Navigare Capital Partners and NJORD, a green technology business venture between Cargill, Mitsui and Maersk Tankers, have entered an agreement for NJORD to design and install a bespoke package of fuel-saving technologies on four Navigare-owned vessels, according to the company's release. The agreement is part of the companies’ work to cut emissions. The goal is to achieve fuel and emission reductions of between six and 14 per cent per vessel on an annual basis.
The NJORD team, highly experienced in energy efficiency retrofits, will design and install a custom-made solution for each of the four vessels. Usually, an owner tends to choose from one or two fuel-saving technologies, but NJORD is providing the solution, selecting from a portfolio of more than 15 technologies which will optimise each vessel’s fuel performance.
As a first step, the team screened Navigare Capital Partners’ fleet of more than 20 vessels to identify the reduction potential. Both parties decided to proceed with the first four vessels, one very large crude carrier and three container vessels.
NJORD was founded with the aim of accelerating cost-effective and industry-wide greenhouse gas reductions through financed green technology. Shipowners are increasingly interested in the solution at a time when decarbonisation regulations are becoming more stringent and fuel prices are rising.
Twelve owners have signed contracts with NJORD since the green tech solution was brought to market and the business is looking to enter more partnerships with shipowners in the future.