World News
Euronav Seeks 'Increasing Degree of Readiness' for Ammonia Bunkers
Tanker company Euronav will take on ships with 'an increasing degree of readiness' to be converted to run on ammonia over the next three years.
The company has entered a joint development program with Hyundai Heavy Industries, Lloyd's Register and DNV to help accelerate the development of ammonia-fuelled tankers, it said in a statement on its website on Tuesday. As part of that goal, the company plans to add three Suezmaxes to its fleet with the possibility of being run on ammonia after retrofit.
"The vessels will feature a gradual and increasing degree of readiness to be converted into dual fuel fully fitted ammonia ships at a later stage, while retaining the possibility to convert them into dual fuel LNG vessels if it would make more commercial sense," the company said in the statement.
The three tankers are due for delivery in the third quarter of 2023 and the first quarter of 2024, and cost $66.4 million each.
"With shipbuilding capacity likely constrained for the construction of large crude tankers until at least 2025, Euronav believes this will deliver the company a competitive advantage within its already established sustainability structure," the company said.
"In today's fast changing and volatile environment, Euronav states it is important to remain flexible and at the same time contribute to the global effort of reducing greenhouse gas emissions which is key to its own economic sustainability."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 570.00 | 1.00 | 683.00 | 2.50 |
| Rotterdam | 515.50 | 1.00 | 685.00 | 7.50 |
| Houston | 555.00 | 1.00 | 678.00 | 1.00 |
| Fujairah | 563.00 | 2.00 | 754.50 | 0.50 |
| Global 20 Ports Average | 587.50 | 1.50 | 765.00 | 0.50 |
| Global 4 Ports Average | 551.00 | 1.00 | 700.00 | 1.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 812.50 | 1.00 |
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