World News
LOTTE Fine Chemical Conducts First Commercial Ammonia Bunkering
South Korean chemicals firm LOTTE Fine Chemical has carried out what it says is the world’s first commercial ammonia bunkering, supplying green ammonia as marine fuel at the Port of Ulsan.
The fuel was delivered today to an ammonia-powered vessel built by HD Hyundai Heavy Industries, the company said in an email statement on Thursday.
While ammonia has been previously supplied as marine fuel for pilot trials, the company said this marks its first commercial delivery in shipping.
In March 2024, Singapore carried out the world's first ammonia bunkering trial, where 3 mt of ammonia was delivered to the Fortescue Green Pioneer vessel.
The ammonia was produced using renewable energy in Inner Mongolia by Envision Energy and imported by LOTTE Fine Chemical in March, in what it described as the first cross-border trade of green ammonia.
The development demonstrates a full supply chain, from renewable power to hydrogen and ammonia production, transport, and final use as marine fuel.
Ammonia is widely seen as a potential marine fuel to support the decarbonisation of shipping, but its high toxicity remains a key safety concern around handling, storage and bunkering.
"The world’s first commercialization of ammonia as marine fuel holds profound historical significance, as it demonstrates a complete carbon-free energy supply chain—from production to distribution and utilization—based on renewable energy sources such as wind and solar," Seungwon Chung, CEO of LOTTE Fine Chemical, said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 854.00 | 11.50 | 1278.50 | 11.00 |
| Rotterdam | 681.00 | 5.50 | 1400.00 | 10.00 |
| Houston | 725.50 | 15.00 | 1364.50 | 23.50 |
| Fujairah | 944.50 | 19.00 | 1675.50 | 9.00 |
| Global 20 Ports Average | 860.50 | 15.50 | 1522.00 | 1.50 |
| Global 4 Ports Average | 801.00 | 13.00 | 1429.50 | 4.00 |
| Global Average Bunker Price | 922.00 | 13.00 | 1596.50 | 2.50 |
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