Cargill, Mitsui, and Maersk Tankers Secure First Customers

Cargill, Mitsui and Maersk Tankers have signed on a their customers to a new green technology solution, called Njord, which aims to accelerate cost-effective and industry-wide greenhouse gas reductions.

The companies have signed contracts with five owners and they expect to enter more partnerships in the future.

Njord brings shipowners, charterers, vendors and financiers closer together, helping to make vessels more fuel-efficient and reduce their greenhouse gas emissions, the companies say.

With new regulations on the horizon, vessel owners are faced with increasing pressure to find solutions to increase energy efficiency of their existing vessels.

Cargill, Mitsui and Maersk Tankers are using their combined technical and operational expertise to bring a full-service package to shipowners and operators, based on a combination of energy saving devices targeted at lowering vessel emissions.

“Njord is part of our work to pioneer and scale solutions to decarbonize shipping – and it has the potential to deliver significant value to shipowners and the environment,” says Frederik Pind, Head of Decarbonisation at Maersk Tankers. “It closes the tech and incentives gap by linking industry players through operational expertise and financial inducements, making it a valuable offering in an otherwise fragmented industry.”

Njord was formed in 2019 from a partnership between Maersk Tankers, Cargill and Mitsui.

“Njord helps ship owners and charterers unlock decarbonization potential to reduce greenhouse gas emissions. We are proud to be part of this partnership which will create a greener shipping value chain,” says George Wells, Asset Trading Lead for Cargill’s Ocean Transportation business. “The customers of Njord can rely on the combined experience, know-how and financial strength of the partners to help them start or continue their decarbonization journey.”

In an effort to cut maritime greenhouse gas emissions, the companies came together to explore various decarbonization solutions, and have spent the last few years trialing both existing and new fuel-saving technologies on the large and varied fleet they jointly own, manage or charter.

“We believe that energy saving devices will play a vital role not only as a short-term solution but also in a greener shipping world. By gathering diversified expertise and knowledge with partners, we look forward to contributing to the development of sustainable solutions for shipping, which will help to create an eco-friendly society,” said General Manager of Transportation & Machinery Business Div.IV, Mitsui & Co., Ltd., Kensuke Kubota.

Njord’s services can work in both tramp and liner markets. Depending on vessel size, trading patterns and installations, they have been estimated to reduce the yearly fuel consumption for a vessel by 7% to 16%, on average.