ITOCHU Corporation (ITOCHU) on Monday (14 July) announced that it recently signed a shipbuilding contract for the construction of a 5,000 m3 ammonia bunkering vessel with Sasaki Shipbuilding. 

The company also announced an agreement regarding the construction of an ammonia tank plant that will be loaded onto the vessel with Izumi Steel Works. 

These agreements were signed by Clean Ammonia Bunkering Shipping Pte Ltd (CABS), a wholly owned Singapore-based specific purpose company of ITOCHU. 

In relation to this, CABS has concluded a financing agreement with The Hiroshima Bank for financing a part of purchase price of the vessel.

The agreements were concluded to pursue the Demonstration Project for Bunkering Ammonia as Marine Fuel in Singapore adopted by the Ministry of Economy, Trade and Industry in Japan as part of the Global South Future-oriented Co-Creation Project (large-scale demonstration in ASEAN member states). 

Going forward, with an eye toward the demonstration of ammonia bunkering in Singapore after building the world’s first newbuilding ammonia bunkering vessel, ITOCHU said efforts will be made to facilitate concrete discussions with the maritime stakeholders, including the port authority in Singapore, the Maritime & Port Authority of Singapore (MPA), and the fuel producers, while obtaining support from the Japanese Government.

The vessel is to be flagged under the Singapore Registry and is expected to be delivered in September 2027.

ITOCHU will establish a safe offshore bunkering operation of ammonia as marine fuel by way of ship-to-ship transfer through the development and construction of the vessel and demonstration. 

Then, by utilising the vessel, ITOCHU will establish connection between the first movers in clean ammonia production and the first movers in the ammonia-fueled vessels and secure initial demand for ammonia as marine fuel, aiming at the commercialisation of ammonia bunkering business in Singapore and expansion of similar business model to major maritime transportation points around the world, including Spain (Strait of Gibraltar), Egypt (Suez Canal) and Japan.

Photo credit: ITOCHU Corporation
Published: 15 July 2025

Global resources company BHP on Wednesday (2 July) signed contracts with COSCO Shipping Bulk Co., Ltd., a subsidiary of COSCO shipping Group (COSCO Shipping) for the charter of two ammonia dual-fuelled Newcastlemax bulk carriers.

The new vessels to be built under this arrangement will be two of only a handful of vessels in the world capable of using ammonia as a bunker fuel.

The two vessels, expected to be delivered from 2028, will primarily transport iron ore from Western Australia to Northeast Asia.

When run on lower or low to zero greenhouse gas (GHG) emissions ammonia, these vessels will be capable of reducing GHG emissions by at least 50% and up to 95% on a per voyage basis compared to a conventionally fuelled voyage.

The five-year time charter contracts are expected to contribute towards a reduction in the GHG emissions intensity of BHP chartered shipping.

BHP continues to work with the maritime industry to develop an ammonia bunkering plan – the process of fuelling ships with ammonia – for the two vessels when they are delivered from 2028.

Sourcing lower and low to zero GHG emissions ammonia is subject to an ongoing tender process.

Photo credit: BHP
Published: 9 July 2025

DNV SVP & Regional Manager, Antony M Dsouza who recently moved to Singapore takes time to speak with bunkering publication Manifold Times to share his thoughts on maritime decarbonisation trends for the APAC region:

MT: How has your first few months as the newly appointed Regional Manager been?

It’s been an exciting and rewarding start. While the maritime business is global in nature, each region brings its own unique dynamics, opportunities, and challenges. Over the past few months, I’ve focused on immersing myself in the region—meeting with clients, engaging with industry stakeholders, and participating in key conferences and forums. These interactions have been invaluable in helping me understand the specific needs and priorities of the Southeast Asia, Pacific, and Indian Subcontinent markets. My goal is to ensure that DNV continues to deliver high-impact, value-adding services tailored to our clients’ realities, while also playing a meaningful role in shaping a safer, smarter, and more sustainable maritime industry in the region.

MT: The maritime industry is going through a lot of change lately. What’s the most exciting trend or development you are seeing within Asia?

The maritime industry across Asia is indeed undergoing transformative change, driven by decarbonization, digitalization, and evolving trade dynamics.

One of the most exciting trends I see emerging in the region is the accelerating momentum towards green shipping and clean energy transition. Governments, ports, and shipowners across Asia are increasingly committing to net-zero targets, investing in alternative fuels like ammonia, methanol, and LNG, and exploring electrification and hybrid solutions for short-sea shipping. This is not just a response to global regulatory pressure but a reflection of the region’s proactive stance in shaping the future of sustainable maritime transport.

