CMB Tech bets on ammonia power with 11 new ships arriving

"When you look at the production of renewable electricity in China, for instance, but also in India, you see the cost is coming down very fast," he said. "So more than ever, we need to invest in 'green ammonia' ships."

Looking ahead, Saverys said a greater focus on energy security in the wake of the Iran war will accelerate the so-called green transition in the long term. This, despite taxpayer-funded government subsidies masking the higher costs and supply uncertainty associated with it.

"We believe even more that this is the right way to go because eventually decarbonised products are going to be cheaper than fossil fuels," he said.

"Today, with the increase of the cost of diesel, it is already cheaper," he claimed.

(Reporting by Florence Tan and Siyi Liu; Editing by Kim Coghill, Baird Maritime)