Euronav CEO Sees Ammonia and Hydrogen Winning Alternative Bunkers Race

by Ship & Bunker News Team
Friday September 18, 2020

Tanker company Euronav sees hydrogen and ammonia as the clear favourites to become the biggest bunker fuels in future as fossil fuels are gradually phased out, according to CEO Hugo De Stoop.

"The winners have already been decided, and that is going to be either hydrogen or ammonia," De Stoop said in an interview with price reporting agency S&P Global Platts published Friday.

"The only problem that we have is that we don't know when it's going to be ready and available."

The shipping industry is seeking to bear down on its greenhouse gas emissions to comply with the International Maritime Organization's (IMO) targets. The IMO's initial strategy envisages a cut of at least 40% from 2008's levels to carbon emissions per transport work by 2030, and a cut of at least 50% to total greenhouse gas emissions by 2050.

De Stoop highlighted the uncertainty of investing in LNG as an alternative at this stage, Platts said.

"We all order LNG and then 5 years later, someone finally admits that is polluting more because we have not been able to solve the leakage problem, and everybody goes back to square one," he was cited as saying.