Fortescue and CMB.TECH sign agreement for ammonia-powered ore carrier
CMB.TECH (NYSE & Euronext: CMBT) has signed a landmark agreement with Fortescue to charter a new ammonia-powered vessel, marking a significant step in maritime decarbonization. The 210,000-dwt Newcastlemax vessel, featuring a dual fuel engine, will be delivered by end of 2026 and will transport iron ore from Pilbara to customers globally.
The vessel is part of CMB.TECH's series of large dry bulk carriers being built at Qingdao Beihai Shipyard. This partnership aligns with Fortescue's commitment to eliminate Scope 1 and 2 emissions from Australian iron ore operations by 2030 and achieve Net Zero Scope 3 emissions by 2040.
The agreement follows the launch of Fortescue Green Pioneer, the world's first dual-fuel ammonia-powered vessel, which is currently promoting zero emissions fuels across global ports.
CMB.TECH (NYSE & Euronext: CMBT) ha firmato un accordo storico con Fortescue per noleggiare una nuova nave alimentata ad ammoniaca, segnando un passo significativo nella decarbonizzazione marittima. La nave Newcastlemax da 210.000 dwt, dotata di un motore a doppio carburante, sarà consegnata entro la fine del 2026 e trasporterà minerale di ferro da Pilbara a clienti in tutto il mondo.
La nave fa parte della serie di grandi portacontainer a secco di CMB.TECH in costruzione presso il cantiere navale Qingdao Beihai. Questa partnership è in linea con l'impegno di Fortescue di eliminare le emissioni Scope 1 e 2 dalle operazioni di minerale di ferro australiano entro il 2030 e raggiungere emissioni Net Zero Scope 3 entro il 2040.
L'accordo segue il lancio di Fortescue Green Pioneer, la prima nave al mondo alimentata ad ammoniaca a doppio carburante, che attualmente promuove carburanti a zero emissioni nei porti di tutto il mondo.
CMB.TECH (NYSE & Euronext: CMBT) ha firmado un acuerdo histórico con Fortescue para fletar un nuevo buque impulsado por amoníaco, marcando un paso significativo en la descarbonización marítima. El buque Newcastlemax de 210.000 dwt, que cuenta con un motor de combustible dual, será entregado a finales de 2026 y transportará mineral de hierro desde Pilbara a clientes en todo el mundo.
El buque forma parte de la serie de grandes transportadores de granel seco de CMB.TECH que se están construyendo en el astillero Qingdao Beihai. Esta asociación se alinea con el compromiso de Fortescue de eliminar las emisiones de Alcance 1 y 2 de las operaciones de mineral de hierro australiano para 2030 y alcanzar emisiones Net Zero de Alcance 3 para 2040.
El acuerdo sigue al lanzamiento de Fortescue Green Pioneer, el primer buque del mundo impulsado por amoníaco y con combustible dual, que actualmente promueve combustibles de cero emisiones en puertos de todo el mundo.
CMB.TECH (NYSE & Euronext: CMBT)가 Fortescue와 새로운 암모니아 추진 선박을 임대하기 위한 역사적인 계약을 체결하였으며, 이는 해양 탈탄소화의 중요한 단계로 여겨집니다. 210,000-dwt Newcastlemax 선박은 이중 연료 엔진을 갖추고 있으며, 2026년 말까지 인도될 예정이며 필바라에서 전 세계 고객에게 철광석을 운송할 것입니다.
이 선박은 청도 베이하이 조선소에서 건조 중인 CMB.TECH의 대형 건화물선 시리즈의 일환입니다. 이 파트너십은 Fortescue가 2030년까지 호주 철광석 작업에서 Scope 1 및 2 배출을 제거하고 2040년까지 Net Zero Scope 3 배출을 달성하겠다는 약속과 일치합니다.
이 계약은 현재 전 세계 항구에서 제로 배출 연료를 홍보하고 있는 세계 최초의 이중 연료 암모니아 추진 선박인 Fortescue Green Pioneer의 출시에 이어 체결되었습니다.
CMB.TECH (NYSE & Euronext: CMBT) a signé un accord historique avec Fortescue pour affréter un nouveau navire propulsé à l'ammoniac, marquant une étape significative dans la décarbonisation maritime. Le navire Newcastlemax de 210 000 dwt, doté d'un moteur à double carburant, sera livré d'ici fin 2026 et transportera du minerai de fer de Pilbara vers des clients du monde entier.
