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DNV reports record breaking 2023 results driven by decarbonization and digitalization

DNV said revenues in 2023 grew by 26.2% compared with 2022, driven by tighter regulations within industries it operates in, including increased attention among customers on decarbonization and digitalization.

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Classification society DNV on Tuesday (26 March) said DNV posted revenue of NOK 31,594 million for the year, a year-on-year growth of 26.2% (17.7% when considering currency effects).

2023 also saw record profits from strong performance across all business areas. These results were driven by tighter regulations within the industries DNV operates in, including an increased attention among customers on decarbonization and digitalization.

In its Annual Report 2023, DNV said it focused on providing tailored and practical solutions throughout the year, to challenges in decarbonization and digitalization, working together with customers and the industry to make sure this decade is a decisive success for them.

In 2023, DNV enhanced its Alternative Fuels Insight platform to accelerate the decarbonization of shipping. The upgrade includes the addition of new fuel types, improved fuel-price monitoring supported by Argus, and a crowdsourcing feature to gain input from users.

The Alternative Fuels Insight platform is an open and expanding platform for the latest information on alternative-fuel vessels, infrastructure, and bunkering.

DNV also published new guidelines for the safe installation of onboard carbon capture and storage (OCCS) systems on board ships. The guidelines were published amid growing pressure on the shipping industry to develop effective technologies to reduce emissions as part of the ongoing maritime energy transition.

Group President and CEO of DNV, Remi Eriksen, said: “Despite geopolitical instability and turbulent economic conditions, DNV has yet again delivered excellent results.”

“It demonstrates the resilience and relevance of our assurance and risk management position with our customers. I’m also glad to see that the growing demand for DNV’s services coincides with our customer satisfaction rates reaching a new high, demonstrating the excellent performance and expertise of our employees.” 

Six strategic acquisitions were made throughout the year within cyber security, aquaculture, and renewable energy. These new investments contributed to DNV’s record-breaking growth in 2023. 

“The acquisitions in 2023 are important for realising our strategy towards 2025, and we will see acquisitions high on our agenda also in 2024, Remi Eriksen said. 

DNV also grew the size of its workforce in 2023. The company has almost 15,000 employees from 122 nationalities delivering services in more than 100 countries. The increase in the number of employees represents a growth of around 15,5% from 2022.

Note: The full DNV Annual Report 2023 can be found here.

 

Photo credit: DNV
Published: 27 March 2024

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Wind-assisted

DNV awards TADC to Econowind for VentoFoil 3-Series

System actively harnesses wind power to generate forward thrust, helping to reduce bunker fuel consumption and mitigate FuelEU penalties.

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DNV awards TADC to Econowind for VentoFoil 3-Series

Dutch wind-assisted propulsion technology firm Econowind on Wednesday (15 July) said it has received a Type Approval Design Certificate (TADC) from classification society DNV for its VentoFoil 3-Series boundary layer suction wing. 

The company said the certification confirms compliance with DNV’s ST-0511 standard for Wind-Assisted Propulsion Systems and enables easier integration of VentoFoils on DNV-classed vessels worldwide. 

Econowind added that the approval accelerates the deployment of wind propulsion across the shipping industry.

“DNV is one of the world’s leading classification societies. This TADC gives DNV-classed shipowners confidence that VentoFoils meet the highest industry standards,” said Chiel de Leeuw, Chief Commercial Officer at Econowind. 

“It simplifies the approval process for both retrofits and newbuilds. VentoFoils are ideal for late-stage design integration and retrofit projects. This is an important milestone for Econowind and for the wider adoption of wind-assisted ship propulsion.”

The 3-Series VentoFoil is Econowind’s best-selling suction wing to date, with over 150 units sold. The system actively harnesses wind power to generate forward thrust, helping to reduce fuel consumption and mitigate FuelEU penalties. The system includes a tilting foundation, allowing the wings to be tilted down during port operations or in adverse weather conditions, making it a flexible solution.

The TADC applies to the 16-meter VentoFoil 3-Series product design and supports easy integration into DNV-classed vessels without repeating the full design assessment process. This enables shipowners, shipyards, and project teams to move more efficiently from concept to installation, reducing project complexity and accelerating deployment. 

Hasso Hoffmeister, Senior Principal Engineer at DNV Maritime, said: “It is a great pleasure to award Econowind this new certificate. WAPS have been going from strength to strength over the past few years, from 2022 the number of vessels in operation has increased five times, and we’ve now topped the century mark. 

“And with the current advances in technology, materials, and production capacity in the segment, we expect this to accelerate. So, while the wind always changes, the shipping industry is likely to be sailing strong for years to come.”

Econowind expects the DNV Type Approval Design Certificate to accelerate adoption of the VentoFoil, particularly among shipowners seeking proven, independently certified technology that can support fuel savings, emissions reductions, and decarbonization goals.

MS Heinz of HS Schiffahrt is among the first vessels to sail under this TADC.The company said the approval builds on Econowind’s growing installed base and further strengthens confidence in wind-assisted ship propulsion as a practical solution to address energy scarcity and high fuel prices. 

