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Shipping Faces €1.345bn In FuelEU Penalties In 2025
The upcoming implementation of FuelEU Maritime has shipping companies on high alert due to potential penalties for non-compliance with greenhouse gas (GHG) intensity reduction targets, says the Hamburg-based provider of compliance and data solutions, OceanScore.
OceanScore inaugurates new office in Singapore
OceanScore has opened a new office in Singapore to serve its regional clients, responding to the growing demand in Asia for its digital solutions designed for efficient regulatory compliance with the EU ETS and FuelEU Maritime.
Shipping faces $1.46bn in penalties from next European carbon emission crackdown
Shipping could rack up €1.35bn ($1.46bn) in penalties in 2025 under the incoming FuelEU Maritime regulations, with a potential new market emerging for the sale and purchase of surplus energy volumes according to experts.
Container shipping will be hit hardest by upcoming FuelEU Maritime regulation
OceanScore has identified the segments set to be hit hardest. OceanScore forecasts that shipping as a whole will rack up total FuelEU penalties of €1.345bn in 2025 through analysis of the 13,000 vessels over 5,000 gt trading within and into the EU/EEA that are subject to the regulation.
The great divide: which shipowners are ready for carbon trading?
OceanScore is basing its estimates on the carbon price of €60 (US$65) per tonne of CO2. Singapore-based shipping companies would account for around one third of €1Bn (US$1.1Bn) in total emissions liabilities for Asia-based ocean shipping, according to OceanScore.
Greek shipping getting to grips with EU ETS compliance issues amid mounting emissions costs, says OceanScore
Validation of voyage emissions data and contractual arrangements for allocation of EU ETS costs remain key challenges for Greek shipowners as they face an estimated total €335m bill this year, potentially rising to €1bn once the regulation is fully implemented, according to OceanScore.
FuelEU for thought: new regulation leaves DoC holder with fuel liabilities risk, says OceanScore
Implementation of the FuelEU Maritime regulation from 2025 presents an accountability dilemma for shipping as it is currently the Document of Compliance (DoC) holder that will be held responsible for fuel selection and could therefore face penalties – contrary to the ‘polluter pays’ principle, according to OceanScore.
‘Big opportunity’ for bunker traders, suppliers on upcoming FuelEU regulation, forecasts OceanScore
‘Fossil Methanol is disastrous from a well-to-tank perspective due to its low energy efficiency but many biofuels present certain advantages,’ shares Albrecht Grell.
Singapore’s EU ETS liabilities of €330m can accelerate green shipping initiatives, says OceanScore
Singapore-registered vessels will be required to contribute a significant €330m share of Asian shipping’s total emissions liabilities under the EU ETS, underlining the importance of the Lion City as a key maritime hub for global trade and decarbonisation, according to OceanScore.
Shippers will have foot the final bill for greener shipping
Carriers will have to rely on cargo-owners’ willingness to pay a healthy surcharge for greener shipping, in order to recover the cost of ‘significantly more expensive’ green methanol fuel.