Overview

The ammonia market is undergoing a period of rapid and dramatic change. Conventional or ‘grey’ ammonia is traditionally produced almost exclusively for its nitrogen content. However, the urgent need to decarbonise the global economy and meet ambitious zero-carbon goals has opened up exciting new opportunities.

Ammonia has the potential to be the most cost-effective and practical ‘zero-carbon’ energy carrier in the form of hydrogen to the energy and fuels sectors. This has led to rapid growth of interest in clean ammonia and a flurry of new ‘green’ and ‘blue’ ammonia projects.

Argus has many decades of experience covering the ammonia market.  We incorporate our multi-commodity market expertise in energy, marine fuels, the transition to net zero and hydrogen to provide existing market participants and new entrants with the full market narrative.

Our industry-leading price assessments, powerful data, vital analysis and robust outlooks will support you through:

  • Ammonia price assessments (daily and weekly), some of which are basis for Argus ammonia futures contracts, Ammonia forward curve data and clean ammonia cost assessments and modelled weekly prices
  • Short and medium to long-term forecasting, modelling and analysis of conventional and clean ammonia prices, supply, demand, trade and projects
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Latest ammonia news

Browse the latest market moving news on the global ammonia industry.

Latest ammonia news
25/02/25

Japan's Class NK approves ammonia-fuelled bunker ship

Japan's Class NK approves ammonia-fuelled bunker ship

Tokyo, 25 February (Argus) — A consortium has received an approval in principle (AiP) for its ammonia-fuelled ammonia bunkering ship from Japanese classification society Class NK. The consortium — including NYK, Singaporean vessel engineering company Seatrium and other undisclosed firms — obtained the AiP on 18 February, NYK Line said on 25 February. The AiP proved the ship design meets Class NK's safety, technical, and environmental standards. This marks another step towards implementing ammonia-fuelled vessels. Ammonia's safety risks, including its toxicity, as well as the danger of leaks from piping and tanks are major issues in designing the ship. The consortium aims to commission the ship by the latter half of 2020s and to operate at the ports in Singapore. The ship will also be assessed by the Maritime and Port Authority of Singapore. NYK Line and its partners have not decided where to build the ship. NYK Line declined to disclose ammonia bunkering capacity of the vessel. Japan's shipping industry is developing alternative fuels to achieve decarbonisation, and ammonia is one of the key potential bunker fuel. NYK Line and its other partners — domestic shipbuilder Nihon Shipyard, engine developer Japan Engine and IHI Power System — also secured an AiP for their 40,000m³ ammonia-fuelled medium gas carrier in 2024. The ammonia carrier will be built at domestic shipbuilder Japan Marine United's Ariake shipyard in south Japan's Kumamoto prefecture, which is targeting commissioning in 2026. By Nanami Oki Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Latest ammonia news

