NOK 298 Million on the Line as Amon Bulk Doubles Down on Ammonia Fueled Kamsarmax Vessels

Estimated reading time: 3 minutes

Amon Maritime has secured NOK 298 million in investment grants from Enova to advance plans for three new ammonia fueled bulk carriers, reinforcing a growing bet on zero emission deep sea shipping as regulatory pressure across Europe accelerates.

The grant supports the construction of three Kamsarmax vessels, each with a capacity of roughly 80,000 to 85,000 deadweight tonnes. Designed for ammonia propulsion, the ships are intended to combine high energy efficiency with carbon free fuel, positioning them for a regulatory environment that is rapidly tightening under the EU Emissions Trading System and FuelEU Maritime rules.

For European steel producers and industrial shippers, the timing is hard to ignore. As emissions pricing increasingly feeds directly into transport costs, demand is rising for vessels that can deliver predictable, low carbon logistics at scale.

With the latest Enova support, Amon Maritime has now secured more than NOK 552 million in public funding for five ammonia powered bulk carriers. The first two vessels were announced earlier this year, while the three additional Kamsarmax ships bring the total program to a size that starts to look commercially meaningful rather than experimental.

All five vessels are scheduled for delivery between 2029 and 2030. Once delivered, they are expected to operate as part of a new generation of zero emission bulk carriers serving long haul trades where decarbonization options have so far been limited.

The choice of the Kamsarmax segment reflects a deliberate focus on mainstream bulk trades rather than niche demonstration projects. These ships are widely used for iron ore, coal, grain, and industrial raw materials, making them directly relevant to Europe’s heavy industries as they face tightening climate requirements.

Rather than relying on future retrofits or offsetting strategies, the vessels are being designed from the outset to comply with EU ETS and FuelEU Maritime requirements. That approach matters as carbon costs begin to reshape chartering decisions and freight economics.

Under the EU ETS, shipping companies will increasingly be required to surrender allowances for emissions linked to voyages involving European ports. FuelEU Maritime adds further pressure by mandating reductions in greenhouse gas intensity over time. Together, the regulations shift the conversation from voluntary sustainability targets to hard compliance and cost exposure.

By adopting ammonia as a fuel, Amon Bulk is betting that zero emission propulsion will offer a structural advantage as carbon prices rise and regulatory thresholds tighten.

According to André Risholm, CEO of Amon Maritime, the Enova grant marks a decisive step forward. He described the funding as the foundation needed to proceed with three additional Kamsarmax vessels, calling it a milestone both for Amon Bulk and for shipping’s broader green transition.

Public funding from Enova also sends a signal to equipment suppliers, shipyards, and financiers that ammonia propulsion is moving beyond pilot scale. For technology providers, it raises a practical question. Are engines, fuel systems, and bunkering solutions ready to support a fleet rather than a single vessel?

Founded as a maritime project development company, Amon Maritime works across ship newbuildings, ship management, technology development, and bunkering infrastructure, with a stated ambition to create the world’s first carbon free shipping company. The firm is privately owned by its founders, key employees, and Mosvolds Rederi, the maritime investment arm of the Glastad Group.

As delivery dates approach the end of the decade, attention will increasingly turn to fuel availability, charter commitments, and the commercial terms that will determine whether ammonia powered bulk shipping can compete at scale in global trades.