For an undisclosed sum, the clean energy and shipping company has become the sole shareholder of the JV, which its local partner, Ohlthaver & List Group, previously held.

Located near the port of Walvis Bay, the project uses solar power to produce green hydrogen via a 5MW electrolyser.

Cmb plans to use the hydrogen fuel across truck, rail, and marine operations, including a hydrogen-powered locomotive for Walvis Bay’s rail network and a dual-fuel harbour vessel under construction in the Netherlands, set for deployment in 2026.

The Dutch company has also sold its older, fuel-intensive vessels, including several VLCCs and capsize ships, in a bid to reinvest in newer, more efficient builds that can use cleaner technologies.

The move to acquire the Namibian hydrogen project and reinvest in its marine fleets, comes shortly after a delay in the International Maritime Organisation’s (IMO) vote on stricter emissions regulations.

The vote on the proposed Net Zero Framework (NZF) was tabled for Friday (17 October), but was pushed back 12 months after a motion was put forward by Singapore and Saudi Arabia.

The US and Saudi Arabia, in particular, have opposed the idea of a global carbon levy, describing it as an unfair green tax.