The European Maritime Finance (EMF), a Danish maritime investment firm, has reportedly signed a charter contract with Trafigura, a global commodities trader, for three 88,000 cbm Very Large Ammonia Carriers (VLACs). The total value of the contract is approximately $400 million; the charter period and rates have not yet been disclosed.
Built by HD Hyundai Heavy Industries, this batch of new vessels features LPG dual-fuel propulsion systems. Named “EMF Viking I”, “EMF Viking II”, and “EMF Viking III” (with hull numbers 3516, 3517, and 3518, respectively), they are scheduled for delivery in March, July, and December 2027.
The vessels were ordered through the Greek shipowner Atlas Maritime; HD Hyundai Heavy Industries announced the order in March 2024, and EMF and Atlas Maritime confirmed it in September of the same year. The total construction cost is approximately 489.6 billion KRW (roughly $327 million at current exchange rates).
Atlas Maritime states that this series of VLACs is designed specifically for transporting propane, butane, propylene, and anhydrous ammonia. Initially, the vessels will be equipped with LPG dual-fuel engines but will feature design provisions for future retrofitting to ammonia-fueled engines once the technology becomes commercially available.
According to available information, Trafigura was established in 1993 as an employee-owned group; it handles over 5,250 shipping and chartering voyages annually and maintains an average fleet of approximately 400 vessels on time charter.