In addition to the 3-Series, Econowind offers the 5-Series for the deep-sea market.

 

Photo credit: Econowind
Published: 17 July, 2026

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Alternative Fuels

DNV: How low‑GHG methane can future‑proof LNG-capable vessels

DNV summarises key findings of its Methane in shipping paper, helping shipowners of LNG-capable vessels to meet stricter GHG reduction requirements, and optimise LNG‑based fuel strategies for future compliance.

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DNV: How low‑GHG methane can future‑proof LNG-capable vessels

Classification society DNV on Monday (22 June) published a Maritime Impact article, summarising the key findings of its Methane in shipping paper, helping shipowners of LNG-capable vessels to meet stricter GHG reduction requirements, and optimise LNG‑based fuel strategies for future compliance: 

Excluding LNG carriers, more than 800 ships can run on LNG using mature, proven technology and established infrastructure, with over 600 more on order.

Under the FuelEU Maritime regulation, LNG‑capable ships can remain compliant on fossil LNG until around 2035, depending on engine configuration. Ships fitted with two‑stroke high‑pressure dual‑fuel engines can remain compliant longer than those using four‑stroke low‑pressure dual‑fuel engines, which are more common in cruise ships and RoPax vessels.

Extending LNG compliance with low-GHG options

DNV’s Methane in Shipping white paper indicates that a potential compliance pathway is the use of LNG-compatible low-GHG fuels. LNG ships are compatible with alternatives such as liquefied bio-methane and e-methane. With tightening GHG intensity requirements, these ships are thus well positioned to transition towards lower GHG emission fuels without major retrofits for these alternatives.

t1 ind 636 main drop in fuel options

“Bio-methane and e-methane can achieve very low, or even negative, life cycle emissions depending on how they are produced. LNG-fuelled vessels can progressively decarbonize by blending in or switching to these fuels,” explains Øyvind Sekkesæter, Senior Consultant at DNV and lead author of the paper.

Demand for low-GHG methane will grow with tightening regulations

According to demand projections outlined in the paper, compliance-driven low-GHG methane demand under FuelEU Maritime alone could reach 2–4 million tonnes by 2040, rising to as much as 40–95 million tonnes under the proposed IMO Net Zero Framework’s base target.

t2 ind 636 projected demand for low ghg methane

On the supply side, current production of low-GHG methane is limited, but still higher than many other low-GHG fuel alternatives. Global bio-methane production reached around 7 million tonnes in 2024 and is projected to increase to about 15 million tonnes by 2030. E-methane remains nascent, with only 0.01 million tonnes of operational capacity today, but announced projects could lift this to 0.9 million tonnes by 2030.

t3 ind 636 bio methane production in key markets

While there is significant potential to expand the global supply of low-GHG methane beyond today’s production levels, shipping will compete with other sectors for this supply. Most available supply is already absorbed by power generation and road transport, meaning access for shipping will largely depend on its willingness to pay relative to other users.

Note: The full DNV article can be read here

Related: DNV paper: Existing LNG bunkering infrastructure will ease transition to low‑GHG methane

 

Photo credit: FueLNG and DNV
Published: 23 June, 2026

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Engine

Eight classification societies oversee successful TAT of Everllence ammonia engine

Everllence announced the successful Type Approval Test of its ME-LGIA ammonia-burning engine at its Research Centre Copenhagen.

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Eight classification societies oversee successful TAT of Everllence ammonia engine

Everllence recently announced the successful Type Approval Test (TAT) of its ME-LGIA ammonia-burning engine at its Research Centre Copenhagen (RCC). 

Eight classification societies oversaw the testing that took place from 10 to 12 June, marking the latest phase in the engine’s journey towards its market debut.  

Bjarne Foldager, Head of Two-Stroke Business, Everllence, said: “The TAT is yet another important step as we definitively move from concept development to seagoing engine operation. It confirms the Everllence B&W ME-LGIA as ready for on-board installation and is the last test before actual sea and gas trials. 

“This engine sets new benchmarks in zero-carbon propulsion and digitally connected performance, and has attracted great interest since its development was announced in 2019. It stands testament to Everllence’s unique ability to meet demands and bring innovative fuels to market.”

Everllence officially marketed the ME-LGIA engines at a two-day event in Copenhagen in November 2025. Using the Diesel principle and the well-known, dual-fuel Liquid Gas Injection concept, the engine has a proven track record of several hundred thousand operational hours.

Ole Pyndt Hansen, Senior Vice President, Head of Two-Stroke R&D, Everllence, said: “The TAT is also important in relation to maturing IMO ammonia regulations as it is vital that rules and guidelines are in line with reality to optimise safety onboard vessels. 

“This experience comes from industry and the first ammonia-driven ships, which are expected to operate at sea during 2026, will act as compelling input for the development of these guidelines.”

Everllence also noted that the ammonia TAT marked the end of an era with it being the final TAT at the RCC in Copenhagen before the company moves location to outside the city in late-2027.

 

Photo credit: Everllence
Published: 22 June, 2026

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