Australia’s Woodside sees robust demand for LNG


25/02/25
Latest ammonia news
25/02/25

Australia’s Woodside sees robust demand for LNG

Sydney, 25 February (Argus) — Australian independent Woodside Energy sees LNG demand exceeding supply into the 2030s as project delays lead timelines for nearly 30mn t/yr of new capacity to slip into the next decade, chief executive Meg O'Neill said after releasing the firm's 2024 annual results today. Headwinds affecting some projects and "ongoing, robust demand" within Asia-Pacific will prevent any LNG supply glut, despite easing regulatory hurdles under the Trump administration, O'Neill told investors. Such headwinds could also impact Woodside. The company's 14.4mn t/yr North West Shelf (NWS) terminal is still waiting for federal consent to continue operations past 2030, after passing state government scrutiny last year following six years of assessments. And the planned 11.4mn t/yr Browse project hinges on NWS approvals being granted, with Woodside preferring a decision is made before Australia's elections in May, in which Green and other climate-conscious MPs may win a balance of power. O'Neill said the fully-priced engineering, procurement and construction contract with engineering firm Bechtel for the initial stage of its Louisiana LNG project was "differentiating" with other nearby proposed terminals requiring re-pricing, as Woodside aims to sell down 50pc of the terminal. Woodside will not take a final investment decision (FID) on Louisiana unless it is confident it has partners signed up or extremely close, O'Neill said, referencing the sale of 49pc of Pluto train 2 at FID before it later offloaded part of the Scarborough gas field that will supply the project. "I think there's potential for us to have the whole 50pc [target] sold-down by FID," O'Neill said, adding that "deep negotiations" were underway as the project aims for FID-readiness by 31 March. Woodside said it will cut expenditure on exploration and its New Energy division by $150mn to focus on producing assets. Exploration outlay was $342mn in 2024 and is guided at $200mn for 2025, while the savings from New Energy will mainly come from pausing its 60 t/d H2OK project in the US . In New Energy, Woodside will prioritise its 83pc complete, 1.1mn t/yr US Beaumont ammonia project ahead of first output in July-December and first low-carbon or blue ammonia using carbon capture and storage in the second half of 2026. Cost of production for phase 1 will be $260-$300/t, based on assumed costs after start-up from 2027-29 at 96pc uptime, a fixed/variable split of 70/30pc, a range of Henry hub gas pricing and the 45Q tax credit that grants $85/t of CO2 stored. Woodside made a profit of $3.57bn in 2024, up from $1.66bn for 2023 but below 2022's record of $6.5bn. It posted lower realised oil and gas prices of $63.6/bl of oil equivalent (boe) in 2024 from $68.6/boe in 2023, despite its output rising to 530,000 boe/d. The firm kept its 2025 guidance unchanged at 186mn-196mn boe (510,000-537,000 boe/d). Forecast capital expenditure of $4.5bn-5bn is focused on its 80pc complete Scarborough and 20pc complete Trion projects. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Latest ammonia news

Yara, NYK Line sign time charter for NH3-fuelled MGC


10/02/25
Latest ammonia news
10/02/25

Yara, NYK Line sign time charter for NH3-fuelled MGC

London, 10 February (Argus) — Norwegian fertilizer producer Yara's low-carbon arm, Yara Clean Ammonia, has signed a time-charter contract with Japanese shipowner NYK Line for an ammonia-fuelled medium gas carrier (AFMGC) for delivery in 2026. The 40,000m ³ AFMGC will deliver to Yara in November 2026. The vessel is being built by Nihon Shipyard in Japan. The period for the time charter and rate have not been disclosed. The two firms have been collaborating on a joint study evaluating the viability of an ammonia fuelled gas carrier since 2021 . The vessel's main engine will be a dual fuelled two-stroke engine developed by Japan Engine Corporation. An auxiliary four-stroke engine produced by Japan's IHI Power Systems will also have an ammonia dual-fuel capability. Ammonia dual-fuel engines co-fire ammonia with fuel oil, meaning a high ammonia co-firing rate is required to achieve a high greenhouse gas (GHG) emission reduction. The AFMGC could achieve a GHG reduction of 80pc or more, according to NYK Line. This would also be contingent on the emissions profile of the ammonia used. The AFMGC will help Yara comply with emission regulations for sea going-vessels, as well as reducing overall well-to-wake emissions of Yara's shipped products. Yara already operates the world's largest ammonia network, with an existing fleet of 15 ships. The European Union's FuelEU maritime legislation came into force from 1 January 2025, requiring ship operators traveling in, out or within EU territorial waters to reduce their GHG emissions by 2pc on a lifecycle basis this year. The reduction jumps to 6pc from 2030, incrementally increasing to 80pc by 2050. Ship operators must also surrender EU emissions trading system allowances (EUAs) to cover 70pc of emissions this year, up from 40pc in 2024. In 2026, that rises to 100pc. Between 1 January 2025 and 31 December 2034, every tonne of renewable fuel of non-biological origin will count twice towards GHG emission reduction targets. And after 2034 a 2pc mandate for hydrogen derivatives alternative fuel use kicks in. This means Yara could benefit from the multiplier if it runs the AFMGC on renewable ammonia. And the pooling mechanism of FuelEU maritime would allow any additional GHG emission reductions which are above the required threshold to be spread amongst the rest of Yara's fleet. Yara has its own renewable ammonia production at its Porsgrunn plant which is currently used in low-carbon nitrate fertilizer production. But the company has also signed several offtake agreements for third-party renewable ammonia procurement, including with India's Acme and Norway's Scatec . The International Maritime organisation approved interim guidelines for the safe use of ammonia as a marine fuel in December 2025, but its use as a fuel remains prohibited under the International Code for Construction and Equipment of Ships Carrying Liquified Gases in Bulk (IGC Code). The prohibition of ammonia as a marine fuel is expected to be removed in September 2025 , but bunkering infrastructure for ammonia remains nascent for now. By Lizzy Lancaster Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Latest ammonia news

