CMB.TECH Signs Agreement with Fortescue for Ammonia-Powered Vessel
CMB.TECH, the shipowning vehicle controlled by the Saverys family, has recently announced a groundbreaking agreement with Australian miner Fortescue to charter an innovative ammonia-powered vessel. This move marks a significant step towards sustainable shipping practices and reducing emissions in the maritime industry.
The vessel in question is a 210,000-dwt ammonia-powered newcastlemax, equipped with a dual fuel engine. It is currently under construction in China and is scheduled for delivery by the end of 2026. This vessel is part of a series of large dry bulk carriers ordered by CMB.TECH at Qingdao Beihai Shipyard, with the specific purpose of transporting iron ore from Pilbara in Australia to various destinations worldwide.
Fortescue, known for its commitment to environmental sustainability, has set ambitious targets to eliminate scope 1 and 2 emissions from its Australian iron ore operations by 2030, with the goal of achieving net-zero scope 3 emissions by 2040. The company has been a vocal advocate for the use of zero-emission fuels like green ammonia, bypassing transitional options such as biofuels and LNG.
According to Dino Otranto, CEO of Fortescue Metals, “Our landmark agreement with Bocimar sends a clear signal to the market – now is the time for shipowners to invest in green ammonia-powered ships. We will continue to work with like-minded companies to transition our fleet to low and zero-emission vessels and accelerate the adoption of green ammonia as a marine fuel.”
Similarly, Alexander Saverys, CEO of CMB.TECH, expressed his enthusiasm for the partnership, stating, “Based on our common belief that green ammonia is the fuel of the future, we were able to conclude this important agreement on the road to zero-emission shipping. This marks the beginning of an exciting journey towards building more ammonia-powered ships and stimulating green ammonia production projects.”
Notably, this collaboration follows closely on the heels of another significant partnership between CMB.TECH and Japan’s Mitsui OSK Lines. The two companies have joined forces to jointly own and charter nine newbuildings capable of running on ammonia fuel, including dual-fuel capesize bulkers and ammonia-ready chemical tankers.
With the maritime industry increasingly shifting towards sustainable and eco-friendly practices, initiatives like the one between CMB.TECH, Fortescue, and Mitsui OSK Lines are paving the way for a greener future in shipping.