Peninsula and ITOCHU Corporation have established I&P Marine Ammonia Ltd. (IPMA), a joint venture aimed at developing the supply of ammonia as marine fuel in strategic ports of Europe and the Mediterranean. The initiative seeks to accelerate the implementation of this zero-carbon emission fuel as an alternative for the decarbonization of maritime transport.
The creation of IPMA continues the memorandum of understanding signed by both companies in September 2023, through which they agreed to collaborate in the development of infrastructure and supply chains for ammonia for the bunkering sector.
The new company will initially focus its activity on the main European and Mediterranean ports, considered key hubs for international maritime trade and for the large-scale implementation of alternative fuels. The goal is to facilitate the development of an operational supply chain that can meet shipping companies' future demand for ammonia.
The two companies believe that ammonia is among the main options for zero-carbon marine fuels to meet the regulatory and environmental demands facing the sector. In this context, the establishment of IPMA represents a step toward the commercialization of this energy alternative for maritime transport.
The collaboration will combine Peninsula's experience in marine fuel supply, with presence in more than 500 ports of the world's main bunkering centers, and ITOCHU's capacity to develop projects related to fuel production and supply chain management.
According to the companies, this combination will allow for the integration of the necessary production and infrastructure with the commercial and operational expertise required to safely supply ammonia as marine fuel at a commercial scale.
The creation of IPMA is part of Peninsula's strategy to develop a multi-energy offering for the maritime sector. The company already operates in the supply of liquefied natural gas (LNG), BioLNG, biofuels, and is also working on solutions based on methanol and ammonia to meet the various decarbonization needs of its clients.
With this new company, Peninsula maintains its investment strategy in infrastructure, vessels, and industrial alliances aimed at facilitating the energy transition of maritime transport through solutions tailored to evolving demand and the international regulatory framework.
IPMA is born with the purpose of accelerating the implementation of ammonia as marine fuel in Europe through the development of a supply ecosystem that facilitates its availability in strategic ports and contributes to the evolution of next-generation fuels in the maritime sector.