Fortescue and CMB.TECH sign agreement for ammonia-powered ore carrier
Antwerp, April 14, 2025 (GLOBE NEWSWIRE) -- CMB.TECH NV (NYSE: CMBT & Euronext: CMBT) ('CMB.TECH' or the 'Company') has signed an agreement with Fortescue to charter a new ammonia-powered vessel. This emphasises the commitment of both companies to decarbonise the shipping industry. This 210,000-dwt ammonia-powered Newcastlemax will feature a dual fuel engine and is expected to be delivered by the end of 2026.
Fortescue and Bocimar, part of CMB.TECH, have signed an agreement for an ammonia-powered Newcastlemax featuring a dual fuel engine. The 210,000-dwt vessel is part of CMB.TECH's series of large dry bulk carriers currently on order at Qingdao Beihai Shipyard and is expected to be delivered to Fortescue by the end of next year. It will play a vital role taking iron ore from the Pilbara to customers in China and around the world. While Fortescue is committed to eliminating Scope 1 and 2 emissions from its Australian iron ore operations by 2030, its target of Net Zero Scope 3 emissions by 2040 reflects the challenge of eliminating emissions from the shipping of its products to customers and from steelmaking.
Fortescue has taken a global leadership position by advocating for the early adoption of zero emission fuels such as green ammonia, widely accepted as the long-term solution, and the bypassing of transitional fuels such as biofuels and LNG.
The Fortescue Green Pioneer, the world's first dual-fuel ammonia-powered vessel, has been in London since early March and will soon embark on a tour of global ports to bring attention to the need for a hastened transition to zero emissions fuels.
Fortescue Metals CEO Dino Otranto said:
'Our landmark agreement with Bocimar sends a clear signal to the market – now is the time for shipowners to invest in green ammonia-powered ships. The days of ships operating on dirty bunker fuel, which is responsible for 3 per cent of global carbon emissions, are numbered. We continue to implore shipping regulators to show the character and leadership that is necessary to ensure this happens sooner rather than later. Our agreement with Bocimar is just the beginning. Through the Fortescue Green Pioneer we have demonstrated that the technology to decarbonise shipping exists now. We will continue to work with like-minded companies like Bocimar to transition our fleet to low and zero-emissions vessels and help accelerate the widespread adoption of green ammonia as a marine fuel.'
Alexander Saverys, CEO of CMB.TECH said:
"Fortescue and Bocimar have been close partners for more than 20 years. We share the same values and are both passionate about decarbonising the maritime industry. Based on our common belief that green ammonia is the fuel of the future, we were able to conclude this important agreement on the road to zero emission shipping. This is the beginning of an exciting journey to build more ammonia-powered ships that will stimulate more green ammonia production projects. We need to decarbonise today to navigate tomorrow."
Announcement first quarter 2025 results – 14 May 2025
About CMB.TECH
CMB.TECH is a diversified and future-proof maritime group. We own and operate more than 150 seagoing vessels: crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels & workboats. We also offer hydrogen and ammonia fuel to customers, through own production or third-party producers.
The company is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa.
CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol CMBT.
More information can be found at https://cmb.tech
About Fortescue
Fortescue is the technology, energy and metals group accelerating the commercial decarbonisation of industry, rapidly, profitably and globally. The metals business comprises iron ore operations in the Pilbara, Western Australia as well as a pipeline of exploration projects globally in Africa, Latin America and Australia. By 2030, they aim to have their Australian iron ore operations running on green energy, achieving Real Zero Scope 1 and 2 terrestrial emissions. Their Energy business is building a global portfolio of renewable green hydrogen and green ammonia projects and developing green technology solutions. As their business develops globally, their commitment to building thriving communities expands withthem. Delivering positive social and economic change through training, employment and business development opportunities is a key focus.fortescue.com
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words 'believe', 'anticipate', 'intends', 'estimate', 'forecast', 'project', 'plan', 'potential', 'may', 'should', 'expect', 'pending' and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
Attachment
Fortescue and CMB.TECH sign agreement for ammonia-powered ore carrier
CONTACT: Katrien Hennin CMB.TECH +32 499393470 katrien.hennin@cmb.techSign in to access your portfolio
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
25 minutes ago
- Yahoo
Stargate UAE AI Deal Stalls Over U.S. Chip Rules
