — fuels and efficiencies. It’s all about maximising the different options out there today.”

Njord has harnessed the combined expertise of the freight trader, tanker owner and financier since 2019 to trial the technologies on the fleets they own, manage and charter. Njord has signed contracts with 12 shipowners since January 2022.

The efficiency measures are aimed at both the tramp and liner markets and are one part of a package, along with alternative fuels, that is needed to allow shipping to hit its net-zero target, said Pind.

Shipping is responsible for about 3% of total human-caused greenhouse gas emissions and environmental groups want the industry to move more quickly to reach the target.

Pind said the company was also developing terms to allow smaller owners to repay the capital investment using fuel savings.

“There’s an urgent need to decarbonise,” he said. “There are things that could be done today which are not being done.”

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Mads Svensson, technical director of Navigare Capital Partners, said the work would ensure it was on the “right trajectory” to hit the net-zero target by 2050.

“With the best combination of green technologies installed on our fleet, at the timings we choose, it will enable us to keep our portfolio on a trajectory towards a greener future,” he said.