Connect with us

Business

ZeroNorth net loss further deepens 57% on year to USD 65 million in FY 2024, liquidates subsidiary

Losses impacted by amortisations, depreciations and impairment losses of USD 31.1 million, primarily related to joining forces with Alpha Ori Technologies.

Admin

Published

on

ZeroNorth

Editor’s note: The following article was edited on 3 July SGT to rectify a mistake in ZeroNorth’s annual report; that the subsidiary of ZeroNorth is not Prosmar AS, it is Prosmar Bunkering AS.

Maritime technology solutions provider ZeroNorth A/S on Tuesday (1 July) posted a 57% on year increase in net loss for its financial year ended 31 December 2024 (FY 2024), partly weighted down from the acquisition of Singapore-based Alpha Ori Technologies Pte Ltd.

The company reported net loss of USD 65.1 million in FY 2024, higher than loss of USD 41.4 million recorded in FY 2023, according to financial statements seen by Manifold Times.

“The net loss for the year of USD 65.1 million was furthermore impacted by amortisations, depreciations and impairment losses of USD 31.1 million, primarily related to joining forces with Alpha Ori Technologies,” it stated,

Revenue in FY 2024 was USD 36.6 million, representing a 155% increase from revenue of USD 14.3 million in FY 2023.

“The Group delivered more than its prior year outlook for 2024, where recognised revenue demonstrated a year-over-year growth of 155%,” noted management.

“This growth indicates the increasing adoption of ZeroNorth’s technology and data-driven solutions within the maritime industry and contribution from the additional Alpha Ori Technologies revenue.”

ZeroNorth key operational and strategic developments (FY 2024)

Liquidation of ZeroNorth Norway (formerly Prosmar Bunkering AS)

Moving forward, ZeroNorth stated it has decided to liquidate ZeroNorth Norway (formerly Prosmar Bunkering AS) by the end of June 2025 due to it being “committed to being a streamlined and efficient organisation”.

“This decision aligns with ZeroNorth’s strategy to consolidate operations into stronger regional hubs, reducing complexity and managing costs as the company scales its services effectively,” it explained.

“ZeroNorth acquired Prosmar Bunkering in Norway as part of its growth strategy. Liquidation is a further step in streamlining operations. All employees have been terminated by the end of February 2025. ZeroNorth Norway’s technology has been integrated into ZeroNorth’s broader suite of digital tools, and all intellectual property rights were transferred to ZeroNorth A/S in October 2023.”

Related: ZeroNorth and Singapore-based Alpha Ori Technologies close deal to merge
Related: ZeroNorth to launch new service enabling integration of eBDN data between suppliers and buyers
Related: ZeroNorth and Hapag-Lloyd partner on digital bunker procurement and planning solution
Related: RightShip and ZeroNorth to integrate platforms to provide emission management solution
Related: ZeroNorth and Vitol launch four-week digital bunkering trial in Port of Rotterdam
Related: ZeroNorth secures USD 20 million funding package from CIBC Innovation Banking
Related: ZeroNorth acquires Prosmar Bunker Dashboard solution and Bunker Pricer module

 

Photo credit: ZeroNorth
Published: 2 July 2025

Continue Reading

Mass Flowmeter

Hong Kong backs MFM adoption with voluntary scheme to boost bunkering competitiveness

Hong Kong’s Marine Department launched the Quality Bunker Operator Scheme to encourage bunker operators to install and use mass flow meter systems on their bunker vessels.

Admin

Published

on

By

RESIZED EH dual mfm setup

Hong Kong’s Marine Department (MD) on Wednesday (3 June) launched the Quality Bunker Operator Scheme to encourage bunker operators to install and use mass flow meter systems (MFM systems) on their bunker vessels.

MD said the scheme aims to enhance Hong Kong’s bunkering service quality and the competitiveness of Hong Kong ports, thereby further consolidating Hong Kong’s position as an international maritime centre and a major bunkering port.

Under the Scheme, bunker operators of traditional maritime fuel and biodiesel that install and use MFM systems on their bunker vessels, with the MFM systems inspected and certified by an accredited body in accordance with the International Organization for Standardization’s ISO 22192 Standard or equivalent requirements, can apply to the MD for inclusion in the scheme’s “List of Quality Bunker Vessels”, provided they meet the relevant technical and operational requirements. 

Details of the bunker vessels successfully included in the List will be published on a dedicated page on the MD’s website for reference by shipping companies and relevant stakeholders.

Participation in the Scheme is voluntary. In addition to receiving recognition from the MD, participating bunker operators will benefit from enhanced corporate image and competitiveness through the adoption of MFM systems, thereby boosting customers’ confidence and helping to create new business opportunities.

 A spokesman for the MD, said: “As an international maritime centre supported by our country, Hong Kong has a strategic location adjacent to major international fairways. Coupled with years of development in marine fuel bunkering, Hong Kong possesses rich experience and talent in the field. For many years, Hong Kong has consistently ranked as the seventh-largest bunkering port globally, the second-largest in our country, and the largest in the Greater Bay Area, providing reliable and competitive fuel bunkering services to ocean-going vessels from around the world. 

“As the international shipping industry has an increasing demand for accuracy and transparency in bunkering services, service quality and measurement precision in bunkering operations have become important indicators of a bunkering port’s competitiveness. The Scheme will enhance bunkering accuracy and transparency, further enhancing the quality of Hong Kong’s bunkering services.

The spokesman added that comprehensive port services are one of Hong Kong’s key advantages as an international maritime centre.

“We will also mandate the use of MFM systems on all methanol bunker vessels this year to ensure that Hong Kong continues to provide high-quality bunkering services in the era of green maritime fuels.” 

