World News
Itochu Corp and U-Ming Plan Ammonia-Fuelled Ships
Japan's Itochu Corporation and Taiwanese shipping firm U-Ming are planning jointly to own and operate ships running on ammonia.
The two firms have signed a memorandum of understanding setting out their plans for collaboration on ammonia-fuelled shipping, Itochu said in a statement on its website on Friday.
Itochu is in the process of developing a global ammonia supply chain.
"The collaboration between U-Ming and ITOCHU is not limited to ammonia-fueled ships," the company said in the statement.
"It will also encompass the discussion and implementation of potential methods for achieving decarbonization in the maritime industry, including the use of alternative fuels such as methanol and devices for saving energy."
Ammonia is widely expected to take up a significant share of future marine energy demand because of its lack of associated carbon emissions. But further research and development work will need to be completed first looking into how its toxicity can be managed when handling it as a bunker fuel.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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