Nordic Circles and Höegh Autoliners are announcing the agreement on the Blue Talks stage at Nor-Shipping, in front of maritime leaders from around the world, including high-profile speakers such as John Kerry and Andrew Forrest of Fortescue, underscoring the global significance of the initiative.

The project establishes a circular value chain in which decommissioned ships are repurposed as environmentally friendly building materials in Norway.

The agreement covers up to eight ships from Höegh Autoliners, to complete the first upcycling in 2026. These eight ships alone could reduce carbon emissions in the construction industry by 100,000 tonnes of CO2.

"We aim to be the greenest in deep-sea shipping and have set a net-zero target by 2040. That's why we're building the world's largest and most environmentally friendly car carriers and investing in making green ammonia a viable fuel already from 2027," says Sebjørn Dahl, COO of Höegh Autoliners.

"With this agreement, we ensure sustainability from cradle to grave and lay the foundation for a new green industrial adventure in Norway. We are extremely proud of that."

The agreement is worth NOK 1.3 billion. The first vessel is scheduled for decommissioning at AF Offshore Decom in Vats.