The Argus Low-Carbon Ammonia Benchmarks (LABs) provide the all-in cost of low-carbon ammonia on a delivered basis to two locations: Northeast Asia (JKLAB) and Northwest Europe (EULAB). These numbers are:
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Methodology | EULAB | JKLAB
The Argus Low-Carbon Ammonia Benchmarks (LABs) provide the all-in cost of low-carbon ammonia on a delivered basis to two locations: Northeast Asia and Northwest Europe.
The all-in cost contains all aspects relating to new-build carbon capture and storage (CCS) enabled facilities. This includes CAPEX, natural gas and electricity costs, OPEX, CO2 transmission, injection and monitoring.
The facilities are Autothermal (ATR+CCS) reformation plants of 1.1 million tonnes per year production capacity and we state the well-to-gate and well-to-reception port carbon intensity associated with them. This is critical for defining whether the cargoes meet low-carbon requirements of importers, whether on a voluntary (Northeast Asia) or compliance (EU) basis.
The plant make-ups are process-engineered and the models are mass-balanced in order to accurately reflect costs, as well as waste products.
This LAB series is designed to support offtakes of low-carbon ammonia.
The Argus European Union Low-carbon Ammonia Benchmark (EULAB) is the mass-balanced, all-in cost of low-carbon (‘blue’) ammonia delivered to Amsterdam, Rotterdam or Antwerp (ARA) ports.
CBAM (Carbon Border Adjustment Mechanism), effective in Europe from January 2026, means importers will be required to pay an annually increasing amount for certificates that account for embedded carbon emissions in products purchased. The economics for choosing low-carbon ammonia will benefit in this environment by minimising exposure to this additional cost.
While European policymakers prioritise subsidies for ‘green’ products, there is widespread expectation that due to cost and availability, large volumes of ‘blue’ ammonia (where the carbon is captured at source) imports will be required for direct-use as a marine fuel and for power generation. In addition, ammonia can be cracked back to hydrogen for other industrial and energy uses.
EULAB is designed specifically for Northwest Europe imports.
The Japan Korea Low-carbon Ammonia Benchmark (JKLAB) is the mass-balanced, all-in cost of low-carbon (‘blue’) ammonia delivered on a CFR basis to Ulsan, South Korea. A freight adjustment is also published to account for the cost of alternative delivery to Niihama, Japan. The current vessel used for transport is Medium Gas Carriers.
The production-route used is autothermal gas reformation with carbon capture and CCS (ATR+CCS), which produces ammonia at a level of carbon intensity suitable for the stated import requirements of both Japan and Korea.
Freight routes between North America and Northeast Asia can vary substantially in duration and cost depending on route taken. JKLAB always uses the lower of costs via the Cape and Panama routes.
Buyers are looking to maximise efficiency via direct-use of ammonia, rather than cracking. Argus maintains an online environment for companies looking to compare costs vs unabated counterfactual fuels (i.e. coal) and to better understand the cost of low-carbon ammonia vs unabated ammonia.
JKLAB is designed specifically for Japan and Korea imports.
