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NH3 CLEAN ENERGY LTD (NH3) - How NH3 Clean Energy Plans to Decarbonise Global Shipping by 2029

• Andrew Musgrave

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Australia’s Iron Corridor is one of the busiest shipping routes on earth—and one of the hardest to decarbonise. We sit down with NH3 Clean Energy chair Charles Whitfield to map a practical path forward: large-scale clean ammonia produced in the Pilbara, bunkered at Dampier, and burned by a new generation of ammonia-ready ships. Instead of chasing hype, we dig into the concrete pieces now falling into place: a 650,000 tpa phase one (scaling to 1.3 million), a 2029 first production target, and a landmark MOU with Mitsui O.S.K. Lines and Oceania Marine Energy to build a reliable bunkering ecosystem.

We unpack the demand flywheel driven by Japanese and Korean energy policies and the looming economics of the IMO’s carbon pricing from 2028. Charles explains why an end-to-end value chain matters—production at Maitland, near-port storage for fast turnarounds, refuelling tankers operated by Oceania, and MOL’s leadership on the Pilbara–Asia route—to make switching easy for iron ore exporters. A scarce 7.5-hectare site at the Port of Dampier emerges as a quiet game-changer, enabling storage buffers, efficient loading, and scalable capacity for both export cargoes and marine fuel, reducing bottlenecks and downtime.

We also talk investor milestones on the road to a 2026 final investment decision: approvals, detailed engineering, construction and operations agreements, and financing pathways. Whether via traditional project finance and an EPC partner or a build–own–operate collaboration, the team’s strategy is to de-risk delivery while aligning with Western Australia’s push to become a global renewable energy powerhouse. If you’re tracking clean shipping, hydrogen and ammonia markets, or ASX-listed energy transition plays, this conversation lays out the how, not just the why.

Enjoyed the chat? Follow the show, share this episode with a colleague in shipping or resources, and leave a short review to help more people find thoughtful conversations on clean energy and decarbonised trade.

Andrew Musgrave:

Welcome back to ASX Briefs. And today we have an exciting conversation lined up with NH3 Clean Energy Limited, a company at the forefront of Australia's clean energy transition. And we're joined by Charles Whitfield, the chairman of NH3 Clean Energy, a future-focused company developing large-scale clean ammonia production for export and the decarbonisation of global shipping. Charles, it's great to have you with me today and welcome to the ASX Briefs podcast.

Charles Whitfield:

Thanks very much, Andrew.

Andrew Musgrave:

Now, Charles, for investors that may be unfamiliar with NH3 Clean Energy, can you just provide a brief overview of the company?

Charles Whitfield:

Of course. So NH3 is an ASX-listed company, and we are developing the WAH2 Clean Ammonia Project near the port of Dampier in the Pilbara. We're focused on the growth of demand of clean energy, and that demand is coming from two main sources. One is Japanese and Korean governments have mandated initiatives to replace fossil fuels in their power stations with clean ammonia. And secondly, shipping companies are ordering vessels which will run on clean ammonia instead of heavy fuel oil or diesel again to reduce emissions. So the project's due to produce 650,000 tons of clean ammonia in phase one, including uh increasing to 1.3 million tons in phase two. Um, and we're targeting first production in 2029.

Andrew Musgrave:

Okay, now looking at strategic partnerships, you've just signed a major MOU with global shipping leader Mitsui OSK Lines and Oceana Marine Energy. So can you explain what this landmark agreement aims to achieve for clean ammonia bunkering in the Pilbara?

Charles Whitfield:

Sure. So as I mentioned, the decarbonisation of shipping is a key focus for the company. The International Maritime Organization has outlined a framework for a carbon tax for ship operators, which starts in 2028, which is accelerating the adoption of clean fuels by shipping companies. The Iron Corridor, which is the route taking iron ore from the Pilbara to Asia, is one of the big busiest shipping routes by tonnage in the world and is responsible for over 2 million tons of CO2 emissions per year. Mitsui OSK are the global leader in the transition to clean fuels. And so they're the ideal partner in helping to build out an ammonia-powered fleet.

