CMB.TECH and MOL in major ammonia push with 'landmark' nine-vessel deal

The agreement, which covers three 210,000-dwt Newcastlemax bulk carriers and six chemical tankers, is being hailed as a landmark deal by both parties. 

The trio of ammonia dual-fuel Newcastlemaxes currently on order at Qingdao Beihai Shipyard in China will be jointly owned by CMB.TECH and MOL, with each vessel chartered to MOL for 12 years. Delivery is expected between 2026 and 2027.

According to CMB.TECH’s website, the company is running a newbuilding programme of 16 Newcastlemaxes, alongside other vessel types, with deliveries planned between 2025 and 2027. Riviera understands that 10 of these vessels will be ammonia-fitted, while six will be ammonia-ready, including the three Newcastlemax vessels covered in the agreement with MOL.

In addition to the bulk carriers, the agreement includes six chemical tankers, two of which will be ammonia dual-fuel vessels, while the remaining four will be ammonia-ready. These tankers have been ordered at China Merchants Jinling Shipyard (Yangzhou). Riviera understands this is a fresh order placed by CMB.TECH, with deliveries scheduled for 2028 and 2029. 

The dual-fuel tankers will be chartered to MOL’s wholly owned subsidiary, MOL Chemical Tankers, for 10 years, while the remaining four vessels will be chartered for seven years.

Riviera has reported on the growing momentum surrounding the commercialisation of the engine technology and the potential for broader adoption of ammonia.

"A major milestone"

“The partnership for these nine vessels is a major milestone towards achieving the shipping industry’s goals of net zero emissions by 2050,” said CMB.TECH chief executive Alexander Saverys.

Mr Saverys further noted that the agreement with MOL has increased CMB.TECH’s contract backlog by US$921M, bringing the total to US$2.94Bn. The company, which owns and operates a diversified fleet of over 150 vessels, has recently gained attention for its move into US-listed Golden Ocean.

MOL emphasised that, amid the global shift toward decarbonisation, ammonia is gaining significant attention as a next-generation clean energy source, with the maritime industry accelerating its adoption as a fuel.

Ammonia is an important component in MOL’s Environmental Vision 2.2 corporate policy, which sets the Group’s target of achieving net-zero greenhouse gas (GHG) emissions by 2050.

MOL operates the world’s second-largest commercial fleet, comprising about 900 vessels, and the largest stainless steel tank chemical fleet, with more than 110 vessels in service.