EXMAR report 2025

1.3 Our roots and our businesses 17 AMMONIA VALUE CHAIN Rich natural gas Hydrogen Source: EXMAR Upstream market Downstream market Midstream market Steam reforming Ammonia Industrial processes FERTILIZERS EXPLOSIVES SYNTHETIC FIBRES SYNTHETIC RESINS 1.3.3 EXMAR value chain & product To analyze EXMAR’s activities and market drivers at work, it is important to understand how energy is generated and developed throughout the value chain and how it is used in consumption markets. The products transported are not raw products but are semi– or fully processed. For this reason, many different market forces influence the business, each one with its own inherent complexity. 1.3.3.1 LPG (LIQUEFIED PETROLEUM GAS) As shown in the LPG value chain infographic, LPG is produced during oil refining or extracted from natural gas liquid processing activities. LPG, mainly propane and butane, is a subsequent by-product that can be used for a variety of purposes. It serves as feedstock in refineries and the petrochemical industry as well as fuel for vehicles and heating of houses. It can also be used to accommodate agricultural needs such as crop drying or to feed power plants, albeit to a lesser extent. As natural oil and gas production is expected to continue to grow globally, increased quantities of LPG are expected to be produced and shipped worldwide. 1.3.3.2 NH3 (AMMONIA) Ammonia is mainly used as a basic component in the production of mineral fertilizers (urea, nitrates & NPK), civil explosives or caprolactam (for industrial ends such as synthetic textiles and airbags in cars). It is usually produced via the Haber-Bosch process, combining hydrogen with nitrogen. Typically, hydrogen is generated through a steam reforming process, using natural gas as a feedstock. To decarbonize the production process, carbon capture and storage technology are added to some of the production plants, creating blue hydrogen. Similarly, producing low-carbon hydrogen through hydrolysis, using renewable solar or wind energy and seawater, is a renewable and future-thinking approach to generate green hydrogen. To support global decarbonization, the world is increasingly shifting its focus towards ammonia production and storage, considering its potential to decarbonize industries, serve as a carrier of hydrogen, and be used as a zero-emission bunker fuel for vessels. For almost 40 years, EXMAR has been a major transporter of ammonia, facilitated by its fully refrigerated midsize gas carriers (MGCs) with prismatic tanks.