Andrew Musgrave:

Okay. And in your announcement, you mentioned linking your ammonia production with refueling services, port logistics, and now a shipping fleet. So how critical is building this complete end-to-end value chain to making the clean shipping industry a reality for Australia's iron ore exporters?

Charles Whitfield:

So our view has always been that we want to make it as easy as possible for iron exporters to switch to clean fuel. So our strategy has been to assemble all the building blocks necessary to create a one-stop shop solution for them. So if you look at the series of announcements that NH3 has made, first of all, we are the producer of the clean fuel. Then Oceania Marine are the operators of the refueling tanker. And then in the joint development agreement, that brings in Pilbara ports as the last part of the puzzle to provide a complete solution for ammonia refueling in the Pilbara. Then, with this latest announcement, adding in MOL, they are one of the preeminent shipping lines on that route. And so that gives the complete package offering mining companies a clean fuel-powered transport solution.

Andrew Musgrave:

Now the MOU targets an initial demand of 300,000 tons per annum, roughly half of your planned phase one production. So how does securing this foundational offtake help de-risk the WAH2 project as you progress towards a final investment decision in late 2026?

Charles Whitfield:

As you say, the 300,000 tons is obviously a great foundation as it underwrites phase one of the project. But more importantly, I think the main takeaway is that it shows the scale of demand when each customer is trying to secure a block of supply at that kind of scale.

Andrew Musgrave:

Okay, now looking at infrastructure, you've secured a commitment agreement with Pilbara ports for a key parcel of land, which you described as extremely scarce. So, first of all, why is securing this specific 7.5 hectare site at the Port of Dampier so critical for the project's future operations? And how does establishing this near port storage and loading infrastructure provide the operational flexibility and expansion capability needed to scale the business for both export and marine refueling markets?

Charles Whitfield:

So the production facility is in the strategic industrial area at Maitland, and that's where all the ammonia is produced. What the land at the port gives us is additional flexibility around our logistics for loading. Essentially, it gives us storage capacity that we'll build there, which is a buffering uh to uh allow us to more quickly and efficiently load ships that gives us both operational and expansion flexibility.

Andrew Musgrave:

Okay, now the Premier of Western Australia, Roger Cook, hosted the MOU signing and has spoken about his government's priority to diversify the state's economy. So, what role do you see the WAH2 project playing in establishing WA as a global renewable energy powerhouse and a leader in decarbonized trade?

Charles Whitfield:

Yes, Premier Cook has been extremely supportive of the company, and the project aligns very well with his stated strategies. I guess our view is that you've seen many renewable-based ammonia projects fall away because the technology, frankly, is in its infancy and the and the economics just don't work. Nevertheless, we need solutions to help cut emissions now. I think the Premier has been very pragmatic in identifying energy transition industries where WA has a strategic advantage and can make an immediate impact on reducing emissions.

Andrew Musgrave:

Okay, now, lastly, to wrap things up, with the project's engineering and design phase now underway and these key commercial agreements falling into place, what are the most important milestones for investors to watch out for over the next 12 months as you're advanced towards a 2026 target for the FID?

Charles Whitfield:

As you say, we're already undertaking feed, which is the final stage prior to final investment decision. So the work streams are really firstly approvals, secondly, detailed engineering, including finalizing agreements around construction, commissioning, and operation, and thirdly, commercial agreements and financing. For those last two items, there's sort of two routes that we can go. One is the conventional route of financing, project financing, and then retaining an EPC partner. But we're also looking into a build, own operate collaboration, which would help to accelerate the pathway to production and de-risk the project.

Andrew Musgrave:

Okay, Charles. Well, thanks for your time today. It's been great to chat to get an update on where the company is at, and we look forward to further updates from NH3 Clean Energy in the upcoming months.

Charles Whitfield:

Fantastic. Thanks so much, Andrew.

Andrew Musgrave:

That concludes this episode of ASX Brief. Don't forget to subscribe, and we look forward to catching you on our next episode.