Crude oil tanker company Euronav has teamed up with South Korean shipbuilding giant, Hyundai Heavy Industries (HHI), and classification societies Lloyd’s Register and DNV, in a Joint Development Program (JDP) aiming to help accelerate the development of dual-fuel Ammonia (NH3) fitted VLCC and Suezmax vessels in the next three years.
The Joint Development Program brings together specialist parties to help accelerate environmentally-friendly technological advancements and understand as much and as early as possible how to operate them in a safe, reliable, and efficient way.
Shipping is entering an era of rapid technological developments and increasing environmental efforts demanding strong stewardship. 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,
…says Hugo de Stoop, CEO of Euronav.
As part of its fleet rejuvenation program, Euronav has acquired 2 Suezmaxes through resale of contracts and has entered into new contracts for the building of 3 Suezmaxes, in 2021 so far, while it has lifted the option to build a third VLCC. The timing of these newbuildings will enable all parties involved to make concrete progress towards the development of ammonia-fitted tankers.
As explained, the vessels will feature a gradual and increasing degree of readiness to be converted into dual fuel fully fitted ammonia ships at a later stage, while retaining the possibility to convert them into dual-fuel LNG vessels if it would make more commercial sense. The three Suezmaxes will be delivered in the third quarter of 2023 and the first quarter of 2024. Delivery for the lifted option VLCC would have been the second quarter of 2023.
