CMB.TECH and MOL Forge Ahead with Ammonia-Powered Fleet

On March 24, 2025, CMB.TECH NV announced a significant agreement with Mitsui O.S.K. Lines, Ltd. (MOL) and MOL Chemical Tankers Pte. Ltd. (MOLCT) to construct and operate nine ammonia-powered vessels. This fleet will include three 210,000 dwt Newcastlemax bulk carriers and six chemical tankers, marking a pivotal advancement in the maritime industry's shift toward sustainable energy sources. The deliveries are scheduled between 2026 and 2029.

The three Newcastlemax bulk carriers are currently on order at Qingdao Beihai Shipyard and will be jointly owned by CMB.TECH and MOL, with each vessel chartered to MOL for a 12-year period. The six chemical tankers—two ammonia-fitted and four ammonia-ready—have been ordered at China Merchants Jinling Shipyard (Yangzhou) by CMB.TECH and will be chartered to MOLCT for durations ranging from 7 to 10 years. The Newcastlemax vessels are expected to be delivered in 2026 and 2027, while the chemical tankers are slated for delivery in 2028 and 2029.

This collaboration underscores a growing commitment within the maritime sector to decarbonize and achieve net-zero emissions by 2050. Ammonia is emerging as a promising alternative fuel due to its potential to significantly reduce greenhouse gas emissions. According to the International Energy Agency (IEA), ammonia could account for 44% of the shipping industry's energy consumption by 2050, highlighting its critical role in future maritime fuel strategies.

Despite its potential, the adoption of ammonia as a marine fuel presents challenges, including high production costs and safety concerns related to its toxicity. The Clean Air Task Force notes that vessels retrofitted for ammonia fuel can be more cost-effective to operate than traditional fossil fuel ships, but the initial investment and infrastructure development remain substantial hurdles.

The agreement between CMB.TECH and MOL represents a significant step toward sustainable maritime operations. By investing in ammonia-powered vessels, these companies are not only advancing their own decarbonization goals but also setting a precedent for the industry at large. As the maritime sector continues to explore and implement alternative fuels, collaborations like this will be instrumental in achieving global emissions reduction targets.