The Nordic Green Ammonia Powered Ships (NoGAPS) project has brought together key players from the Nordic shipping and energy value chains to develop a first-of-a-kind ammonia-powered gas carrier, the M/S NoGAPS. Ammonia is increasingly seen as an important solution for decarbonising the shipping sector, as a zero-emission fuel with high scalability and the potential for use on long-distance routes. NoGAPS leverages the Nordic region’s unique industrial position and the significant advantages of gas carriers as a starting point for introducing ammonia-powered vessels to demonstrate the potential of ammonia-powered shipping. The first phase of the project, between 2020 and 2021, developed a holistic proof of concept for an ammonia-powered gas carrier, covering ship design and safety, the supply of clean ammonia, and commercial viability. The second, and current, phase of the project has picked up where the first phase left off, examining the detailed design requirements, including producing an initial ship design for M/S NoGAPS with Approval in Principle1 , as well as pathways for commercialising the vessel. This report provides a summary of the main outputs and findings from the second phase of NoGAPS. It begins with an overview of the vessel design for M/S NoGAPS, outlining the general arrangement of the vessel and key design decisions behind it. This is followed by a deep dive into the commercialisation of early ammonia-powered vessels, using NoGAPS as a case study. The topic is explored from two angles: ship financing and wider economic viability.