North Star’s £400M Push for a Net-Zero Fleet by 2045
North Star, a UK-based ship owner-operator, has committed over £400m ($545,8m) to its ESG strategy, targeting a net-zero fleet by 2045. According to its 2024 ESG report, the company reduced carbon intensity by 18 % across its 48-vessel fleet and cut Scope 1 emissions by 15 % compared to the previous year.
Key advancements include deploying three service operation vessels (SOVs) on long-term charters, with a fourth SOV operational at Dogger Bank Wind Farm in 2024 and a methanol-ready SOV under a European contract.
Source: North Star.
Three more SOVs are slated for delivery in 2025 and 2026. North Star’s offshore wind EBITDA doubled in the past year, with £108.1m invested in new vessels in 2024, totaling £500m since 2021. Fuel-efficient vessels, optimized route planning, AI-driven planning, predictive maintenance, and emissions monitoring have driven these results, lowering carbon intensity to 1,7 tonnes CO₂/GRT/year from 2,1 t in 2022, with a goal of 1,5 t by 2028.
Additionally, £1,8m was invested in crew training, transitioning seafarers to SOVs and onboarding 120 cadets. North Star’s fleet also earned Lloyd’s Register Cyber Resilience certification, meeting IACS standards effective July 2024.
