'We Don't Want to Bet on a Specific Fuel': Euronav

by Ship & Bunker News Team
Monday February 6, 2023

Tanker firm Euronav is not ready to commit to any single alternative fuel as it plans for the future of its fleet in the decarbonisation era.

CEO Hugo De Stoop set out the firm's thinking on decarbonisation and future bunker fuels in a call with analysts last week.

"At this point, we don't want to make a bet on a specific fuel," he said.

"If you look at the last 18 months -- well, 12 months ago everybody was saying it's LNG and it's not going to be anything else.

"Then suddenly the wind shifted a bit and now you see more orders of dual-fuel methanol.

"And I bet you that in the future, maybe two or three years down the road, it's going to be dual-fuel ammonia.

"So putting all your eggs in the same basket is not prudent, and that's exactly what we're not doing."

In October the firm ordered two dual-fuelled Suezmax tankers with the ability to run on LNG as well as conventional bunkers, and with a design compatible for retrofit to methanol or ammonia propulsion at a later date.

"We are continuously working with the yard, and we have a joint development program with HHI in particular, to add on to those ships as much technology as we can upon their delivery," De Stoop said on the call.

"So they're not completely dual-fuel ready, but converting them is very likely in the future."

Ship & Bunker News Team
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