ZeroNorth acquires Propulsion Dynamics in next step for shipping optimisation
Maritime technology company ZeroNorth announced yesterday that it has acquired the Copenhagen-based digital vessel performance company Propulsion Dynamics Inc.
Through its vessel optimisation software, ZeroNorth aims to enable owners and operators in tramp shipping to optimise vessel operations and reduce CO2 emissions.
According to ZeroNorth, also headquartered in Copenhagen, the acquisition will boost ZeroNorth revenue by 15 per cent and further power-up its Optimise software with experience from more than 25,000 historical and current vessel fuel consumption models. By combining this wellspring of data with ZeroNorth’s AI technology, the company says its software will be able to deliver even more authoritative recommendations to increase revenue and cut emissions for tramp shipping vessels.
Founded in 2002, Propulsion Dynamics was the first company to offer full-scale digital twin ship performance analysis through its Casper service. This makes the organisation a forerunner of vessel performance optimisation, says ZeroNorth, and means that it holds unrivalled insight on how vessel hydrodynamics can impact fuel consumption.
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.
Speaking of the announcement, Søren Meyer, CEO, ZeroNorth, says: “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, co-owner and VP sales, Propulsion Dynamics, says: “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.”