Connect with us

Classification Society

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.

Admin

Published

on

DNV flag

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

Continue Reading

Ammonia

DNV outlines recommendations for safe use of ammonia as a marine fuel

DNV released its recommended practice, developed with industry leaders, providing the guidance shipowners, operators and training institutions need to build ammonia-specific competence on board.

Admin

Published

on

By

RESIZED Venti Views on Unsplash

Classification society DNV on Tuesday (6 May) released its recommended practice, developed with industry leaders, providing the guidance shipowners, operators and training institutions need to build ammonia-specific competence on board.

DNV and industry experts shared key learnings from other sectors, along with the procedures and measures needed to ensure the safe operation of ammonia-fuelled vessels through the right competence:

Low-emission ammonia is increasingly recognized as a viable alternative fuel with significant potential in helping the maritime industry decarbonize. Unlike conventional fuels, it has distinct characteristics that necessitate specific handling and safety protocols. However, with proper training and a well-established safety culture its use can be effectively managed.

“Ammonia is a chemical that deserves respect but should not be feared. This starts with a clear understanding of the hazard profile,” says Laurent Ruhlmann, HESQ Vice President, Yara Clean Ammonia. The company handles 20% of all globally traded ammonia, produces more than eight million tonnes of ammonia per year, and has a history of producing ammonia dating back to 1927.  

Bridging the ammonia competence gap in maritime

“There is a lot of experience from handling ammonia on land for decades that can be easily ported over to the maritime world to help it meet the upcoming decarbonization targets,” Ruhlmann explains.

The maritime industry needs to embrace viable alternative fuels to successfully decarbonize. However, despite three ammonia-fuelled vessels already in operation and more than 30 currently on order (according to DNV’s Alternative Fuels Insight platform), specific training programmes for its safe handling as a marine fuel have been relatively slow to develop. This has created a growing competence gap, as existing training frameworks for alternative fuels like LNG do not adequately address the distinct properties and handling requirements of ammonia.

Maritime stakeholders shape ammonia safety practice

“Alternative fuel guidelines provide a strong foundation for safe adoption and handling, but ammonia requires a dedicated framework and strategy tailored to its specific properties,” says Erlend Erstad, Senior Consultant, Safety, Risk & Reliability at DNV Maritime Advisory. Together with industry partners, DNV has developed a recommended practice (RP) to provide shipowners, operators and regulators with the structured approach needed to ensure competence readiness for ammonia-fuelled vessels.

“DNV’s RP assists shipowners and training institutions as they develop new marine fuel programmes based on its guidance and with input to reviewed safety protocols, risk assessment frameworks and crew training requirements. It was developed with input from a number of key stakeholders including Amon Maritime, Azane Fuel Solutions, Yara Clean Ammonia, Wärtsilä, Kongsberg Maritime and Bernhard Schulte Shipmanagement/Ula Ship Management. This provided us with rounded and comprehensive best practice,” says Erstad, highlighting the benefits of close industry collaborations.

Learning from Yara’s leadership in ammonia safety

Yara Clean Ammonia was a key contributor to the RP’s development and has a strong safety culture. As a leader in ammonia production and handling, the company has decades of experience producing and transporting ammonia and operates the largest global ammonia network, with 15 vessels and access to 18 terminals worldwide.

Yara Clean Ammonia has already taken a final investment decision on Yara Eyde, which will be the world’s first ammonia-fuelled container vessel. The ship will transport goods between the Oslofjord area and other parts of northern Europe. Sixty per cent of the cargo will be Yara’s fertilizer products, thereby helping to reduce scope 3 emissions for Yara International.

“Yara Clean Ammonia’s extensive experience with the worldwide ammonia trade has helped shape the RP’s recommendations, particularly those regarding handling protocols, emergency response and risk assessment,” reports Kirsten Strømsnes, Business Development Leader at DNV Maritime Advisory. 

“The development of alternative fuels to replace heavy fuel oil (HFO) has been ongoing for decades, particularly since the adoption of gaseous fuels like liquefied natural gas (LNG). This extensive experience, along with insights from other industries such as Yara, gives the shipping industry an advantage in managing the safe use of ammonia as a fuel.”

Note: The full article by DNV on ‘Managing the safe use of ammonia as a marine fuel’ can be found here

 

Photo credit: Venti Views on Unsplash
Published: 8 May, 2025

Continue Reading

Alternative Fuels

DNV: Methanol and LNG go ‘head-to-head’ in April alternative-fueled vessel orders

Methanol and LNG saw similar numbers of new vessel orders in April, with 24 and 20 respectively out of 49; two new orders for hydrogen-fuelled vessels in the cruise segment were placed.

Admin

Published

on

By

DNV: Methanol and LNG go ‘head-to-head’ in April alternative-fueled vessel orders

Latest figures from classification society DNV’s Alternative Fuels Insight (AFI) platform saw a total of 49 new orders for alternative-fuelled vessels were placed in April 2025.

This represents a 5% increase compared to last year, despite the backdrop of a decline in overall newbuild orders. 

Methanol and LNG saw similar numbers of new vessel orders in April, with 24 and 20 respectively. Methanol orders were concentrated in the container (14) and RoPax (9) segments, with one additional order in the tanker segment. Orders for LNG fuelled vessels were distributed across the container (16), cruise (2), and RoPax (2) segments. 

