EMEA News
Norden Expands Biofuel Use But Sees Global Sourcing as Key Hurdle
Danish shipping firm Norden is boosting biofuel use across its fleet but says global sourcing remains a key hurdle, especially for dry bulk and tanker segment ships calling at multiple ports.
Jan Rindbo, CEO of Norden, said during the company's Q2 earnings call that it is doubling biofuel use from a low base, with the fuel offering a practical near-term option for dry bulk and tanker operations.
"We were the first company that were operating ships 100% on biofuel," Rindbo said.
He added that sourcing biofuels remains a challenge, as bulkers and tankers call at a wide range of ports worldwide, making consistent supply difficult.
"And for our segments, dry bulk and tankers, where ships are running more like a taxi service, which means that we're servicing, you know, many, many ports around the world, Rindbo said.
"And that means that the refuelling is actually quite challenging."
Rindbo added that replacing conventional marine oil with an alternative fuel is a major task for the industry and will take time, but biofuels offer a viable option because they can be used on existing vessels.
The company has even acquired a minority stake in Danish-Indian biofuel startup MASH Makes.
Rindbo added that he expects the price gap between biofuels and conventional marine fuels to narrow once the IMO's Net-Zero Framework takes effect in 2028.
The group reported a net profit of $52 million for Q2.
