EMEA News
Peninsula and Itochu Launch Ammonia Bunkering JV in Europe
Global marine fuels supplier Peninsula and Japan's Itochu Corporation have launched a joint venture to develop ammonia bunkering infrastructure and supply chains across Europe.
The new company, I&P Marine Ammonia Ltd. (IPMA), will initially focus on major European and Mediterranean ports, the companies said in an emailed statement on Wednesday.
It builds on a memorandum of understanding that the two companies signed in 2023 to jointly explore ammonia as a marine fuel.
Ship & Bunker had previously reported that the joint venture formation was granted the green light by the European Commission in May.
Peninsula will bring its global bunkering network, which spans more than 500 ports, while Itochu will contribute its expertise in fuel production and supply chain development.
The partners said the venture aims to create a reliable and scalable ammonia bunkering network, helping bridge the gap between early development and commercial adoption.
“With an initial focus on Europe, IPMA is well positioned to accelerate the emergence of an operational ammonia marine fuel supply chain, complementing and reinforcing the broader industry initiatives already underway across the region,” they said.
Ammonia is emerging as a promising marine fuel to help decarbonise shipping.
While adoption is still in its early stages, the first ammonia-capable oceangoing vessel is now in service, and ammonia-fuelled marine engines have been developed.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 896.00 | 6.00 | 1254.50 | 11.50 |
| Rotterdam | 692.00 | 9.50 | 1333.00 | 7.00 |
| Houston | 754.50 | 9.00 | 1398.50 | 28.50 |
| Fujairah | 984.50 | 5.00 | 1686.00 | 9.50 |
| EMEA Average | 871.50 | 6.00 | 1658.00 | 22.50 |
| Global 20 Ports Average | 884.50 | 8.00 | 1508.00 | 8.00 |
| Global 4 Ports Average | 831.50 | 7.00 | 1418.00 | 10.50 |
| Global Average Bunker Price | 937.00 | 6.50 | 1573.50 | 6.50 |
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