The concentration of orders in the container segment reflects ongoing activity from cargo operators, while the presence of orders across RoPax, cruise, and other segments points to a more diverse uptake of alternative fuels compared to previous months. 

Additionally, there were two new orders for hydrogen-fuelled vessels in the cruise segment, marking the first orders since June 2024. 

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “Methanol and LNG going head-to-head this month reflects how fuel choices are evolving. Methanol has rebounded quickly after a quieter start to the year, while LNG remains strong with uptake diversifying beyond the container segment.  

“Seeing LNG and methanol fuelled vessels ordered at similar levels shows how owners are weighing flexibility, fuel availability, and segment-specific needs when ordering.” 

“Continued strength in the alternative-fuelled vessel market stands out, even amid a broader slowdown in newbuild activity.”

Screenshot 2025 05 06 at 12.22.22 PM

Screenshot 2025 05 06 at 12.22.47 PM

Screenshot 2025 05 06 at 12.23.01 PM

 

Photo credit: DNV
Published: 6 May, 2025

Continue Reading

Alternative Fuels

DNV: Seven steps to obtain approval for ammonia- and hydrogen-fuelled ships

DNV summarizes how shipowners can apply a practical, structured approach to gaining approval for ammonia- or hydrogen-fuelled ships as both are gradually emerging as suitable bunker fuels.

Admin

Published

on

By

DNV flag

Classification society DNV on Monday (28 April) released an article summarizing how shipowners can apply a practical, structured approach to gaining approval for ammonia- or hydrogen-fuelled ships. 

From engaging early with flag administrations to addressing design risks, training crews, and managing bunkering safely, DNV described seven essential steps to receive approval:

The paper – Safe introduction of alternative fuels: Focus on ammonia and hydrogen as ship fuels – offers a structured pathway for shipowners to achieve approval through IMO’s alternative design approval (ADA) process.

Seven steps to obtain approval for ammonia- and hydrogen-fuelled ships

“We outline seven steps to assist shipowners and other stakeholders in obtaining approval and safely deploying ammonia- and hydrogen-fuelled ships in today’s immature regulatory environment,” says Linda Hammer, Principal Consultant, Environment Advisory at DNV and lead author of the white paper. “The regulatory path is certainly complex, but the steps and safety measures in the paper add up to a clear, achievable pathway to ship approval and safe operations. It also explains how DNV’s support can significantly ease this process through its tailored rule sets and learnings from pilot projects.”

t1 ind 586 steps to obtain approval (1)

Understanding ADA phases: From initial design to final approval

IMO’s IGF Code (International Code of Safety for Ship Using Gases or Other Low-flashpoint Fuels) currently covers natural gas but not ammonia or hydrogen. Without detailed regulations, IMO’s risk-based ADA process (MSC.1/Circ.1455) is used. It involves demonstrating that the ship’s safety level is equivalent to that of conventional oil-fuelled vessels.

t4 ind 586 milestones in the two phases (1)

ADA has two main phases. A preliminary design approval requires a hazard identification (HAZID) study, developing a preliminary risk assessment, and defining preliminary risk-control measures and safety strategies.

Phase two, final design approval, starts with refining the design with detailed technical and safety documentation, then making a final risk assessment, addressing integration and operation-specific concerns. Then come complete system integration testing and submitting findings to the flag administration.

Role of class and flag administrations in approval process

As the IMO regulatory framework progresses towards eventually amending the IGF Code, classification societies like DNV can give shipowners a head start in designing vessels by issuing class certificates and providing prescriptive rule frameworks to support ADA. 

t2 ind 586 the status of the development of imo safety regulations

Flag administrations enforce statutory regulations and have the final say on approvals. Early and active engagement with the relevant flag administration is therefore the key to clarifying approval expectations and streamlining ADA.

Subject to flag administration acceptance, the DNV rules can be applied as the flag administration’s approval basis or to significantly reduce the complexity of ADA.

Simplifying ship approval: DNV’s rules for ammonia and hydrogen fuels

DNV’s classification rules for ammonia and hydrogen (i.e. the “Gas fuelled ammonia” notation published in 2021 and the 2024 “Gas fuelled hydrogen” notation) provide structured, prescriptive requirements as far as possible to simplify ADA. Applying them helps reduce uncertainty in flag administration approval, streamlines design focus by aligning with expected risk assessments, and provides predictability to shipowners, ship designers and shipyards.  

The paper describes step-by-step actions for obtaining approval. First, engage DNV and the flag administration early to clarify the approval basis. “DNV can help owners and yards in the initial contact with the flag administration to obtain necessary clarification regarding the approval scope and process,” says Hammer.

Second, align the design with DNV rules to ensure it provides a strong technical basis for risk evaluation. Third, tap into DNV’s extensive and growing experience from prior projects to anticipate what risk studies and documentation may be needed.

The paper also discusses measures to manage the new technical, human and organizational risks that both fuels bring compared to conventional fuels. DNV’s dedicated ship rules for each fuel type outline technical requirements and mitigation systems to integrate during design and operation.

Note: DNV’s full article on ‘Practical guide for approval of ammonia- or hydrogen-fuelled ships’ can be read here.

Related: DNV releases white paper on safe and scalable adoption of ammonia, hydrogen bunker fuels

 

Photo credit: DNV
Published: 30 April, 2025

Continue Reading
Advertisement

OUR INDUSTRY PARTNERS



Trending