Global marine energy supplier Peninsula on Wednesday (8 July) announced the establishment of I&P Marine Ammonia Ltd. (IPMA), a joint venture with ITOCHU Corporation, to accelerate the development of ammonia marine fuel bunkering across key European ports.

IPMA has been created to promote the supply of ammonia as a next-generation zero carbon marine fuel, with an initial focus on major strategic European and Mediterranean hubs. These locations represent critical regions in global maritime logistics and will play a central role in enabling the adoption of alternative fuels at scale.

The formation of IPMA builds directly on the Memorandum of Understanding (MoU) signed between Peninsula and ITOCHU in September 2023, which established a framework for the joint development of ammonia bunkering infrastructure and supply chains.

Manifold Times previously reported the European Commission (EC) approving the creation of a joint venture by ITOCHU and Peninsula under the EU Merger Regulation.

“Ammonia is widely seen as the most reasonable option among zero‑carbon marine fuel alternatives, supporting the shipping industry’s transition in line with increasingly stringent regulatory and environmental requirements,” Peninsula said.

“The creation of IPMA marks a significant step towards the commercialisation of ammonia as a marine fuel.”

Peninsula has been advancing the alternative fuels landscape, with established capabilities across LNG, Bio LNG, biofuels and other alternative solutions such as methanol and ammonia. This joint venture represents a natural progression of the company’s strategy to provide customers with practical, scalable decarbonisation pathways.

The partnership combines Peninsula’s global bunkering expertise, an established global supply network and deep customer relationships covering over 500 ports across all major bunkering hubs with ITOCHU’s integrated approach, spanning fuel production and supply chain development.

“Together, Itochu and Peninsula will combine these strengths to develop a robust ammonia bunkering framework, pairing upstream supply and infrastructure with the customer-facing expertise required to deliver ammonia as bunker fuel reliably at scale,” the company added. 

With an initial focus on Europe, IPMA is well positioned to accelerate the emergence of an operational ammonia marine fuel supply chain, complementing and reinforcing the broader industry initiatives already underway across the region.

Related: EC gives green light on Itochu-Peninsula ammonia bunkering joint venture
Related: Spain: Itochu, Peninsula enter MOU for joint development of ammonia bunkering in Gibraltar Strait

Photo credit: Peninsula
Published: 9 July, 2026

Marine energy and lubricants physical supplier and trader Verde Marine Energy and Saudi-based bunkering firm Eleven Energy on Wednesday (8 July) announced a strategic collaboration that brings the two companies into a closer working relationship, creating new opportunities for growth by combining their complementary strengths and expertise across the global marine energy sector. 

The collaboration brings together Verde Marine Energy’s physical supply capabilities with Eleven Energy’s rapidly expanding international trading platform and commercial network. By leveraging each other’s expertise, resources and market reach, both companies aim to enhance the value they deliver to customers, suppliers and strategic partners while accelerating growth in existing and emerging markets. 

Both businesses will remain fully independent, maintaining their own ownership, operations, commercial strategies and business models. 

“This is a strategic alliance, not a merger or acquisition, but a partnership built on leveraging each other’s strengths while preserving the identity and independence of each company,” the companies said.   

Eleven Energy, backed by Prince Abdulaziz bin Turki Al Saud, has expanded its international presence, most recently announcing its strategic collaboration with Sunoco in the United States, further strengthening its global network. 

Part of the Vertom Group, Verde Marine Energy is a physical supplier and manages marine fuel procurement for the Vertom fleet. Backed by one of Europe’s most established maritime groups, Verde continues to expand its physical supply footprint while maintaining its reputation for reliability and customer service. 

Having already worked successfully together through periods of market volatility, the companies have demonstrated how their capabilities complement one another. This collaboration formalises that relationship and provides a stronger platform to unlock efficiencies, create new opportunities and deliver greater value across the marine energy supply chain. 

As part of this renewed collaboration, Eleven Energy CEO Chris Todd will assume a role with Verde Marine, while Verde Marine Energy Director/Head of Trading Joe Tierney will take on a role with Eleven Energy. 

In these cross-company positions, they will work closely with both organisations to oversee the strategic partnership, strengthen collaboration, and help drive its long-term success while each remaining fully committed to their respective businesses. 

Both Verde Marine Energy and Eleven Energy see this collaboration as the beginning of a long-term relationship, with further developments to be announced after the summer.

Related: Eleven Energy and Sunoco’s Marine Division form bunkering pact for Americas
Related: Saudi-based global bunkering company Eleven Energy launched

Photo credit: Eleven Energy
Published: 9 July, 2026

Evos and HyFive on Wednesday (8 July) said they have signed a Letter of Intent (LOI) to explore the storage and handling of e-methanol in the Port of Rotterdam, which is expected to be produced by HyFive’s HyMet Musel project in northern Spain.

Under this non-binding agreement, Evos and HyFive will assess potential technical and commercial parameters, including logistics interfaces and operational requirements.

The LOI follows Evos’ recently announced expansion project for low-carbon methanol and ethanol storage in the port. The project includes the construction of five new storage tanks with a combined gross capacity of 67,500 cubic metres, a new pump station and a new jetty to be built by the Port of Rotterdam Authority. 

Once operational in early 2028, the expansion will give Evos Rotterdam greater capacity to handle methanol and ethanol for industrial customers, as well as for the developing market in cleaner, low-carbon marine fuels and bunkering.

HyFive’s HyMet Musel project on Spain’s Atlantic coast is planned with a production capacity of 100,000 tonnes per year, with start-up targeted from 2029. HyFive has signed a comprehensive term sheet for a significant portion of the initial production volumes and continues commercial discussions with potential offtakers, including shipping companies active in the ARA region.

Alberto Sanchez de Rojas, General Manager, HyFive, said: “We are pleased to sign this LOI with Evos to explore a potential supply route for e‑methanol from our HyMet Musel project. While this is an initial step, it is an important milestone in assessing downstream infrastructure options that could help meet growing demand for cleaner marine fuels in the ARA region.”

Christiaan Kop, Evos Rotterdam Managing Director, said: “We welcome the opportunity to explore, through this potential partnership with HyFive, how our Rotterdam terminal could support future e‑methanol flows into the ARA region. We see strong long‑term momentum behind low‑carbon fuels, and we continue to invest in infrastructure that can help our customers and partners navigate the energy transition.”

Related: Evos Rotterdam starts construction on methanol and ethanol expansion project

Photo credit: Evos Rotterdam
Published: 9 July, 2026