Note: The application form for the Scheme can be found on the MD’s website. Interested bunker operators can download the application form from the website or contact the MD’s Green Maritime Fuel Team via email ([email protected]) for details.

 

Photo credit: Manifold Times
Published: 4 June, 2026

Continue Reading

Alternative Fuels

MPA and MSC ink MoU to support adoption of alternative bunker fuels

MPA and MSC will explore new routes and services to strengthen connectivity, support the adoption of alternative marine fuels such as bio-LNG, and advance technologies to improve vessel energy efficiency.

Admin

Published

on

By

MPA and MSC ink MoU to support adoption of alternative bunker fuels

The Maritime and Port Authority of Singapore (MPA) on Wednesday (3 June) said it signed a Memorandum of Understanding (MoU) with MSC Mediterranean Shipping Company to strengthen collaboration in maritime decarbonisation, digitalisation, innovation, and manpower development. 

The MoU was signed on 25 May 2026 by Mr Ang Wee Keong, Chief Executive of MPA, and Mr Soren Toft, Chief Executive Officer of MSC.

The MoU underscores the shared commitment of MPA and MSC to foster a sustainable, digital, and future-ready maritime sector, while enhancing MSC’s operational and business activities in Singapore. This year also marks the 30th anniversary of MSC establishing its Asia Regional Office and local office in Singapore.

Under the MoU, MPA and MSC will explore new routes and services to strengthen connectivity, support the adoption of alternative marine fuels such as bio-LNG, and advance technologies to improve vessel energy efficiency and operational performance.

MPA and MSC will also collaborate on maritime digitalisation initiatives to improve operational efficiency, including streamlining vessel arrivals and port operations. 

On manpower development, MSC will support internship and scholarship opportunities through Singapore Maritime Foundation’s Maritime Outreach Network (MaritimeONE) platform, an industry-led tripartite partnership comprising industry, government and institutes of higher learning that aims to raise awareness of the maritime industry and attract quality talent into the maritime sector.

Mr Ang Wee Keong, Chief Executive of MPA, said: “This partnership reflects the strong collaboration between MPA and MSC in driving sustainability and digitalisation in the maritime sector. By working together on decarbonisation, operational efficiency and talent development, we aim to strengthen Maritime Singapore’s position as a trusted and future-ready global maritime hub.”

Mr Soren Toft, Chief Executive Officer of MSC, said: “Singapore is a strategically important hub for MSC and a key gateway to the broader Asia region. As we mark 30 years in Singapore, this MOU reinforces our long-term commitment to strengthening our presence here. MSC and Singapore are closely aligned on the priorities shaping the future of global shipping, and we look forward to deepening this partnership to drive the continued growth and resilience of the maritime industry.”

 

Photo credit: Maritime and Port Authority of Singapore
Published: 4 June, 2026

Continue Reading

Emissions reporting

StormGeo and OceanScore link emissions data, compliance workflows

Cooperation combines StormGeo’s expertise in operational vessel and emissions data with OceanScore’s expertise in emissions compliance workflows across EU ETS, FuelEU Maritime and UK ETS requirements.

Admin

Published

on

By

StormGeo and OceanScore link emissions data, compliance workflows

Weather intelligence and decision support solutions provider StormGeo and Hamburg-based technology platform OceanScore on Wednesday (3 June) said they have deepened their ongoing cooperation through the signing of a collaboration agreement during Posidonia 2026 in Athens on 2 June.

The cooperation combines StormGeo’s expertise in operational vessel and emissions data with OceanScore’s expertise in emissions compliance workflows across EU ETS, FuelEU Maritime and upcoming UK ETS requirements.

Together, the companies aim to help shipping companies seamlessly navigate increasing regulatory complexity more efficiently — from emissions reporting and data validation to compliance exposure management, pooling and financial settlement.

As emissions regulation becomes an increasingly important part of commercial shipping operations, the need for reliable operational data and streamlined compliance processes continues to grow. The cooperation between StormGeo and OceanScore is designed to support shipping companies with more connected, transparent and actionable processes across operational and commercial teams.

“From the outside, companies like StormGeo and OceanScore may sometimes be perceived as competitors because both operate around emissions and compliance workflows,” said Albrecht Grell, Managing Director at OceanScore. 

“But in reality, the industry increasingly needs both perspectives working together: trusted operational emissions data on one side and commercial compliance execution on the other. Our cooperation reflects that shipping companies are no longer looking for isolated solutions — they need connected processes, automated across different systems and reliable decision-making throughout the full compliance chain.”

By connecting validated operational emissions data with commercial compliance management, the cooperation supports workflows across:

  • emissions reporting and validation 
  • compliance management across EU ETS, FuelEU Maritime and upcoming UK ETS requirements
  • exposure visibility and cost transparency
  • pooling, settlement and financial processes 

The cooperation also aims to improve commercial transparency and coordination across operational and commercial stakeholders.

“StormGeo plays a central role in helping shipping companies turn operational vessel and emissions data into trusted, decision-ready insights,” said Espen Martinsen, Chief Commercial Officer at StormGeo. 

“As emissions regulations become more complex, this data is essential for transparent and efficient compliance management. By working with OceanScore, we can help customers connect StormGeo’s validated operational data with commercial compliance processes, creating a more integrated and practical approach to emissions management.”

The signing ceremony took place at the StormGeo booth during Posidonia 2026 in Athens and was attended by representatives from both companies.

Both companies expect the cooperation to continue evolving alongside upcoming regulatory developments, including FuelEU Maritime, EU ETS, the upcoming UK ETS and future emissions-related frameworks affecting global shipping.

 

Photo credit: StormGeo
Published: 4 June, 2026

Continue Reading

Trending