Peninsula and Itochu Establish Ammonia Bunkering Joint Venture in Europe
Peninsula and Itochu Corporation have formed I&P Marine Ammonia Ltd. to develop ammonia bunkering infrastructure in Europe. This initiative aims to enhance the supply chain for ammonia as a marine fuel amid the industry's push for decarbonization.
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I&P Marine Ammonia Ltd. (IPMA) has been established by Peninsula and Itochu Corporation to advance ammonia bunkering systems in European regions. The joint venture will prioritize key ports in Europe and the Mediterranean, building on a 2023 memorandum of understanding.
The European Commission approved the venture in May. Peninsula's extensive bunkering network, covering over 500 ports, will be integrated with Itochu's fuel production expertise. This initiative is expected to facilitate the development of a reliable ammonia supply chain, critical for decarbonizing maritime operations. The introduction of ammonia as a marine fuel is gaining traction, with the first ammonia-capable vessel already operational.
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