Recent outcomes from MEPC 83 have further reinforced this direction. The adoption of new measures, including a greenhouse gas (GHG) fuel-intensity standard coupled with a global pricing and reward mechanism, marks a critical step toward regulatory clarity and accelerating innovation and adoption of low-carbon technologies across Asia.

At the same time, digital transformation is gaining pace. From smart port infrastructure to the adoption of advanced analytics, AI, and remote surveys, digitalization is improving efficiency, safety, and transparency across the value chain. Asia is uniquely positioned to lead in this space due to its strong manufacturing base, tech innovation hubs, and rapidly growing digital ecosystems.

What excites me most is how these trends are converging. The shift towards greener operations is being enabled and accelerated by digital tools, while regional collaboration—such as green shipping corridors and harmonized standards—is becoming more prominent. At DNV, we are actively working with stakeholders across the maritime value chain to navigate these changes, build confidence in new technologies, and support the industry’s transition towards a more sustainable and resilient future.

MT: Sustainability is a big topic in maritime — what’s one small but impactful step you think Asia can do to contribute?

Sustainability is indeed front and centre in the maritime sector, and while large-scale initiatives often dominate the conversation, I believe small, consistent steps can be just as powerful.

One impactful step Asia can take is to focus on greater regional collaboration around data transparency and emissions reporting. By encouraging ports, operators, and logistics partners to share standardized emissions data and operational efficiency metrics, we can build a stronger foundation for decision-making and accelerate the shift to cleaner practices.

This doesn’t require massive investment, but rather a shared commitment to transparency and collaboration. It empowers stakeholders, especially smaller players who may not have access to advanced decarbonization technologies, to benchmark, learn, and improve incrementally. Over time, this collective effort can create a ripple effect across the region, driving behavioural change, supporting regulatory alignment, and ultimately contributing meaningfully to global sustainability goals.

At DNV, we’re supporting this through our work in digital assurance, data validation, and advisory services, helping clients in Asia take practical, data-driven steps towards a more sustainable future.

MT: How is DNV assisting the decarbonization journey of Asian shipowners?

DNV plays a pivotal role in supporting Asian shipowners on their decarbonization journey by combining deep technical expertise, independent assurance, and a strong regional presence. We understand that decarbonization is not a one-size-fits-all process—each owner has different starting points, operating profiles, and investment horizons. That’s why we take a tailored, step-by-step approach to help our clients identify the most viable pathways toward compliance and competitiveness.

We established the Centre of Excellence for Maritime Decarbonization & Smart Shipping back in 2021, to strengthen our support for regional stakeholders. With expert teams based in Singapore, Australia, and India, the Centre serves as a regional hub for strategic advisory and technical support. We assist shipowners in navigating complex regulatory frameworks—including the IMO’s carbon intensity targets, the EU ETS, and FuelEU Maritime—while assessing fleet readiness and identifying optimal decarbonization pathways. The Centre has led key studies on topics such as ammonia bunkering safety, the future of seafarers, and green coastal shipping. It also provides tailored decarbonization plans and guidance on the adoption of alternative fuels and emerging technologies. Supported by digital tools like DNV’s ‘Pathway to Zero’ and the Veracity platform, we help shipowners model fuel scenarios, evaluate technology options, and make confident, data-driven investment decisions.

DNV is also actively working on joint industry projects and pilots involving alternative fuels like ammonia, methanol, and LNG, as well as energy efficiency solutions such as wind-assisted propulsion and shore power integration. Our classification and certification services support the safe uptake of these technologies.

Finally, capacity building is key. We actively engage with regional stakeholders, including shipowners, ports, regulators, and academia through training, technical seminars, and knowledge-sharing forums to help build the ecosystem needed for a successful maritime transition to net zero.

By combining local insight with global best practices, DNV is committed to being a trusted partner in helping Asia’s maritime sector navigate the complex but necessary path toward decarbonization.

MT: Looking ahead, what is your one hope/ wish that you have for the APAC region?

My hope for the APAC region is that it continues to lead with ambition and collaboration in shaping a sustainable maritime future. Achieving decarbonization in the maritime industry requires the commitment of all stakeholders—not just shipowners and operators, but also private companies, industry experts, and policymakers. It is crucial for these groups to work together to address specific challenges such as technology development, financing models, and the regulatory framework needed to advance the sector.

With its diversity, scale, and innovation capacity, APAC has the potential to be a global catalyst for greener, safer, and smarter shipping—and DNV is committed to supporting that journey every step of the way.

Photo credit: DNV
Published: 7 July 2025