AI behemoth Stargate UAE has hit a roadblock because U.S. officials are still hashing out security terms for exporting advanced chips. Nvidia (NASDAQ:NVDA), Oracle (NYSE:ORCL), OpenAI, Cisco Systems (NASDAQ:CSCO), SoftBank Group (SFTBY) and UAE's G42 teamed up last month after President Trump's Middle East stop to launch what could become a 5-gigawatt AI data-center powerhouse. Warning! GuruFocus has detected 4 Warning Signs with NVDA. The first 200-megawatt chunk was supposed to go live in 2026, operated by OpenAI and Oracle, but nobody's signed off on the chip-export rules yet, so the deal remains on ice. Although G42 says the project builds on the new U.S.-UAE AI Acceleration Partnership, which aims to foster safe, responsible AI, Washington still worries about the UAE's China tiesrecalling how the UAE let Huawei (now under U.S. fire) roll out 5G during Trump's first term. OpenAI and G42 both have Microsoft (NASDAQ:MSFT) backing, but even that doesn't erase concerns that Chinese hardware or talent could leak U.S. tech to adversaries. Because of those unresolved security questionslike banning Chinese gear on site or limiting who can work therethe Commerce Department, Nvidia, OpenAI, G42, Microsoft, Oracle and SoftBank all declined to say when any approval might come. And adding drama, Elon Musk recently hinted he might torpedo the whole thing unless xAI gets a seat at the table. Investors should care because if the UAE pushes back on U.S. curbsinsisting on looser rulesthe entire Stargate plan could stall, undermining a high-profile attempt to export American AI clout. Watch for any new U.S. export guidelines and whether Abu Dhabi caves to get those cutting-edge chips; otherwise, this megaproject could sit stalled well past 2026. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26 minutes ago
- Yahoo
Trump's $14B Power Play: Japan Buys US Steel--But America Keeps the Keys
The $14.1 billion takeover of United States Steel (NYSE:X) by Japan's Nippon Steel is alive, kickingand reportedly on track to close before a key June 18 deadline. Sources close to the matter say talks with the U.S. government are moving toward the finish line, with negotiations centering around national security, governance, andof coursepolitics. The Committee on Foreign Investment in the United States (CFIUS) hasn't wrapped up its investigation just yet, but insiders say it's likely to greenlight the deal before time runs out. Markets are pricing in success: US Steel shares have hovered above $53 since late May, brushing right up against Nippon's $55-a-share offer. Warning! GuruFocus has detected 8 Warning Sign with X. But this isn't your typical cross-border M&A deal. Under the current framework being discussed, US Steel will stay headquartered in Pittsburgh, retain an American CEO, and operate under a U.S.-majority boardwith some positions needing government signoff. Trump, who's taken a victory lap on the campaign trail, says his push added a $5,000 worker bonus and locked in $9.2 billion in future steel investments. He's also promised no layoffs, no outsourcing, and full blast furnace capacity for a decade. Whether all of that makes it into the final signed documents remains to be seenbut the direction is clear: Japanese capital, American command. There's still a court case technically underway, stemming from the Biden administration's earlier attempt to block the deal. The Justice Department just asked for an eight-day extension to keep negotiatinganother signal that both sides are close. And if this closes? Nippon Steel won't just own a symbol of American industry. It'll own a politically engineered hybridwith a Japanese parent and a very American playbook. This article first appeared on GuruFocus.
Yahoo
30 minutes ago
- Yahoo
Spain's $5B Telecom Breakup? Telefonica and Masorange Plot Bold Move on Vodafone
Telefonica (NYSE:TEF) and Masorange have kicked off informal discussions about a potential deal for Vodafone Spain, according to people familiar with the matter. While nothing is on paper yet, insiders say one idea being explored involves splitting up Vodafone Spain's fixed-line and mobile or enterprise operationspossibly to dodge antitrust objections. Masorange could also take over the Lowi brand, Vodafone's low-cost unit. The backdrop? Pressure is mounting in Spain's crowded telecom market, and consolidation is starting to look like the only way out. Warning! GuruFocus has detected 9 Warning Signs with TEF. Masorange, formed in 2024 from the 18.6 billion merger between Masmovil and Orange's local business, is now the country's biggest operator by customer base. Vodafone Spain, meanwhile, was acquired by Zegona for 5 billion last year but has continued to strugglepartly due to an aging fiber-optic network. It's already working with Masorange on a fiber venture, but a broader breakup-and-buyout could redraw Spain's telecom map. Telefonica still dominates business services, but Chairman Marc Murtra has made it clear: Europe's telecom players need to bulk up or risk getting left behind. But even if the strategic logic lines up, execution won't be easy. Telefonica's credit rating is hanging at the edge of investment-grade, leaving little room for risky moves. Murtra has said he won't jeopardize that rating, though some sources say creative funding structures might still be possible. A throwback to the 2020 Brazil playbookwhere Telefonica and two rivals jointly carved up Oi SAcould help navigate regulatory obstacles. For now, there's no formal proposal, but if talks progress, this could become one of the boldest moves in European telecom in years. This article first appeared on GuruFocus. Sign in to access your portfolio
