Bunker platform Prosmar becomes part of tech company ZeroNorth
New relationship between organisations seeks to accelerate bunker digitalisation and transparency and jumpstart the green transition in the marine fuel market
Technology company ZeroNorth says it has acquired Prosmar Bunkering AS, the online platform supporting the bunker fuel market. The acquisition will aim to accelerate digitalisation and transparency in the bunker industry and further support the decarbonisation transition within the marine value chain.
The deal sees ZeroNorth acquire Prosmar’s Bunker Dashboard solution and Bunker Pricer module, which will operate under the name Prosmar Bunkering AS. Prosmar’s two other services, Prosmar Risk and Prosmar Price Matrix, which offer freight risk management services, are not included as part of the deal with ZeroNorth.
Investment and commercial support from ZeroNorth will enable Prosmar Bunkering to accelerate its already impressive growth journey by increasing the company’s commercial presence in relevant markets, spurring continued development of its product portfolio, as well as enhancing customer experience.
Prosmar Bunkering will operate as an independent, standalone business, with the same management team currently running the company. The company will continue to offer a cross-functional dashboard to simplify and streamline the bunker process, as well as support suppliers, buyers, and brokers with their bunker fuel needs.
The move to acquire Prosmar Bunkering directly supports ZeroNorth’s ambitious growth strategy within the bunker space, allowing the company to offer more accurate bunker prices.
This is the first acquisition by ZeroNorth since its capital equity raise of $50M earlier this year. In December 2021, ZeroNorth acquired ClearLynx - now ZeroNorth Bunker - another industry leading online bunker platform.
Commenting on the announcement, Søren Meyer, CEO, ZeroNorth, said: “The bunker industry and its full value chain are integral to the process of decarbonising shipping. The ‘business as usual’ way of operating must now be fundamentally challenged if we are to propel the industry forward rapidly enough to save the planet and meet tightening regulations.
“We have a clear ambition to help the industry with its transition to clean fuels. By acquiring Prosmar Bunkering, we believe that we can further accelerate and pursue our goal to decarbonise shipping, together with the industry.”
Ali Jourabchi, CEO, Prosmar, said: “Prosmar Bunkering will continue to provide its customers with practical software to simplify the bunker process. This partnership with ZeroNorth will now enable us to further develop our products, rapidly bring new solutions to market and propel change in the bunker space, while operating as an independent company. We will also place increased focus on growing Prosmar Bunkering’s presence in new markets, bringing us closer to customers and supporting their needs through this dynamic and changing landscape.”
Technology company ZeroNorth was founded to accelerate the transition to greener global trade. By blending cutting-edge data-driven technology with human expertise, the ZeroNorth platform provides a range of software solutions that are helping the global shipping industry cut emissions and reduce its impact on the climate, whilst improving commercial performance. ZeroNorth offers one platform with multiple services and is an industry leading software developer, which interconnects data into insights and actions, optimising global trade for cargo owners, vessel owners, commercial operators, charterers and bunker suppliers. The company’s software offers a full range of services which support the value chain to increase earnings and reduce CO2 emissions.
Prosmar AS is a specialist in providing risk software/service. Since 2013, the company has helped multiple shipping companies to effectively manage their bunker and freight risk by providing tools, systems and specialized training. 50+ major shipping companies already use Prosmar’s services ranging from effective fuel risk management to full risk reporting, analysis and hedge execution.