EXMAR report 2025

Innovations 37 Zoom-in on first dual fuel ammonia ships The world’s first oceangoing ammonia dual-fuel gas carriers are scheduled to be delivered by EXMAR in 2026. The project was initiated in 2021, following the successful granting of an Approval in Principle by Lloyd’s Register. Since then, extensive development work has been carried out in close cooperation with key partners to design a gas carrier that is not only technically operable, but above all meets the highest safety standards when using ammonia as fuel. The successful progression of this complex project builds on EXMAR’s more than 40 years of experience in the safe transportation of ammonia as cargo. Throughout the design phase, all potential safety risks were systematically identified, assessed, and mitigated through comprehensive studies and engineering solutions. EXMAR has actively contributed to regulatory developments, supporting the acceptance of ammonia as a marine fuel for gas carriers and the establishment of relevant guidelines. This design and engineering work has been translated into the physical construction of the ammonia fuel supply system and the ammonia dual-fuel engine concept. The engine concept has undergone extensive testing, including single- cylinder tests in Switzerland and large-scale testing in Korea on the engines intended for installation on the vessels. Single-cylinder tests confirmed higher efficiency in ammonia mode compared to diesel operation, with a 5% pilot injection at full load resulting in very low ammonia slip and negligible N₂O emissions. Following the successful testing and installation of the first two full-scale engines, further optimization opportunities were identified and have been addressed during the third engine test, while performance and emissions have been confirmed across the full load range, including on the 6X52DF-A engine. The first two vessels are undergoing targeted upgrades and retrofits incorporating the validated design improvements to ensure safe and successful sea trials. As a result of this phased and thorough development approach, the delivery of the first vessel has been rescheduled from 1Q2026 to 2Q2026. The use of ammonia as a marine fuel enables a reduction of up to 90% in CO₂-equivalent emissions during vessel operation. In addition to its clear environmental benefits, this significantly lowers exposure to emission-related costs, including EU ETS allowances and Fuel EU Maritime penalties on voyages to Europe. The adoption of ammonia as a low-carbon fuel is also expected to mitigate future compliance costs under emerging regulatory frameworks, such as the IMO Net Zero regime currently under development. This creates tangible value for charterers by reducing the risk of emission- based penalties and associated operating costs. Furthermore, the use of low-carbon fuel improves the overall cargo carbon intensity, enhancing the environmental performance of ammonia transported by sea. NEWBUILDING MANAGEMENT Having 14 vessels on order at 3 different shipyards is one of the largest newbuilding programs at EXMAR for a long time. At HMD, Ulsan, South Korea we have a dedicated team of 9 people following the construction of 4 Midsize gas carriers. At CIMC-SOE, Qidong, China we employ a strong team of 12 people following the construction of the remaining 3 MGCs and 2 LNG Bunker vessels (that will be owned by a third party and operated by EXMAR). By 3Q2026 the site team at DHSC, Mokpo, South Korea will start activities to oversee the construction of the 4 Suezmax tankers. Performing site supervision at large international shipyards is a wonderful job. While the day-to-day work might be very intensive and repeatable work, when zooming out you can see how a large pile of steel plates is being cut, formed, welded into a large seagoing vessel. The team approaches every project with the meticulous care of a master builder, demonstrating a profound sense of personal ownership and a tireless commitment to surpassing previous benchmarks. 2.1 SHIPPING