NH3 Clean Energy signs Mitsui O.S.K. Lines MoU to fast-track clean ammonia bunkering in Pilbara

Key highlights

• NH3 Clean Energy (ASX: NH3) signs a three-party MoU with Mitsui O.S.K. Lines (MOL) and Oceania Marine Energy to develop clean ammonia bunkering at the Port of Dampier by 2030.
• Partners aim to aggregate ~300,000 tpa of initial bunkering demand—about half of WAH2 Phase-1 output—and support a late-2026 FID.
• Builds on NH3’s Joint Development Agreement with Pilbara Ports; FEED for WAH2 began in August with approvals and commercial workstreams underway.
• MOL plans ammonia dual-fuel capesize bulkers on the West Australia–East Asia route; integrated “fuel + bunkering” offer targets Australia’s iron-ore shippers.

NH3 Clean Energy Limited has tightened its grip on the Pilbara–Asia decarbonisation opportunity, unveiling a Memorandum of Understanding with Japanese shipping giant Mitsui O.S.K. Lines (MOL) and Perth-based Oceania Marine Energy to advance clean ammonia bunkering at the Port of Dampier by 2030. The collaboration is designed to present a single, integrated proposition: supply clean ammonia from NH3’s flagship WAH2 Project and deliver ship-to-ship bunkering via Oceania—creating a straightforward pathway for Australian iron-ore producers to switch their export fleets to ammonia dual-fuel.

At the heart of the agreement is scale. The parties intend to aggregate initial bunkering demand of ~300,000 tonnes per annum—a volume NH3 says would equate to roughly half of WAH2 Phase-1 production. The MoU explicitly targets the Final Investment Decision (FID) in late 2026, positioning the bunkering solution as a commercial pillar of the project’s development case.

Why this matters for Pilbara shipping

For global miners shipping from the Pilbara, fuel switching will be unavoidable as IMO decarbonisation rules tighten through the 2030s. MOL’s intent to field ammonia dual-fuel capesize bulkers as early as 2026 on the West Australia–East Asia route underscores that the maritime supply chain is moving into execution mode. An “end-to-end” offer—long-term clean ammonia offtake + bunkering logistics + a ready fleet—reduces fragmentation risk for shippers and can accelerate adoption. For NH3 equity holders, the MoU adds a credible offtake vector and infrastructure partner to the WAH2 narrative at a time when the project is ramping through FEED.

The MoU also builds on NH3’s Joint Development Agreement with Pilbara Ports Authority and Oceania, signed in June, which framed the Port of Dampier as a cornerstone location for low-emissions marine fuels servicing iron-ore carriers. The State’s ambition is explicit: leverage its mining logistics hub status to become a world leader in clean bunkering, diversifying the economy while cutting export-chain emissions.

WAH2: status, scale and timeline

NH3’s WAH2 is conceived as a large-scale, low-emissions ammonia project targeting Asia-Pacific demand (Japan, South Korea) as well as domestic bunkering for bulk carriers. The company entered Front-End Engineering and Design (FEED) in August 2025; approvals and commercial workstreams have commenced, with FEED slated to run through end-2026. The MoU is expressly intended to support the FID milestone by aligning fuel demand with project capacity and bunkering infrastructure. Earlier technical work—including Pre-FEED—suggested improved project economics, with a February update flagging a doubling of value versus prior assumptions.

A condensed timeline from NH3 shows:

Q3–Q4 2022: Scoping study completed on time and budget.

H1 2023: Preliminary Feasibility Study delivered; option to lease a preferred site secured from the WA Government; commercial discussions progressed.

Q3 2023–Q2 2025: Pre-FEED studies and conditional MOUs for inputs/offtake; FEED entry mid-2025 (achieved one month after guidance).

Q3 2025–Q4 2026: FEED studies; unconditional commercial agreements ahead of late-2026 FID.

What the partners are saying

Charles Whitfield, NH3 Chairman, said the MOL agreement moves clean ammonia bunkering “another step closer to reality,” linking WAH2 production to Oceania’s refuelling, Pilbara Ports logistics and MOL’s fleet—a proof point for industry viability. He also thanked the WA Government for supporting the vision of “a cleaner future for our miners and energy exports.”

Kazuhiro Takahashi, MOL Managing Executive Officer, called the MoU a “vital hub” for its ammonia dual-fuel capesize bulkers scheduled to commence operations from 2026, adding that a robust safety framework for Pilbara bunkering will be central to the collaboration.

Nick Bentley, Oceania Managing Director, said the partnership shows how energy–shipping collaboration can deliver real emissions reductions for iron-ore exporters by marrying NH3’s planned production, Pilbara Ports’ infrastructure, Oceania’s bunker services and MOL’s pioneering fleet into an integrated marine-fuel solution aligned with IMO targets.

WA Premier Roger Cook framed the initiative within a broader strategy to diversify the State’s economy, attract global investment and build a renewable-energy powerhouse—creating jobs while cutting emissions.

Source: NH3 ASX Announcement

Market reaction and liquidity check

Source: Google Finance - NH3 5 day Stock chart

At the time of writing this article, NH3 shares were up by 16.05% at A$0.094, on 3.50m volume (vs 4-week average 1.40m). Year-to-date, the stock is up +422% and +276% over 12 months; market capitalisation sits near A$60.7 million with 646.1m shares on issue (company snapshot). 

What could change from here

Execution risk remains material, as with any first-of-kind bunkering value chain. Key items to watch:

FEED delivery to plan through 2026, with clarity on renewable power sourcing, process design, HSE protocols for ammonia handling, and capital estimates.

Conversion of conditional MOUs into unconditional commercial agreements for project inputs and offtake ahead of FID.

Regulatory and port approvals at Dampier; integration with Pilbara Ports’ clean-fuel strategy and Oceania’s bunker vessel (Oceania α) deployment plan.

Safety frameworks and industry standards for ammonia bunkering—central to insurer and lender comfort, and highlighted in MOL’s remarks.

Takeaway

For generalists, the appeal is straightforward: NH3 is positioning WAH2 not just as an ammonia producer but as part of a turnkey decarbonisation solution for one of the world’s busiest bulk-shipping corridors. The MOL–Oceania tie-up addresses the classic chicken-and-egg around fuel supply vs. refuelling infrastructure vs. fleet readiness. If the parties can lock down bankable offtake, port permissions, and a clear safety regime, the MoU could become a demand anchor that underpins WAH2’s late-2026 FID.

Investors will also note NH3’s engagement cadence: the company is hosting a webinar on Wednesday, 8 October 2025 (12:00pm AEDT / 9:00am AWST) to brief stakeholders on WAH2 progress—indicative of management intent to keep the market informed through FEED.

Source: NH3 Clean Energy ASX announcement, 7 Oct 2025.