World's First Ammonia-Fueled Ammonia Carrier (AFMGC) Signed a Time Charter Contract

(Yara Clean Ammonia) A major contribution to the establishment of an ammonia supply chain -- Yara Clean Ammonia Switzerland SA (hereinafter "Yara Clean Ammonia"), a group company of Yara International ASA (hereinafter "Yara"), one of the world's largest ammonia players, and Nippon Yusen Kabushiki Kaisha (hereinafter "NYK") have signed an agreement to time-charter to Yara Clean Ammonia an ammonia-fueled medium gas carrier (AFMGC), which NYK is developing and plans to deliver and own in November 2026.

Yara Clean Ammonia and NYK Line have concluded a time charter contract for the AFMGC, based on their joint study toward the practical application of an ammonia-fueled ammonia carrier, which has been ongoing since 2021. Of the Medium Gas Carriers, which are currently the main vessel type used in the international marine transport of ammonia, this is the world's first time charter contract has been concluded for an AFMGC that also uses ammonia as fuel.

In addition to contributing to a significant reduction in GHG emissions from marine transport through the use of AFMGC, this is a milestone that will play an important role in building an ammonia supply chain, providing a cleaner means of transporting clean ammonia, which is also attracting attention for power generation applications, and creating demand for ammonia as marine fuel.

Yara Clean Ammonia Senior Vice President Murali Srinivasan: "
This exciting collaboration with NYK will not only help us meet future regulations on CO2 emissions from ocean-going ships, but also enable us to provide clean ammonia that meets carbon intensity regulations throughout the entire supply chain.

Yara Clean Ammonia Vice President Csaba Laszlo: "
We are pleased to have signed this time charter contract, which will significantly reduce CO2 emissions from the ship and the carbon intensity value of the final product. We will continue to work with NYK to ensure the successful operation of the next-generation ship.

NYK Line Managing Executive Officer Hiroyuki Watanabe
In November 2023, we announced the NYK Decarbonization Story, setting a goal of achieving net-zero GHG emissions by 2050. We believe that the use of alternative fuels is essential to achieving this goal, and have focused particularly on ammonia and promoted the development of ammonia-fueled ships. We are very pleased that the AFMGC developed by our partner company has been highly evaluated as a next-generation fuel ship by Yara Clean Ammonia, one of the world's largest ammonia players, and that we have been able to enter into a time charter contract. Together with our reliable partner Yara, we will continue to work on building an ammonia supply chain from various aspects, not just the marine transportation of ammonia.

Type of vessel: 40,000m3 ammonia fuel ammonia carrier
Delivery date: November 2026
Length: 180m
Width: 32m
Depth: 18.45m
Ship registry: Japan

Yara Clean Ammonia
Yara Clean Ammonia, a Yara Group company, is the world's largest ammonia player, developing the green and blue ammonia value chain to establish a hydrogen economy in a market that is expected to grow significantly in the coming decades, and is driving the global development of clean ammonia.

Specifically, we are working to create and expand demand for clean ammonia, including low-carbon emission fuel for shipping and power, low-carbon food production and industrial applications, by leveraging our leading experience in ammonia production, logistics and trade.

Yara Clean Ammonia has the world's largest ammonia network with 15 vessels, and through Yara, we have access to 18 ammonia terminals and multiple ammonia production and consumption sites around the world. The company's 2024 operating profit is US$1.8 billion and EBITDA is US$117 million, and it is headquartered in Oslo, Norway. READ MORE