Q&A: Norway’s Scatec targets rare H2 demand ‘pockets’


04/02/25
Latest ammonia news
04/02/25

Q&A: Norway’s Scatec targets rare H2 demand ‘pockets’

London, 4 February (Argus) — Norwegian renewables developer Scatec is pursuing opportunities in hydrogen production, particularly in the Middle East. The firm in 2023 quit a joint venture in Oman, but is progressing in Egypt and has secured an offtaker in Germany's state-backed H2Global auction initiative. Chief executive Terje Pilskog shared his views on the state of the hydrogen industry in the Middle East and the company's approach to near-term challenges. Edited highlights follow: Has the outlook for renewable hydrogen shifted in the past 12-18 months? There is more realism about the industry's growth rate, but the fundamentals haven't changed — green hydrogen is still important for decarbonising several industries. But clearly the pace is slower than expected and we must recognise there was some hype. In the end, securing offtake drives projects forward. Demand is moving significantly slower than what was assumed a couple of years ago. Delivery time for the first H2Global project is late 2027, and for larger projects towards 2030 is more realistic. Why did Scatec exit Oman, which others consider the place to be? Oman has the key requirements for producing green hydrogen and ammonia competitively, and its government has enabled development. But not much can happen, as most companies won't take final investment decisions (FIDs) without offtake deals. There's a lot of support from the authorities, but massive greenfield projects are complicated, with infrastructure for hydrogen, ammonia and shipping needed. When we pulled out of the project we were involved in, it was because we didn't see the demand coming. And we didn't feel comfortable with the timelines relative to when we expected to see demand coming in. Why did Scatec advance its project in Egypt? We've been in Egypt a long time and we are familiar with the country and the regulation. Egypt has mostly the same fundamentals as Oman, like available land and great renewable resources — even better wind conditions. Egypt is nicely located if green ammonia is used as marine fuel and because it is near Europe as an offtaker. The good thing about Egypt is its existing ammonia industry, with 3-4 large facilities. Our logic was that — because demand was coming slowly — in Egypt we could build incrementally at a scale that is possible to secure offtake. And the required investment would be lower because the ammonia export facility already has storage and port infrastructure. To be completely greenfield, you must target 700,000-1mn t/yr of green ammonia to be cost-competitive. Our joint project with Fertiglobe is for 70,000-75,000 t/yr — relatively small compared with the volumes people have talked about, but still of a size where it's possible to get offtake. The project secured an award from the H2Global tender last year, so now we are completing the FEED and financing, and we plan to reach FID in the first half of 2025. The capital costs are $0.5bn — not as much as everybody dreamed, but still sizeable. We are building 300MW of renewables and 100MW of electrolysis, so it's still going to be among the largest projects in 2027-28. What are Scatec's priorities over the next 12-24 months? We are developing a similar project at Damietta on the north coast of Egypt with Mopco and Echem that is 2-2.5 times larger. We have signed heads of terms with Yara and we aim to conclude the deal over the next 6-12 months so the project can move forward. We have focused very narrowly over the past two years to ensure these two projects succeed. We have been asked by countries to start development. It's the usual suspects, especially in north Africa. You have fundamentals for green hydrogen in Morocco, in Tunisia — countries that we know. Those are candidates. But my perspective is that the train, on a global basis, is not leaving the station. If we get to the FID stage on the first two projects, with the competence we are building we're going to have other opportunities. That does not mean that we wait until 2027 to do anything else, but it's clear what our first, second and third priorities are at this time. Do you like the land allocation model of countries such as Oman and Morocco? Each country has its own approach. From a developer's point of view, auctioning land is a bit challenging, as it adds costs, especially if you pay up-front. You might take two years before FID and a lot can happen in two years, so it's challenging to take on that exposure up-front. But it sets a certain standard in terms of who can participate, and if you want to attract the big guys, those are the ones that have the capability to go for that kind of opportunity. These are big projects, so it's important to screen a bit. But from my point of view, the key thing is creating the optimal framework for projects in your country. That's about making sure infrastructure is in place, things move quickly and projects are cost-competitive. It is a competition, as everybody in this region wants to become a green hydrogen hub. What H2 infrastructure should the Middle East region prioritise? Port facilities — storage and loading. It can be bunkering facilities, if you believe it could be a significant fuel for the marine industry. Enabling production near ports is important. The other factor is electricity infrastructure. Our project in Egypt needs grid availability, but others operate in ‘island mode'. Many countries in the region need more renewable energy, and you can end up with hydrogen facilities competing with other initiatives. So thinking through how to provide stable renewable electricity is important. Investors need plans to be clear, predictable and actually implemented. Our experience in Egypt is good. The authorities are implementing structures and regulations that enable us to advance projects. What is your biggest ask from governments? What is holding back development today is not the possibility of doing projects. It's the demand side. As long as it is free to emit CO2, it will be difficult to close the gap between green and grey hydrogen. It might be wishful thinking, but a global price for emitting CO2 would be ideal. Regional CO2 pricing is helpful and creates demand in pockets. But it adds costs for that region, which — from a global competition perspective — is not good. Europe's H2Global mechanism is helpful to cover the difference. There might be other pockets, like dual-fuel engine ships that can run partly on clean fuels. Obviously, you need global regulation, as companies cannot move alone. But for end consumers, transporting a pair of sneakers on a ship that uses green ammonia adds insignificant cost. Wouldn't customers for Tesla cars want them transported to Europe in an environmentally-friendly way? And they aren't the most price-sensitive. So, while you cannot do it on a global basis, there are pockets where you can start. How could the change of US administration impact hydrogen? It's a bit difficult. President Trump will not do anything that hurts American business, and climate is far down on his list of priorities. He will support hydrogen to the extent that it benefits US companies to be at the forefront of an industry, but he will not implement specific things in the US. That puts the US hydrogen industry at a disadvantage relative to the rest of the world. He will not lead the change with the US in front. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Latest ammonia news