Ce navire fait partie de la série de grands transporteurs de vrac sec construits par CMB.TECH au chantier naval de Qingdao Beihai. Ce partenariat s'inscrit dans l'engagement de Fortescue d'éliminer les émissions de portée 1 et 2 des opérations de minerai de fer australiennes d'ici 2030 et d'atteindre des émissions nettes nulles de portée 3 d'ici 2040.
L'accord fait suite au lancement de Fortescue Green Pioneer, le premier navire au monde propulsé à l'ammoniac à double carburant, qui promeut actuellement des carburants à zéro émission dans les ports du monde entier.
CMB.TECH (NYSE & Euronext: CMBT) hat einen wegweisenden Vertrag mit Fortescue über die Charter eines neuen ammoniakbetriebenen Schiffes unterzeichnet, was einen bedeutenden Schritt in der maritimen Dekarbonisierung darstellt. Das 210.000-dwt Newcastlemax Schiff, das mit einem Dual-Fuel-Motor ausgestattet ist, wird bis Ende 2026 ausgeliefert und wird Eisenerz von Pilbara zu Kunden weltweit transportieren.
Das Schiff ist Teil der Reihe großer Trockenbulk-Carrier, die bei der Qingdao Beihai Werft gebaut werden. Diese Partnerschaft steht im Einklang mit Fortescues Engagement, die Scope 1- und 2-Emissionen aus den australischen Eisenerzoperationen bis 2030 zu eliminieren und bis 2040 Netto-Null-Emissionen der Scope 3 zu erreichen.
Der Vertrag folgt auf den Start des Fortescue Green Pioneer, des weltweit ersten ammoniakbetriebenen Dual-Fuel-Schiffes, das derzeit emissionsfreie Kraftstoffe in globalen Häfen fördert.
- First-mover advantage in green shipping technology with ammonia-powered vessels
- Strategic partnership with major iron ore producer Fortescue
- Secured long-term charter agreement for new vessel
- Part of larger series of bulk carriers, indicating scalable business model
- Significant capital investment required for new vessel construction
- Potential operational risks with new ammonia-powered technology
- Dependency on development of green ammonia infrastructure
Insights
The charter agreement between CMB.TECH and Fortescue represents a significant milestone in the commercial adoption of ammonia-powered vessels. The 210,000-dwt Newcastlemax with dual-fuel capability positions CMB.TECH at the forefront of maritime decarbonization efforts, moving beyond demonstration projects to actual commercial implementation.
What's particularly notable is the vessel class being deployed. A Newcastlemax bulk carrier operates on one of shipping's most carbon-intensive routes – the iron ore trade from Australia to Asia. By applying ammonia propulsion to this vessel type, CMB.TECH is tackling decarbonization where it matters most, not just where it's easiest.
The technical implementation leverages dual-fuel engines, providing operational flexibility while infrastructure for green ammonia develops. This pragmatic approach addresses the chicken-and-egg problem facing alternative fuels – ships need bunkering infrastructure, but infrastructure needs guaranteed demand from ships.
This agreement demonstrates traction for CMB.TECH's ammonia propulsion technology beyond concept stage. With Fortescue already operating the Fortescue Green Pioneer ammonia vessel, this second commitment signals growing commercial confidence in ammonia as a marine fuel, potentially accelerating industry adoption and strengthening CMB.TECH's market position.
The timing aligns with tightening emissions regulations, including the IMO's carbon intensity indicator and EU's inclusion of shipping in its emissions trading system, creating regulatory tailwinds for low-carbon shipping solutions.
This charter agreement enhances CMB.TECH's future revenue visibility by securing a major customer for one of its newbuild vessels. While financial terms weren't disclosed, the arrangement likely commands premium rates given the vessel's advanced environmental specifications and Fortescue's stated commitment to zero-emission shipping.
The agreement represents efficient capital deployment, as CMB.TECH already had this vessel on order at Qingdao Beihai Shipyard. Securing a charter before delivery reduces financial risk and improves return on invested capital. The 2026 delivery timeline means revenue impact remains a future event, though the agreement provides earnings visibility.
Beyond direct revenue, this agreement offers strategic positioning value. As a first mover in commercial ammonia-powered shipping, CMB.TECH establishes competitive differentiation in a rapidly evolving regulatory landscape. This positions the company to potentially capture market share as emissions regulations tighten globally.
