Euronav, partners launch JDP for ammonia-fueled vessels

Belgium-based tanker shipping company Euronav, shipbuilder Hyundai Heavy Industries (HHI), classification societies Lloyd’s Register and DNV have sealed a joint development project (JDP) for the development of ammonia-fitted tankers.

As disclosed, the program will ensure that Euronav and its partners gain control, yet retain flexibility in constructing future specifications for a new generation of crude tankers.

Moreover, the project’s aim is to address challenging emission reduction objectives and maintain the highest safety standards.

The initial term of the project is three years, according to the company.

“Shipping is entering an era of rapid technological developments and increasing environmental efforts demanding strong stewardship,” Hugo de Stoop, CEO of Euronav, commented.

“Working with key partners toward the safe transport and commercialization of new technologies will be instrumental in delivering benefits for the wider marine industry. This partnership will accelerate the development and adoption of ammonia as one of the key solutions for the shipping sector.”

Furthermore, Euronav continues with the fleet rejuvenation program by ordering three Suezmax newbuilds from HHI. Under the contract, Euronav has also the option to buy a third VLCC newbuilding.

According to Euronav, the three Suezmaxes were contracted for a total cost of $199.2 million and will be delivered in the third quarter of 2023 and the first quarter of 2024.

If the additional option is exercised, the VLCC newbuilding would be delivered in the second quarter of 2023.

In April 2021, Euronav announced that it signed contracts for the construction of two very large crude carriers with South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI).