ITOCHU : Announces Joint Establishment of Marine Fuel Ammonia Bunkering Company in Europe Together with PeninsulaNew

ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter "ITOCHU") announced today that it has established I&P Marine Ammonia Ltd. (hereinafter "IPMA") jointly with Peninsula Petroleum Limited (hereinafter "Peninsula"),^*1 a leading global marine fuel supplier, to promote the marine fuel ammonia bunkering (fuel supply) business, mainly at major European ports, and specifically at the ports of Algeciras, Rotterdam, and Antwerp-Bruges (hereinafter the "Major European Ports").

From the perspective of reducing greenhouse gas (GHG) emissions that is being promoted by the International Maritime Organization (IMO), it is expected that ammonia will be used globally as a zero-emission fuel. In 2023, ITOCHU signed a memorandum of understanding with Peninsula regarding the joint development of the ammonia bunkering business,^*2 and the companies have now jointly established IPMA to accelerate the development of a fuel supply framework. IPMA is an important milestone in society's use of ammonia as marine fuel on a global scale, and is also an important step toward the realization of the Integrated Project^*3 being promoted by ITOCHU and its partner companies.

Peninsula is also actively engaged in the field of alternative marine fuels, including LNG, Bio LNG and biofuels, and backed by its extensive global track record, it has built a strong worldwide marine fuels supply network with key counterparties across major bunkering hubs, including in Europe and the Mediterranean region. With its abundant knowledge and experience it is expected to contribute significantly to the development of an ammonia bunkering framework in Europe. Centering on the Major European Ports, which are strategic international maritime logistics hubs, ITOCHU will promote the joint development of the ammonia bunkering business in collaboration with Peninsula and future partner companies.

Additionally, ITOCHU is aiming to establish a global ammonia marine fuel supply chain in collaboration with partner companies in Singapore, the Major European Ports, Panama, the Middle East, Japan, and other regions around the world. By advancing these initiatives in an integrated manner, including the development and ownership of ammonia-fueled large bulk carriers and container ships, financing, collaboration with shippers, the development of ammonia bunkering hubs, the procurement of ammonia fuels, and participation in green ammonia production projects, ITOCHU will pursue the realization of the Integrated Project and lead the decarbonization of international shipping and society's use of ammonia fuels.

Through these initiatives, ITOCHU will accelerate the development of sustainable energy systems to steadily implement the enhancement of its "contribution to and engagement with the SDGs through business activities," one of the basic policies under its medium-term management plan, "The Brand-new Deal: Profit opportunities are shifting downstream," and to help realize a low-carbon society.