First Dual-Fuel Ammonia Oceangoing Vessel Delivered by EXMAR | carboncredit.io

EXMAR has delivered the MGC Antwerpen, the first oceangoing vessel powered by a dual-fuel ammonia engine. The 46,000 m3 midsize gas carrier can run on low-carbon ammonia, cutting greenhouse gas emissions by up to 90% compared to conventional ships. It was developed with HD Hyundai, WinGD, Nord Gas Solutions, and Lloyd's Register, and is the first of four similar vessels planned. This is a concrete step in maritime decarbonization, a sector that has struggled to find viable low-carbon fuel options. Ammonia offers a path to near-zero emissions for ocean shipping, though questions remain about fuel supply chains, engine reliability at scale, and total cost of ownership. The vessel also meets current IMO emissions targets, which is notable given the industry's slow progress. For carbon markets and climate finance, this project demonstrates that real investment in low-emission shipping technology is happening. The key metric to watch is whether operational data confirms the 90% reduction claim and whether ammonia bunkering infrastructure expands to support wider adoption.