If you’re a mid size charterer or owner you can expect an added carbon cost of approximately 10 million USD to your freight costs, once shipping enters the EU ETS. Do you know the carbon cost exposure of your chartering activities? We've outlined three steps that will allow you to predict the 2024 EU ETS cost of your chartering activities.
The full storyThe FuelEU maritime regulation is the European union's newest measure to decarbonise the shipping industry. It sets greenhouse gas intensity limits to ships trading in the EU from 2025, gradually decreasing the intensity over time, by 2% in 2025 to 80% in 2050. Here is a quick guide to the FuelEU maritime, from a commercial shipping perspective.
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For charterers and traders, access to the right insights at the right time might halve emissions from single voyages. On a TC2 voyage 1,300 tonnes of CO2 and its related carbon cost could be avoided by making one single data-based decision. A partnership between London Stock Exchange Group and Siglar Carbon provides actionable emissions data to trading desks, where great carbon and cost reduction potential can be unleashed.
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The IMO’s Marine Environment Protection Committee met for their 80th session between 3rd and 7th July. The committee agreed to reach net-zero GHG emissions from international shipping ‘by or around’ 2050 and that the mid-term GHG reduction measures, including a maritime GHG emissions pricing mechanism should be finalised and adopted by 2025. Let’s take a closer look at the key outcomes of the meeting.
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A fee of 150 USD per tonne CO2e emitted from ships discharging international cargo at U.S. ports is suggested to be implemented from January 2024. The new carbon fee would be added to the EU ETS carbon cost.
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Shipping’s inclusion in the European Union’s Emissions Trading System (EU ETS) will bring carbon pricing to the maritime sector in January 2024. For charterers who want to leverage the opportunities of the transition, it’s time to embrace the change and learn how to navigate the EU ETS. A good way to start is to understand how the new regulations will impact your everyday work so we sum up some key aspects of the new regulation - from a charterer’s perspective.
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Decarbonisation goals are often vague, with no concrete action plan nor plans to document the amount of emissions reduced. North Sea Container Line and carbon analytics company Siglar Carbon have signed an agreement that can make a change and provide the shipping industry with a best practise.
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In an effort to demystify the CII for our customers, Siglar developed the voyage CII. When comparing the estimated CII of a specific voyage to the estimated emissions of the same voyage, some unintended consequences of the CII rating become apparent. Here we present common voyage examples highlighting how a CII approach to chartering can increase carbon emissions and cost.
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The IMO 79th Marine Environment Protection Committee meeting took place this month and discussions around the reduction of GHG emissions from ships took centre stage.
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The very short COP27 shipping summary: The drive to decarbonise the shipping sector is growing, parties in the value chain are collaborating and initiatives that show most progress are linked to developing green shipping corridors, zero-emission fuels and vessels, as well as infrastructure to support the transformation of the industry.
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The carbon intensity indicator (CII) enters into force 1st of January 2023. The new indicator is likely to impact charter party terms and freight rates, but with no CII ratings published until 2024, the charterer is left blindfolded. The Siglar Carbon Voyage CII helps the charterer decode the CII mystery.
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Our webinar on how reducing shipping emissions equals increasing your competitive edge showed that commercial decision-makers in the shipping industry are now picking up speed on decarbonisation. Do you want to stay ahead of the game? Watch our webinar.
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We're proud to present the Siglar Carbon Ship Finder, a digital tool allowing ship charterers to compare carbon emissions from ships at the click of a button. Access to emissions data prior to fixing empowers spot charterers to reduce emissions at scale and cut costs at the same time.
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With increased expectations on reporting and reducing emissions through the value chain, reporting shipping emissions is becoming the norm. Collecting emissions data can also unlock great commercial opportunities. In this article we have summariszed some of the benefits from collecting emissions data from chartering.
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Shipping’s inclusion in the European Union’s Emissions Trading System (EU ETS) will bring carbon pricing to the maritime sector for the first time and the cost will eventually be added to the charterer's freight rate. One way to prepare, is by understanding what the EU ETS means to the charterer.
