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ZERONORTH ACQUIRES VESSEL PERFORMANCE OPTIMISATION COMPANY

ZERONORTH ACQUIRES VESSEL PERFORMANCE OPTIMISATION COMPANY

Wednesday, July 14, 2021 

Maritime technology company ZeroNorth has acquired the Copenhagen-based digital vessel performance company Propulsion Dynamics, which was, in 2002, the first company to offer full-scale digital twin ship performance analysis through its Casper service, making it a forerunner in vessel performance optimisation, and giving it unrivalled insight on how vessel hydrodynamics can impact fuel consumption.

According to ZeroNorth, 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.

ZeroNorth will retain its commitment to be data agnostic, connecting to whichever fuel consumption model provider their customers choose. However, the acquisition will also allow ZeroNorth to immediately power up Optimise using experience from the more than 25,000 digital ship models that Propulsion Dynamics has gathered across the last two decades. By combining this data with ZeroNorth’s AI technology, the software will be able to deliver more authoritative recommendations to increase revenue and cut emissions for tramp shipping vessels.

The acquisition marks ZeroNorth’s entry into the fuel optimisation market; a significant next step on the organisation’s journey after a year in operation. Having what it considers the industry’s most authoritative source of vessel performance information in-house will enable ZeroNorth to extend its market proposition and offer new products and services. The move will boost ZeroNorth’s revenue by 15%.

Søren Meyer, CEO, ZeroNorth, said: “We are delighted to welcome Propulsion Dynamics, the original, ground-breaking company for vessel performance optimisation, into the ZeroNorth family. This is a fantastic way to mark ZeroNorth’s first year as an independent company. 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.”

Daniel Kane (pictured), co-owner and VP Sales, Propulsion Dynamics, said: “The team at Propulsion Dynamics was quite intrigued when we were originally approached by a nearby Danish maritime technology company who had novel ideas about how to utilise our performance analysis capabilities and experience to enable carbon reduction for oceangoing vessels. This grew into a formal partnership, increasing enrolment of vessels with ZeroNorth, and a natural progression into a sale of PDI to ZeroNorth. We know that their unique background, skillset, and rapid success in the market, combined with our digital twin hydrodynamic modelling approach, will definitively and quickly make a positive impact on shipping’s decarbonisation pathway.”

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