Tag: ETS
OceanScore analysis shows near-tripling of EU ETS costs due to Red Sea crisis
Persistent missile attacks by Houthi rebels on ships plying the Red Sea route have led to soaring emissions liabilities for shipping companies under the EU ETS as lengthy voyage diversions for Europe-bound vessels have multiplied fuel consumption, according to OceanScore. An increasing number of commercial ships have been taking the alternative route to Europe via…
EU ETS and FuelEU call for proactive risk management
The EU Emissions Trading System (EU ETS) and FuelEU Maritime regulations will have far-reaching implications for shipowners, managers, and charterers with vessels trading to, from, or within the bloc. The system is complex and could lead to penalties for non-compliance but also, with careful management, opportunities for competitive advantages. The EU ETS, in operation for…
Navigating the EU ETS, its extension to shipping and the future of ETS 2
Global law firm Reed Smith hosted a Carbon Markets event on the European Union Emissions Trading System, in which a panel of regulatory, environmental, and shipping lawyers delved into compliance, emission allowances, the extension to maritime, and the next phase – ETS 2. A packed audience joined to hear the views of transportation partner Nick…
Shipping: Navigating the EU ETS Market Challenge
The shipping industry inclusion in the EU ETS market is a game changer for its operations moving forward. In its latest weekly report, shipbroker Intermodal said that “throughout 2023, the EU ETS market navigated through a year of remarkable volatility, observing both record highs and extended lows against the backdrop of evolving energy strategies, policy…
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EU ETS: Shipping companies now know who to deal with
Further to our previous articles on the EU’s Emission Trading System (ETS), shipping companies have now been informed which Administering Authority they will have to deal with when surrendering their EU emission allowances (EUAs). On 31 January 2024, a list was published showing which shipping companies have been allocated to which Member State’s Administering Authority…
EU ETS impact on EU MRV reporting
Ships of 5,000 gross tonnage and above, carrying out voyages to and/or from ports in the European Economic Area, must submit a revised and verified monitoring plan for carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O) emissions to the administering authority by 1 April 2024. Since 1 January 2018, large ships of 5,000 gross…
Veson Nautical launches Emission Expense Settlement Workflow, enhancing its comprehensive EU ETS contract management solution
New feature allows IMOS clients to easily assess their carbon exposure, calculate their emission expense, and manage the cash, allowance or hybrid settlement across individual contracts Tuesday 5th December, 2023, Boston (MA) Veson Nautical (Veson), the global market leader of maritime freight management solutions, today announces the release of its Emission Expense Settlement Workflow, enhancing…
ABS Hosts EU ETS Conference in Athens
ABS hosted a high-level conference on EU ETS, in Athens, Greece, attracting 170 participants. The conference brought together senior maritime leaders, policy makers, government representatives, shipowners and financiers to explore EU requirements as well as discuss what owners and operators should consider for the transition into more sustainable operations. Elias…
EU ETS carbon emissions regulations – a sea-change for ocean freight shipping or a toothless tiger?
One of the major talking points in ocean freight shipping is the introduction of EU ETS carbon emissions regulations in 2024. Is this a sign of the industry getting serious about its environmental responsibilities or another initiative which is full of good intentions but ultimately lacking any bite? Is now the right time for shippers…
Shipping: EU ETS Will Redefine Industry Standards
Shipping is about to enter a new period of structural reforms, as a result of the implementation of the EU ETS across the industry, starting next year. In its latest weekly report, shipbroker Intermodal said that “as 2024 approaches, the maritime industry is poised for a significant transformation with the integration of the European Union’s…
