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

Ordering of alternative-fueled vessels is continuing to grow in 2025, despite a slowdown in the overall newbuild market, classification society DNV said Tuesday (1 July). 

According to data from DNV’s Alternative Fuels Insight (AFI) platform, new orders for alternative-fueled vessels reached 19.8 million gross tonnes (GT) in the first six months of 2025, exceeding the 2024 figure by 78%. 

This marks a significant shift in capital allocation, as shipowners increasingly prioritize future-ready assets in response to regulatory pressure, fuel availability, and long-term decarbonization goals.

A total of 151 alternative-fueled vessels were ordered in the first half of 2025, slightly behind the 179 orders placed during the first six months of 2024. Even so, the overall GT has increased markedly, showing a 78% year-on-year growth driven mainly by activity in the container segment, but with notable orders also in the bulker, tanker and RoPax segments. 

This concentration suggests that some of the industry’s most commercially exposed and operationally complex segments are now leading the charge, reinforcing the view that alternative fuels are no longer a fringe strategy, but a mainstream investment decision.

Knut Ørbeck-Nilssen, CEO Maritime at DNV, said: “We’re seeing a broader shift take hold across the industry. The energy transition is no longer driven solely by first movers, it’s now being shaped by a second wave of shipowners who are integrating alternative fuels and technologies into their core strategies.

“Even in a slower newbuild market, fuel choices are diversifying, and decarbonization is becoming embedded in everyday decision-making. We expect that fuel choices and energy efficiency investments will accelerate as the regulatory framework becomes clearer over the next 4-10 months.”

LNG was the clear fuel of choice, accounting for 87 new vessels ordered, totaling 14.2 million GT so far in 2025. The fuel remains dominant in the container segment, with 13.6 million GT (81 vessels). Methanol has also shown strong momentum, with 4.6 million GT (40 vessels) ordered across the container, RoPax, tanker, offshore, and car carrier segments. 

Ammonia and hydrogen, while still niche, continue to register activity, suggesting early-stage confidence in their long-term potential. Three ammonia-fueled were added to the orderbook, primarily in the tanker and general cargo segments (37.000 GT total). Hydrogen made a return with four vessels (114.000 GT) currently on order.

Jason Stefanatos, Global Decarbonization Director at DNV, added: “The data reflects a sector that is actively recalibrating. We’re not seeing a slowdown in ambition, but rather a more measured approach to investment—one that balances optionality, compliance readiness, and long-term fuel strategy. 

“As shipowners weigh compliance strategies, the upcoming fuel intensity rules, which form part of the IMO’s Net-Zero Framework, are expected to accelerate this shift. We’re watching closely to see how this will be reflected in future ordering behavior, particularly as fuel availability and infrastructure evolve, and we get further regulatory clarity when IMO’s lifecycle assessment guidelines are decided.”

Supporting infrastructure is also evolving in parallel with vessel investments. In the first half of 2025, 13 LNG bunkering vessels were ordered, compared to 62 in operation globally, with February marking the strongest month for this segment with eight orders. This growth reflects a steady alignment between alternative-fuelled vessel orders and the supporting logistics required to scale their use, particularly for LNG, where bunkering capacity is becoming a critical enabler of continued adoption.

Photo credit: DNV
Published: 2 July, 2025