Tag: Emissions Trading System (ETS)

Sustainable shipping fuels could reach cost parity with fossil fuels as early as 2035 with the help of decisive emissions policy such as carbon taxes and emissions limits, according to a new report launched today by technology group Wärtsilä.

Ocean Network Express (ONE) announced its inaugural European Union Allowances (EUA) transaction with BNP Paribas.

Fuelink reports that it has launched a new bunker data management platform offering functionality for fuel strategy forecasting, bunker price comparisons and compliance with the European Union’s Emissions Trading System (EU ETS), including inventory management of EU Allowances (EUAs).

Asian ship owners navigating to and from Europe are expected to encounter emissions costs exceeding €1 billion under the fully implemented EU Emissions Trading System (EU ETS), with Chinese and Singaporean companies facing the highest burdens, according to OceanScore.

It’s a brave new world for the maritime sector. Obviously, the EU ETS has been around for many years in other industries but it’s new to shipping from this year, with the recent inclusion of shipping in the EU ETS since January 1st. This is bringing with it significant implications as the EU continues to unveil new details, rules, and regulations on a regular basis, argues Nick Austin, transportation partner at global law firm Reed Smith.

In the midst of major regulatory changes posed by the European Union in its effort to decarbonize the maritime industry, Lloyd's Register (LR) has issued guidance for operators to navigate these changes with more ease. 

As of 30 January 2024, a EU decision has assigned administering authorities to shipping companies, marking one of the final stages in the implementation of the Emissions Trading System (ETS) within the Union. This decision establishes a system for trading greenhouse gas emission allowances (EUAs).

As risks of cargo diversion to the detriment of EU ports are becoming more and more real with the upcoming entry into force beginning of 2024 of EU ETS for shipping, FEPORT members who gathered in Antwerp for the General Assembly meeting of their organization.

According to World Economic Forum (WEF), with 90% of traded goods being transported across the ocean, the shipping industry stands at the heart of the global economy.

Lemissoler Navigation Ltd. and Shanghai Merchant Ship Design and Research Institute (SDARI) received ABS approval in principle (AIP) for its design of a 65K DWT methanol-fueled ultramax bulk carrier, the first such methanol vessel for China’s shipbuilding industry.