The transition towards decarbonisation is already taking shape

January highlighted tangible progress behind ammonia as a future marine fuel, with developments increasingly focused on execution rather than concept validation. Norway remains a clear frontrunner, with ENOVA-backed funding supporting ammonia bunkering infrastructure and ammonia-fuelled vessels in parallel. This coordinated approach, aligning fuel availability with vessel demand, reduces first-mover risk and signals that ammonia is being positioned as a scalable solution rather than a niche alternative.

Commercial supply chains take shape
Momentum is also building on the fuel side. A collaboration between industry leaders CF Industries, Trafigura and TFG Marine aims to facilitate the adoption of ammonia as a marine fuel by linking production, trading, logistics and bunkering capabilities. While near-term volumes remain limited, the involvement of established producers and fuel suppliers represents an important step toward integrating ammonia into existing maritime fuel systems and supporting early commercial deployment.

Capital, regulation and shipbuilding increasingly converge
At a macro level, global investment in the energy transition reached a record USD 2.3 trillion in 2025, underscoring that decarbonisation momentum remains intact despite uneven policy support, including a more cautious stance from the United States. During the month, Denmark and China also signed a new cooperation agreement on green shipbuilding and maritime technologies under the International Maritime Organization framework. Danish business minister Morten Bødskov noted that the agreement “puts further action behind our words” and sends a clear signal that the green transition of shipping is being actively implemented. With China accounting for more than half of global newbuilding orders, the agreement highlights how decarbonisation objectives are increasingly being embedded directly into the shipbuilding pipeline.

Ammonia emerges as a core pathway in shipping’s decarbonisation
Developments during the month indicate that ammonia is moving decisively from ambition into execution. Policy support, infrastructure investment, fuel supply partnerships and capital allocation are beginning to align in ways that point to real-world deployment rather than distant optionality. For shipping, this signals that the transition toward ammonia is already taking shape. Ammonia is now firmly embedded in shipping’s decarbonisation pathway, with momentum evident across policy, infrastructure and capital investment.