Study calls for e-fuels bunker subsidies, GHG tax


30/01/25
Latest ammonia news
30/01/25

Study calls for e-fuels bunker subsidies, GHG tax

New York, 30 January (Argus) — E-fuel subsidies and a greenhouse gas (GHG) emissions tax is needed for e-fuels to compete as a bunkering fuel before 2044, said a study by maritime consultancy University Maritime Advisory Services (Umas) and the UCL Energy Institute. The study found that adding a multiplier of the GHG intensity credit given to e-fuels could help to make e-fuel use financially competitive, but it would have to be set at high levels at the start. Using a multiplier of two, where one ship running on zero emissions e-fuel could generate credits to offset three other similar ships operating on conventional fossil fuels, was not able to make e-fuels more competitive before 2041. The multiplier would have to be set initially at 15 in 2030, falling to 10 by 2035, to enable the competitiveness of e-fuels, concludes the study. Additionally, levying a GHG tax or fee of $150-$300/t of CO2-equivalent would also make e-fuels more competitive. A tax of $30-$120/t CO2e is close to the aggregate level of subsidies, and would not create a sustained promotion of e-fuels. Under the current marine fuel standards, a combination of fossil fuels, including LNG, biofuels and carbon capture and storage systems would be most competitive up until 2036. After, blue ammonia dual fuel ships would be the lowest-cost solution until 2044. Ships that were more competitive from 2027-2035 would have at least 25pc higher operating cost from 2040 onwards. Thus, if ship owners order newbuild vessels to maximize short-term competitiveness, the sector is at a "major risk of technology lock-in" and will not be as cost-effective for reaching net zero by 2050. The study models a 2027-build, 14,000 twenty-foot equivalent unit container ship. The vessel sails between Asia and Latin America using different marine fuels such as bio-methanol, e-methanol, LNG, bio-LNG, e-LNG, bio-marine gasoil (MGO), e-MGO and very low-sulphur fuel oil. By Stefka Wechsler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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