Core Insights - CMB.TECH has signed an agreement with Fortescue to charter a new ammonia-powered vessel, highlighting both companies' commitment to decarbonising the shipping industry [1][4] - The vessel, a 210,000-dwt Newcastlemax, will feature a dual fuel engine and is expected to be delivered by the end of 2026 [1] - Fortescue aims to eliminate Scope 1 and 2 emissions from its Australian iron ore operations by 2030 and targets Net Zero Scope 3 emissions by 2040 [2] Company Developments - The ammonia-powered Newcastlemax will transport iron ore from the Pilbara region to customers globally, playing a crucial role in Fortescue's operations [1] - Fortescue has positioned itself as a leader in advocating for zero-emission fuels, particularly green ammonia, and is actively working to transition its fleet to low and zero-emissions vessels [3][4] - CMB.TECH operates over 150 seagoing vessels and is involved in hydrogen and ammonia fuel production, indicating a diversified approach to maritime operations [5] Industry Trends - The shipping industry is under pressure to transition from traditional fuels to greener alternatives, with Fortescue's agreement with CMB.TECH serving as a significant step in this direction [4] - The Fortescue Green Pioneer, the world's first dual-fuel ammonia-powered vessel, is set to tour global ports to promote the transition to zero-emission fuels [3] - The maritime sector is increasingly recognizing the need for decarbonisation, with both companies emphasizing the urgency of adopting green ammonia as a marine fuel [4][5]
Fortescue and CMB.TECH sign agreement for ammonia-powered ore carrier