Nordic Circles and Höegh Autoliners $HAUTO (+6.97%) announce the agreement on the Blue Talks stage at Nor-Shipping in front of maritime industry leaders from around the world, including high-level speakers such as John Kerry and Andrew Forrest from Fortescue, underlining the global significance of the initiative.
The project will create a circular value chain where decommissioned ships are reused in Norway as environmentally friendly building materials.
The agreement covers up to eight Höegh Autoliners vessels, with the first upcycling to be completed in 2026. These eight ships alone could reduce carbon emissions in the construction industry by 100,000 tons of CO2.
"We want to be the greenest ocean shipping company and have set ourselves a net-zero target by 2040. That is why we are building the largest and greenest car carriers in the world and investing in the use of green ammonia as a fuel from as early as 2027," says Sebjørn Dahl, COO of Höegh Autoliners. "With this agreement, we are ensuring sustainability from cradle to grave and laying the foundation for a new green industrial adventure in Norway. We are very proud of this."
The agreement is worth NOK 1.3 billion. The first vessel will be decommissioned at AF Offshore Decom in Vats.