Company of the year 2023
29th of September Navigare has been named Company of the Year 2023 by the Faroese house of Industry.
The jury states the following:
“It`s easier said than done to assert in the transport industry, when you are in a distant corner of the northwest part of the Atlantic ocean, even though they have been named Company of the Year 2023.
It’s tough, trying to create and maintain a healthy and profitable economy, while making new investments in new large-fixed assets, i.e., new ships, with the goal of sailing CO2 free.
Today we are talking of a third-generation company that has consolidated into activities across Northern Europe, where they now have administration offices and buildings in Norway, Poland, Scotland as well as the Faroe Islands.
The company started as a family business more than 50 years ago. They started building the company by pumping sand and gravel from the seabed, which was then transported to their marketplaces.
Today the company is well established as one of the Faroe Islands, major players in the transportation industry.
15 years ago, the company had a generation shift, as four brothers took over the ownership of the company. The company has achieved a lot since then, and has increased its turnover 10-fold, and strengthened the workforce considerably.
They currently own 13 ships, and lease 2 ships. All 15 ships are in operation. Together with a staff of somewhere around 200, the company currently transports approximate 2 million tons of goods/freight per year. 80 % of the company`s sales lie outside of the Faroe Islands. The company is aware of the challenges facing us globally with CO2 emissions seriously effecting our environment.
In 2020 the company entered a collaboration with other transport companies in Norway and established at company with the intention of developing, building, and operating a CO2 emission-free transport ship. The goal is to replace fossil fuelled ships with ammonia, for the future of the shipping industry. The first two ships will be entering the fleet in the very near future.
In addition, another project the company is occupied with is the use of methanol, as well as the reintroduction of sails, with the aim of cleaner and environmentally friendly transport methods.
The Company of the Year is a forward-looking company, with a well-structured foundation, with an eye on rapid development, a solid financial base line, and financial results. With this and sustainability, and focus on green energy possibilities, the judges have chosen Navigare as Company of the year 2023”.