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Company obtains financing for ammonia-powered ships

Published: March 8, 2024

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Höegh Autoliners ASA has received nearly $14 million in financing from Enova for ammonia-powered vessels.

The company has a total of 12 Aurora Class vessels under construction, designed to transport roll-on/roll-off cargo such as automobiles, agricultural machinery and mining equipment, as well as general cargo requiring transportation.

About the new ammonia-powered ships

These 12 vessels are reportedly equipped with engines running on liquefied natural gas (LNG) and low-sulfur oil and have DNV ammonia-ready certification. To enable the use of ammonia as fuel To enable the use of ammonia as fuel, it is necessary to install an ammonia engine and an additional tank to ensure sufficient range.

Höegh Autoliners has therefore applied for Enova financing for two of its 12 confirmed vessels, with the aim of mitigating the additional cost involved in this solution compared to a vessel that would only be ammonia-ready.

The company intends to use mostly carbon-neutral ammonia as fuel from the start of ship service. It is anticipated that it could take some time before ammonia availability and price reach satisfactory levels, with a gradual increase expected from 2027 onwards.

To each of the two planned ammonia ships from Höegh Autoliners has been awarded nearly $7 million, totaling nearly $14 million.

Andreas Enger, CEO of Höegh Autoliners, stressed the importance of shipping companies sending a clear signal to the rest of the value chain about the near-term viability of the technology and the future demand for carbon-neutral fuel. He highlighted that almost all of Höegh Autoliners’ vessels sail under the Norwegian flag and have significant Norwegian input from the national cluster.

The investment in ammonia-powered vessels reflects a significant commitment to sustainability and innovation in the maritime sector. This initiative demonstrates Höegh Autoliners’ leadership in the adoption of clean fuels and sets a precedent for energy transition in the shipping industry, leading the way to a greener and more sustainable future.

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Source and photo: safety4sea.com