Fuel Efficiency Measures Gleans Norden $24.9 Million in Bunker Savings

by Ship & Bunker News Team
Friday March 31, 2017

Dampskibsselskabet NORDEN A/S (Norden), in the latest issue of its Norden News, says that fuel efficiency measures utilised in 2014, 2015, and 2016 have saved the company a total of $24.9 million across Norden's fleet of owned and chartered dry cargo vessels and product tankers.

The company says that fuel efficiency improvements have largely been achieved through increased hull and propeller effectiveness, with Norden expecting "large savings" through future projects, including use of better tools for the selection of vessels for short-term charter, and a reduction in the use of the auxiliary engines at sea and in port.

Peter Sinding, Norden's Head of Fuel Efficiency, says the fleet's largest bunker savings have been achieved on the company's owned vessels, which were 10  percent more efficient at the end of 2016 compared to 3 years earlier.

For long-term chartered vessels, efficiency is said to have been increased by 5.4 percent, while the short- term chartered vessels have increased their fuel efficiency by 1.3 percent.

"The large difference in fuel efficiency is due to the fact that the more power we have of a vessel – and if we own it, we have the full right of disposal – the more influence we have on how efficiently it is run," explains Sinding.

"This is especially the case when we talk about technical measures such as vessel paint, propeller polishing and hull cleaning. Planned measures are always assessed in comparison to the expected fuel price, so that we know that financially they make sense."

Sinding notes that the Norden's increased fuel efficiency has even been achieved at a time when the company's fleet has aged on average, with vessels consuming more fuel with age, and requiring greater effort to do enhance efficiency.

Norden's fleet at the end of 2016 consisted of 236 dry cargo vessels and product tankers, 37.5 of which were owned, and 66.5 of which were on long-term charter, with 132 on short-term chartered.

In October, Andres Borella, Senior Bunkers Manager at Norden said that, while it is possible to bypass the bunker trader, in his opinion, it is not practical to do so.