North Star pledges over £400m towards sustainable shipping
UK-based integrated ship owner-operator North Star has announced an investment exceeding £400m ($545.8m) as part of its environmental, social, and governance (ESG) strategy aimed at achieving a net-zero fleet by 2045.
The company’s recently released 2024 ESG report highlights an 18% reduction in carbon intensity across its fleet of 48 vessels compared to the previous year, along with a 15% decrease in Scope 1 greenhouse gas emissions.
The report details North Star’s operational advancements, including the deployment of its first three service operation vessels (SOVs) under long-term charter agreements.
A fourth SOV began operations at Dogger Bank Wind Farm in 2024, and the company’s inaugural methanol-ready SOV is now working under a European contract. Three additional SOVs are expected to be delivered in 2025 and 2026.
North Star’s EBITDA from offshore wind has more than doubled in the past year, and the company has invested £108.1m in new offshore wind vessels in 2024, totalling £500m since 2021.
Transition to more fuel-efficient vessels, enhanced route planning, and an emphasis on operational fuel efficiency have driven these improvements, according to the company.
North Star CEO Gitte Gard Talmo said: “Operating in one of the world’s most essential, and emissions-intensive sectors brings with it a profound responsibility to lead the transition to cleaner, more sustainable operations.
“Last year we took significant steps to reduce our environmental footprint across all areas of the business from vessel design to crew behaviour. This laser-sharp approach has delivered measurable decarbonisation, led not just by our people but by the ongoing digitalisation for fleet management that we have introduced.”
North Star has also implemented AI-enabled vessel planning, predictive maintenance, a fully integrated ERP, and emissions monitoring systems across its fleet.
These technologies have contributed to reducing the average carbon intensity to 1.7 tonnes (t) CO₂/GRT/year from 2.1t in 2022. The company has set a target of 1.5t by 2028.
In addition to technological investments, North Star has dedicated £1.8m to training and crew development over the past year, transitioning seafarers from traditional vessels to modern SOVs and onboarding 120 cadets through the UK’s largest maritime training programme.
Furthermore, North Star’s vessels have been awarded the Cyber Resilience certification from Lloyd’s Register, meeting the new IACS standards effective from 1 July 2024.
