Fortescue and CMB.TECH sign agreement for ammonia-powered ore carrier

14 Apr 2025 06:00 CEST

ANTWERP, Belgium, 14 April 2025, 06:00 a.m. CET – CMB.TECH NV (NYSE: CMBT &
Euronext: CMBT) (“CMB.TECH” or the “Company”) has signed an agreement with
Fortescue to charter a new ammonia-powered vessel.  This emphasises the
commitment of both companies to decarbonise the shipping industry. This
210,000-dwt ammonia-powered Newcastlemax will feature a dual fuel engine and is
expected to be delivered by the end of 2026.

Fortescue and Bocimar, part of CMB.TECH, have signed an agreement for an
ammonia-powered Newcastlemax featuring a dual fuel engine. The 210,000 dwt
vessel is part of CMB.TECH’s series of large dry bulk carriers currently on
order at Qingdao Beihai Shipyard and is expected to be delivered to Fortescue by
the end of next year. It will play a vital role taking iron ore from the Pilbara
to customers in China and around the world. 

While Fortescue is committed to eliminating Scope 1 and 2 emissions from its
Australian iron ore operations by 2030, its target of Net Zero Scope 3 emissions
by 2040 reflects the challenge of eliminating emissions from the shipping of its
products to customers and from steelmaking.  

Fortescue has taken a global leadership position by advocating for the early
adoption of zero emission fuels such as green ammonia, widely accepted as the
long-term solution, and the bypassing of transitional fuels such as biofuels and
LNG. 

The Fortescue Green Pioneer, the world's first dual-fuel ammonia-powered vessel,
has been in London since early March and will soon embark on a tour of global
ports to bring attention to the need for a hastened transition to zero emissions
fuels. 

Fortescue Metals CEO Dino Otranto said:

“Our landmark agreement with Bocimar sends a clear signal to the market – now is
the time for shipowners to invest in green ammonia-powered ships. The days of
ships operating on dirty bunker fuel, which is responsible for 3 per cent of
global carbon emissions, are numbered. We continue to implore shipping
regulators to show the character and leadership that is necessary to ensure this
happens sooner rather than later. Our agreement with Bocimar is just the
beginning. Through the Fortescue Green Pioneer we have demonstrated that the
technology to decarbonise shipping exists now. We will continue to work with
like-minded companies like Bocimar to transition our fleet to low and
zero-emissions vessels and help accelerate the widespread adoption of green
ammonia as a marine fuel.” 

Alexander Saverys, CEO of CMB.TECH said:

"Fortescue and Bocimar have been close partners for more than 20 years. We share
the same values and are both passionate about decarbonising the maritime
industry. Based on our common belief that green ammonia is the fuel of the
future, we were able to conclude this important agreement on the road to zero
emission shipping. This is the beginning of an exciting journey to build more
ammonia-powered ships that will stimulate more green ammonia production
projects. We need to decarbonise today to navigate tomorrow."

About CMB.TECH

CMB.TECH (all capitals) is a diversified and future-proof maritime group. We own
and operate more than 160 seagoing vessels: crude oil tankers, dry bulk vessels,
container ships, chemical tankers, offshore wind vessels, tugboats and ferries.
We also offer hydrogen and ammonia fuel to customers, through own production or
third-party producers.

The company is headquartered in Antwerp, Belgium, and has offices across Europe,
Asia and Africa.

CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol
CMBT.

More information can be found at https://cmb.tech

About Fortescue

Fortescue is the technology, energy and metals group accelerating the commercial
decarbonisation of industry, rapidly, profitably and globally. The metals
business comprises iron ore operations in the Pilbara, Western Australia as well
as a pipeline of exploration projects globally in Africa, Latin America and
Australia. By 2030, they aim to have their Australian iron ore operations
running on green energy, achieving Real Zero Scope 1 and 2 terrestrial
emissions. Their Energy business is building a global portfolio of renewable
green hydrogen and green ammonia projects and developing green technology
solutions. As their business develops globally, their commitment to building
thriving communities expands withthem. Delivering positive social and economic
change through training, employment and business development opportunities is a
key focus.

fortescue.com

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbour protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions and
other statements, which are other than statements of historical facts. The
Company desires to take advantage of the safe harbour provisions of the Private
Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbour legislation. The words "believe",
"anticipate", "intends", "estimate", "forecast", "project", "plan", "potential",
"may", "should", "expect", "pending" and similar expressions identify
forward-looking statements.

The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or accomplish
these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include the failure of counterparties to fully
perform their contracts with us, the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates and vessel
values, changes in demand for tanker vessel capacity, changes in our operating
expenses, including bunker prices, dry-docking and insurance costs, the market
for our vessels, availability of financing and refinancing, charter counterparty
performance, ability to obtain financing and comply with covenants in such
financing arrangements, changes in governmental rules and regulations or actions
taken by regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events, vessels
breakdowns and instances of off-hires and other  factors. Please see our filings
with the United States Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.

Contact

CMB.TECH
Katrien Hennin
Head of Marketing and Communications CMB.TECH
+32 499 39 34 70
katrien.hennin@cmb.tech

Joris Daman
Head of Investor Relations
Tel: +32 498 61 71 11
joris.daman@cmb.tech

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643694_Press Release_CMBT_Fortescue.pdf