January 23, 2026 [Fuel Cells Works]- CF Industries Holdings Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, Trafigura, a market leader in the global commodities industry, and TFG Marine, a leading global marine fuel supplier, announced the signing of a Memorandum of Understanding (MOU) to facilitate the adoption of low-carbon ammonia as a marine fuel.

Building on the successful collaboration between CF Industries and Trafigura in the shipment of low-carbon ammonia, this agreement establishes a framework for the parties to work together on advancing low-carbon ammonia as a marine fuel, supporting the global shipping industry’s emissions-reduction efforts.

Under the MOU, CF Industries, Trafigura and TFG Marine will collaborate on key initiatives to facilitate the adoption of low-carbon ammonia as a marine fuel, including market development, stakeholder engagement, and bunkering logistics planning. The collaboration will initially focus on the U.S. Gulf Coast and Northwest Europe.

CF Industries will leverage its low-carbon ammonia production and export capabilities at its Donaldsonville, Louisiana, complex. Trafigura will contribute its expertise in commodity logistics and market development, while TFG Marine, a joint venture between Trafigura, Frontline and Golden Ocean Group, will leverage its global marine fuel supply network and bunkering capabilities to support last-mile delivery solutions, coordinate ammonia bunkering demand, and transport ammonia to bunkering hubs globally.

“We are pleased to collaborate with industry leaders such as Trafigura and TFG Marine to establish the supply chain necessary to meet the expected transition of the marine shipping industry to low-carbon ammonia as a fuel,” said Bert Frost, Executive Vice President and Chief Commercial Officer, CF Industries.

“This agreement brings together the critical components needed to advance low-carbon ammonia as a viable marine fuel,” said Patricio Norris, Global Head of Ammonia and LPG at Trafigura. “Through this collaboration with CF Industries and TFG Marine, we are combining world-class production capabilities with our global logistics and bunkering network to support the maritime industry’s transition to cleaner fuels.”

“Our global bunkering infrastructure and operational expertise position us to play a key role in delivering low-carbon ammonia fuel solutions to the shipping industry. This collaboration with CF Industries and Trafigura enables us to develop the supply chain and logistics capabilities needed to make low-carbon ammonia bunkering a commercial reality for vessel operators worldwide,” said Kenneth Dam, Executive Director of TFG Marine.