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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.

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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

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Newbuilding

Singapore: Pinnacle Marine’s first B100 fuelled utility boat starts 1,000-hour research trial

Newbuilding operated by Prestige Ocean Pte Ltd will capture data on bunker fuel emissions, marine fuel behaviour, and performance.

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The 50th vessel constructed by local boat builder Pinnacle Marine (Singapore) Pte Ltd, namely President 100, is starting 1,000 hours of real-time research trials in collaboration with several parties from Wednesday (9 July) onwards, it says.

Powered by B100 biodiesel, the newbuilding operated by Prestige Ocean Pte Ltd will capture data on bunker fuel emissions, marine fuel behaviour, and performance.

It will be participating in trials with Maritime Energy & Sustainable Development Centre of Excellence (MESD), Weichai Singapore, China Classification Society, Pacific International Lines (PTE) Ltd, Abo Shoten, Ltd. / 株式会社安保商店 , Abo Singapore, Wilmar International, Gulf Marine, Amspec Testing & Services, and AYK Engineering and Consulting.

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The President 100, Pinnacle Marine’s first full biodiesel utility boat, was launched on Tuesday in the presence of over 100 guests.

“Our latest vessel, President 100, merges legacy and future. Named after our first aluminium boat (“President”) and inspired by B100 biodiesel, it leads the charge for our next 50 vessels — many of which will embrace green technology,” stated Pinnacle Marine in a LinkedIn post.

“The launch was amazing, with strong turnout from across the maritime sector — authorities, shipowners, operators, agencies, chandlers, researchers, offshore engineers, and petrochemical suppliers.”

It added: “We’re excited to see how it paves the way for wider adoption of B100 biodiesel — a cleaner, sustainable path for Singapore’s harbour craft sector.”

 

Photo credit: Pinnacle Marine (Singapore) Pte Ltd
Published: 9 July 2025

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Newbuilding

BHP awards charter contracts for two ammonia dual-fuelled bulk carriers

BHP continues to work with the maritime industry to develop an ammonia bunkering plan for the two vessels when they are delivered from 2028.

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BHP ammonia DF charters

Global resources company BHP on Wednesday (2 July) signed contracts with COSCO Shipping Bulk Co., Ltd., a subsidiary of COSCO shipping Group (COSCO Shipping) for the charter of two ammonia dual-fuelled Newcastlemax bulk carriers.

The new vessels to be built under this arrangement will be two of only a handful of vessels in the world capable of using ammonia as a bunker fuel.

The two vessels, expected to be delivered from 2028, will primarily transport iron ore from Western Australia to Northeast Asia.

When run on lower or low to zero greenhouse gas (GHG) emissions ammonia, these vessels will be capable of reducing GHG emissions by at least 50% and up to 95% on a per voyage basis compared to a conventionally fuelled voyage.

The five-year time charter contracts are expected to contribute towards a reduction in the GHG emissions intensity of BHP chartered shipping.

BHP continues to work with the maritime industry to develop an ammonia bunkering plan – the process of fuelling ships with ammonia – for the two vessels when they are delivered from 2028.

Sourcing lower and low to zero GHG emissions ammonia is subject to an ongoing tender process.

 

Photo credit: BHP
Published: 9 July 2025

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Milestone

Everllence celebrates 1,000th ME-GI engine; milestone unit goes to Hapag-Lloyd

Engine, a 7G95ME-GI type, bound for a Hapag-Lloyd container vessel currently under construction at Jiangsu New Yangzi Shipbuilding Co., Ltd.

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Everllence, formerly known as MAN Energy Solutions, on Tuesday (8 July) celebrated the order of its 1,000th ME-GI engine that can run on either heavy fuel oil or liquefied natural gas (LNG) as a bunker fuel.

The engine, a 7G95ME-GI type, is bound for a Hapag-Lloyd container vessel currently under construction at Jiangsu New Yangzi Shipbuilding Co., Ltd. where it is designated as hull #1721.

Rolf Habben Jansen, CEO of Hapag-Lloyd, said: “We are proud to mark this milestone with our partner, Everllence. The order for the 1,000th ME-GI engine reflects our commitment to decarbonising global supply chains. Dual-fuel technologies like the ME-GI are a key step on our journey to a low-emission fleet and support our ambition to drive change across the industry.”

Dr Uwe Lauber, CEO of Everllence, added: “Considering that the strongest interest in the ME-GI engine has come from the container segment, it is fitting that this significant milestone should be reached with an order from such a prestigious container player as Hapag-Lloyd. On the path to net-zero, the marine industry needs pioneers and Hapag-Lloyd is leading the way by example.”

“2025 has seen a large increase in ME-GI orders as methane makes for an excellent transition fuel on the way to decarbonising shipping. The ME-GI’s market-leading efficiency and technological maturity – as well as lowest methane slip – have confirmed its status as the marine industry’s default, dual-fuel, methane-fuelled engine.”

 

Photo credit: Everllence
Published: 9 July 2025

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