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Euronav in ammonia fuel JDP, adds newbuilding orders

Photo: Euronav Tanker Ann Euronav from above
Euronav VLCC Anne on sea trials
Euronav has entered into a joint development programme (JDP) to accelerate the development of ammonia fueling for suezmaxes and VLCCs it has ordered.

The JDP, for an initial term of three years, is with shipbuilder Hyundai Heavy Industries (HHI) and classification societies Lloyd’s Register and DNV.

Hugo de Stoop, CEO of Euronav: “Shipping is entering an era of rapid technological developments and increasing environmental efforts demanding strong stewardship. Working with key partners toward the safe transport and commercialization of new technologies will be instrumental in delivering benefits for the wider marine industry. This partnership will accelerate the development and adoption of ammonia as one of the key solutions for the shipping sector.” 

Euronav also confirmed it had ordered three suezmax newbuildings for $199.2m with delivery between third quarter 2023 and first quarter 2024. It also took an option for a VLCC newbuilding to be delivered in second quarter 2023. These new contracts add to two suezmaxes resale contracts and early berths for two VLCCs where the owner had been unable to execute the contract.

Euronav said the vessels would feature a gradual and increasing degree of readiness to be converted into dual-fuel fully fitted Ammonia ships at a later stage, and also retaining the possibility to convert to LNG fuel.

“The flexibility that these vessels offer can only be achieved by being close to the latest technological developments that are constantly coming onto the market. As with any new technology, it is important to understand as much and as early as possible how to operate them in a safe, reliable, and efficient way,” Euronav said.