EXMAR report 2025

2.1 Shipping 30 2.1.1.2 AMMONIA The ammonia industry operated in a challenging environment with tightening supplies in the second half of 2025. The unexpected closure of one producer’s production plant in Trinidad along with a Middle Eastern one in longer maintenance led to instability in global supply. The long-awaited start-up from 2 new ammonia plants in the US Gulf was further delayed and is only expected to be fully up and running in the course of 2026. These new plants are a welcome addition to the employment of the expected MGC orderbook. Exports from Southeast Asia to the west persisted as pricing in the West gave enough incentive. The change in administration in the US led to several potential new or renewable ammonia projects being shelved due to the elimination of governmental support. Low carbon projects in the US will mainly focus on ammonia produced with carbon capture. For renewable ammonia projects the world continues to look at India and China whose green projects are developing well. China’s RFNBO-certified ammonia facility in Chifeng started up in July and Jilin’s renewable production in August. Both bode well for Europe’s green ambitions, and we may soon see a flow of ships loading for Europe.