The relationship with Fortescue extends beyond 20 years, demonstrating customer loyalty and potential for additional business as Fortescue pursues its stated 2040 Scope 3 emissions targets. This established partnership reduces counterparty risk and suggests possibility for fleet-wide opportunities.
From an investor perspective, this agreement represents tangible progress in CMB.TECH's green shipping initiatives, potentially attracting ESG-focused investment. While a single vessel charter won't transform near-term financials, it validates the company's technology investments and creates a commercial reference point for future business development.
Antwerp, April 14, 2025 (GLOBE NEWSWIRE) -- CMB.TECH NV (NYSE: CMBT & Euronext: CMBT) (“CMB.TECH” or the “Company”) has signed an agreement with Fortescue to charter a new ammonia-powered vessel. This emphasises the commitment of both companies to decarbonise the shipping industry. This 210,000-dwt ammonia-powered Newcastlemax will feature a dual fuel engine and is expected to be delivered by the end of 2026.
Fortescue and Bocimar, part of CMB.TECH, have signed an agreement for an ammonia-powered Newcastlemax featuring a dual fuel engine. The 210,000-dwt vessel is part of CMB.TECH’s series of large dry bulk carriers currently on order at Qingdao Beihai Shipyard and is expected to be delivered to Fortescue by the end of next year. It will play a vital role taking iron ore from the Pilbara to customers in China and around the world.
While Fortescue is committed to eliminating Scope 1 and 2 emissions from its Australian iron ore operations by 2030, its target of Net Zero Scope 3 emissions by 2040 reflects the challenge of eliminating emissions from the shipping of its products to customers and from steelmaking.
Fortescue has taken a global leadership position by advocating for the early adoption of zero emission fuels such as green ammonia, widely accepted as the long-term solution, and the bypassing of transitional fuels such as biofuels and LNG.
The Fortescue Green Pioneer, the world's first dual-fuel ammonia-powered vessel, has been in London since early March and will soon embark on a tour of global ports to bring attention to the need for a hastened transition to zero emissions fuels.
Fortescue Metals CEO Dino Otranto said:
“Our landmark agreement with Bocimar sends a clear signal to the market – now is the time for shipowners to invest in green ammonia-powered ships. The days of ships operating on dirty bunker fuel, which is responsible for 3 per cent of global carbon emissions, are numbered. We continue to implore shipping regulators to show the character and leadership that is necessary to ensure this happens sooner rather than later. Our agreement with Bocimar is just the beginning. Through the Fortescue Green Pioneer we have demonstrated that the technology to decarbonise shipping exists now. We will continue to work with like-minded companies like Bocimar to transition our fleet to low and zero-emissions vessels and help accelerate the widespread adoption of green ammonia as a marine fuel.”
Alexander Saverys, CEO of CMB.TECH said:
"Fortescue and Bocimar have been close partners for more than 20 years. We share the same values and are both passionate about decarbonising the maritime industry. Based on our common belief that green ammonia is the fuel of the future, we were able to conclude this important agreement on the road to zero emission shipping. This is the beginning of an exciting journey to build more ammonia-powered ships that will stimulate more green ammonia production projects. We need to decarbonise today to navigate tomorrow."
Announcement first quarter 2025 results – 14 May 2025
About CMB.TECH
CMB.TECH is a diversified and future-proof maritime group. We own and operate more than 150 seagoing vessels: crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels & workboats. We also offer hydrogen and ammonia fuel to customers, through own production or third-party producers.
The company is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa.
CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol CMBT.
More information can be found at https://cmb.tech
About Fortescue
Fortescue is the technology, energy and metals group accelerating the commercial decarbonisation of industry, rapidly, profitably and globally. The metals business comprises iron ore operations in the Pilbara, Western Australia as well as a pipeline of exploration projects globally in Africa, Latin America and Australia. By 2030, they aim to have their Australian iron ore operations running on green energy, achieving Real Zero Scope 1 and 2 terrestrial emissions. Their Energy business is building a global portfolio of renewable green hydrogen and green ammonia projects and developing green technology solutions. As their business develops globally, their commitment to building thriving communities expands withthem. Delivering positive social and economic change through training, employment and business development opportunities is a key focus.
fortescue.com
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “potential”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
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Katrien Hennin CMB.TECH +32 499393470 katrien.hennin@cmb.tech
FAQ
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