Amon Maritime launches bulker venture with funding for two ammonia-powered newbuilds

Amon Maritime has secured a Nkr253M (US$25M) investment grant from Norway’s Ministry of Climate and the Environment-backed funding arm Enova to support the construction of two ammonia-powered bulk carrier newbuilds.

Amon said Amon Bulk 1 and Amon Bulk 2 will be among the world’s first large bulk carriers powered by ammonia.

The two vessels represent different bulk carrier segments and sizes, with Amon Bulk 1 a Capesize bulk carrier, "typically around 180,000 dwt, designed for the longhaul transport of heavy bulk commodities," according to Amon Bulk.

Amon Bulk 2 is a Kamsarmax bulk carrier, "approximately 80,000-85,000 dwt, offering greater port flexibility while maintaining high cargo capacity and energy efficiency," the company said.

“The technology is still new. Now we will support the industry in building experience”, Enova managing director Nils Kristian Nakstad said. “If we are going to succeed in cutting emissions from ocean transport, we need to go for solutions that can grow in scale towards 2050.”

The grant is awarded under Enova’s programme for ammonia-powered vessels and Enova said the newbuilding project marks a ’major step’ toward its 2050 climate targets.

“With Amon Bulk, we are taking a significant step toward decarbonising bulk trades in deepsea shipping with ammonia fuel,” Amon Maritime chief executive André Risholm said. “The Capesize and Kamsarmax segments are ideal for ammonia adoption. These vessels have high fuel consumption and operate on established routes for industrial clients with strong climate ambitions. This combination enables both substantial environmental impact and solid commercial viability."

The vessels are scheduled for delivery by 2029 and will be, according to Amon Bulk, part of a new generation of zero-emissions bulk carriers.

Headquartered in Sandefjord, Norway, Amon Maritime was started in 2019 with a mission to become the world’s first carbon-free shipping company. Over its first six years, the company has started multiple shipping and fuel ventures, has received several grants and held multiple funding rounds. In 2023, Enova awarded a significant grant to Amon Maritime’s Viridis Bulk Carriers joint venture with with partners Navigare Logistics and Mosvolds Rederi, towards constructing two ammonia-powered bulk carriers. And in June 2024, Amon Maritime launched Amon Gas with an Enova award towards the construction of two medium gas carriers. Amon Gas has said it is targeting a shipbuilding series starting with the two firm orders of ammonia-powered gas carriers, with a goal of being in operation by 2028.