Euronav

International crude oil giant Euronav and CMB.TECH will merge to form a new clean shipping entity. The future fleet will feature nearly one hundred ammonia-fueled ships, including Ultramaxes, large-scale container vessels, long-range carriers and chemical tankers. Further details have also emerged about CMB.TECH’s ammonia fuel production project in Namibia, which is targeting a yearly production capacity of 185,000 tonnes of ammonia fuel by 2028.

This week, DNV GL published its annual Maritime Forecast to 2050, concluding that “e-ammonia, blue ammonia and bio-methanol are the most promising carbon-neutral fuels in the long run.” DNV GL’s assumptions that determine this long run, however, suggest a significant mid-term reliance on fossil LNG. This risks locking the industry into a long-term emissions trajectory incompatible with the IMO’s 2050 GHG targets, in part because of significant fuel supply and infrastructure investments. These investments could become more ‘sticky’ than expected. A host of alternative opinions have been published in the days before and after DNV GL published its report. These suggest that, for ammonia, the long run could begin this decade. Among others, MAN ES has announced that its ammonia engine will be available for retrofits by 2025.