MOL Deploys World’s 1st Ammonia-Fueled Capesize Bulkers & Chemical Tankers

MOL and Belgium based CMB Tech have announced a partnership to deploy the world’s first ammonia dual fuel Capesize bulk carriers and chemical tankers.

A total of nine vessels, including ammonia-ready ships, will be jointly owned and operated by MOL and its wholly owned subsidiary MOL Chemical Tankers (MOLCT).

The fleet includes three ammonia powered dual-fuel bulk carriers, which are currently under construction at CSSC Qingdao Beihai Shipbuilding in China.

These bulkers, each with a capacity of 210,000 deadweight tons (dwt), are part of a previous order placed by CMB Tech’s shipping division, Bocimar. They are expected to be delivered in 2026 and 2027.

MOL Chemical Tankers will charter two ammonia powered dual-fuel chemical tankers and four ammonia-ready chemical carriers. These six vessels are being built at China Merchants Jinling Shipyard, with delivery scheduled for 2028 and 2029.

While the ammonia-ready tankers will initially run on conventional fuels, they are designed to be converted to ammonia propulsion in the future.

MOL has secured long-term charter agreements for these vessels. The bulk carriers will be chartered for 12 years, while the chemical tankers will be under contracts of 10 and seven years, respectively.

The bulkers will be managed under a joint venture between MOL and CMB Tech.

MOL has integrated this project into its MOL Group Environmental Vision 2.2. The company aims to achieve net zero greenhouse gas emissions by 2050.

The agreement has increased CMB Tech’s contract backlog, adding $921 million and bringing its total backlog to $2.94 billion.

Investment bank Fearnley Securities indicated that the Newcastlemax bulk carrier order could enhance earnings and optimise capital expenditures for 2026 and 2027.

The financial institution also stated that the move is strategically timed, ensuring that major capital commitments would come after the maturity of CMB Tech’s existing $200 million unsecured bond.

MOL operates the world’s largest fleet of stainless steel chemical tankers, with over 110 vessels transporting chemicals, animal fats, vegetable oils, and lubricants.

On the other hand, CMB Tech manages a fleet of more than 150 vessels including crude oil tankers, bulk carriers, container ships, and offshore wind vessels.

The company has been actively investing in hydrogen and ammonia fuel technology, supplying these alternative fuels through its own infrastructure and third-party producers.

Reference: MOL

Source: Maritime Shipping News