Norden is projecting a $16.5 million per year saving from a fuel efficiency both owned and chartered tonnage. Denmark based shipowner and operator Norden started Fuel Efficiency project in 2012. Bunkers account for 45% of the Danish shipowner’s voyage expenses. Norden owned ships fuel efficiency increased by vessel paint, propeller polishing and hull cleaning. Copenhagen based Norden has a fleet of 236 dry bulk carriers which is 40% owned and 60% chartered in tonnage.