ZeroNorth acquisition
Maritime technology company ZeroNorth has acquired a digital vessel performance company.
ZeroNorth’s acquisition of Copenhagen-based Propulsion Dynamics Inc. marks its entry into the fuel optimisation market and is anticipated to boost its revenue by 15%. The acquisition is expected to further power up its voyage optimisation platform Optimise using experience from the more than 25,000 digital ship models that Propulsion Dynamics has gathered across the last two decades.
Søren Meyer, CEO of ZeroNorth, a spinoff of Maersk Tankers, said: “Propulsion Dynamics’ huge, unrivalled library of vessel performance analysis results means that Optimise will evolve into an even more powerful and authoritative tool to help tramp shipping companies increase their revenue and cut emissions. Meanwhile, we are very much looking forward to working with the team at Propulsion Dynamics to support them to rapidly scale their solutions and customer base with our complimentary technological expertise.”
Founded in 2002, Propulsion Dynamics was the first company to offer full-scale digital twin ship performance analysis through its CASPER service. This makes the organisation a forerunner of vessel performance optimisation, and means that it holds unrivalled insight on how vessel hydrodynamics can impact fuel consumption.
The fuel consumption tables provided by Propulsion Dynamics can directly support the industry’s decarbonisation trajectory, as well as the optimisation of a range of tramp shipping vessels, and particularly those on short-term time charter agreements. By activating Propulsion Dynamics’ vessel models with technology and machine learning, ZeroNorth will be able to considerably scale up CASPER’s potential use cases in the market.
2021 is ZeroNorth’s first year as an independent company.
By Rebecca Jeffrey
