Danish Maritime technology company ZeroNorth is set to acquire and manage Euronav’s Fleet Automatic Statistics and Tracking (FAST) platform. As part of the deal, Belgian international shipping company Euronav also becomes a customer of ZeroNorth’s full platform offering.
Financial details of the acquisition have not been disclosed.
FAST collects advanced high-frequency data in real-time from sensors across Euronav's fleet, using ship reporting, voyage optimisation, and ship optimisation through the use of high-frequency data. Euronav says that the platform has so far "significantly improved" collaboration between ships and shore departments.
“We are extremely excited by this new partnership with Euronav, which is already recognised as one of the most sustainable and progressive companies in the shipping industry," said Pelle Sommansson, ZeroNorth chief growth officer executive vice president.
In a statement, the companies said that the deal will "radically accelerate" digitalisation in the maritime sector, uniting two sustainable shipping companies that have "a shared vision to make a positive impact on the planet".
"By acquiring FAST and incorporating it into our existing platform, we believe we will accelerate the transformation and sustainability strategies of a large part of the global fleet," added Sommansson.
Over time, the two companies plan to integrate FAST’s data and full functionality within the ZeroNorth platform. According to the Danish company, the data and existing functionality from FAST will "drive ZeroNorth’s data flywheel, accelerate the industry’s green transition and massively increase the company’s positive impact on the market".
Euronav faced a tricky 2023, as the year started with a failed merger with Cyprus-based Frontline, which didn't reach a conclusion until October.
"Euronav is proud to partner with ZeroNorth, which is already making a significant impact on enabling green global trade," said Euronav operations manager Patrick Declerck.
“Together, we are leading brands focused on creating a better world. We believe this new partnership will enable us to drive the journey to zero emissions across the shipping industry to decarbonise today and navigate tomorrow. This will make more parties aware of the transformative impact data can have on their operations.”
The merger follows several similar deals by ZeroNorth last year, when the company acquired marine fuel platform BTS, agreed to a long-term strategic partnership with energy and commodity company Vitol, and confirmed a merger with Alpha Ori Technologies