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Commercial decarbonisation is when commercial players in the shipping ecosystem make carbon conscious shipping decisions in a profitable way. Decarbonising the shipping industry might seem like an overwhelming challenge that is far from a charterers main task. However, for early movers, the challenge can be turned into significant opportunities and competitive advantages.
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Shipping emissions will soon have a price tag and the cost will eventually be passed on to the charterers. Charterers who start factoring carbon into their commercial shipping decisions will find efficient ways to reduce shipping emissions whilst safeguarding profitability and gaining a competitive edge.
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The European Union is playing an important role in shipping decarbonisation. Here’s a quick guide that fills you in on the most important plans and actions.
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EU is racing to reach an agreement on the EU ETS directive in time for 2023 – Let’s take a look at what has happened so far.
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The outcome of the latest International Maritime Organisation (IMO) meeting, MEPC 78, shows that progress is being made on GHG matters. EEXI, CII and SEEMP guidelines were finalized, and the Mediterranean Sea will be considered a Sulphur emission control area (SECA). However, no decision regarding zero emissions target in 2050 was taken at this point.
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Deleting shipping’s phase-in period in the EU ETS would lead to a fivefold rise in carbon cost in the initial year. It will be a steep learning curve for commercial decision-makers who are influenced by carbon exposure. The added carbon cost to a commonly traded intra-EU tanker route would go from USD 14 000 to USD 70 000. This is a new type of exposure that the industry needs to get familiar with, says Siglar CEO Sigmund Kyvik.
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EU Parliament committee suggests a basket of amendments to speed up shipping’s inclusion to the EU Emissions Trading System (ETS). Suggestions include deleting the phase-in period and extending the geographical scope of the scheme while allowing shipowners to pass on the carbon cost to the charterer. This is good news for frontrunners and for the commercial decarbonisation of shipping.
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Do you want to know how to make money while cutting shipping emissions? Start collecting granular emissions data today. This was the unanimous advice from an interdisciplinary panel talking in front of commercial decision-makers at Nor-Shipping. If you missed it but still want to know how to use emissions data as a competitive edge, here are the highlights.
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Siglar Carbon and the “Impact Today” working group are calling for a new standard vessel report that simplifies the reporting process and enhances the quality of data input. High quality data input improves decision foundation and allows for both ship and cargo owners to optimise operation and reduce emissions.
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Siglar Carbon and Vortexa are launching a partnership to to promote commercial decarbonisation by increasing the impact of ship emissions insight in commercial shipping decisions. Providing actionable emissions insight to decision-makers will promote carbon efficient decisions and drive industry decarbonisation.
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Chaotic mailboxes, missing attachments, reports in different formats and constant status meetings to regain control. If any of the above describes your current CO2 reporting process, you will probably benefit from implementing a managed emissions reporting service.
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Have you signed or are planning to sign the Sea Cargo Charter (SCC) and worry about time-consuming data collection, validation and estimation? Our standard reporting programme includes a SCC managed reporting service that takes care of everything.
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There are currently two suggested versions of how the maritime sector should be included in the EU ETS. We compare the two versions to demonstrate how each of them would the impact freight costs.
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Newly suggested EU ETS amendments have the potential to strongly impact charterers and freight rates. The commercial operator’s requirement to pay the final carbon cost is enforced and the inclusion of emissions from the shipping industry is accelerated and expanded.
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The EU ETS allowances have been traded above USD 100 every day since the start of February. At this level the carbon price could increase freight rates by 10-30%. We use four example voyages from the tanker segment to show how this carbon price could impact freight rates on intra EU voyages and on global EU voyages.
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The outcome of the International Maritime Organisation (IMO) meeting shows that global regulation will not drive the next few years’ vital development towards shipping decarbonisation. With no agreement on carbon pricing measures, no funds dedicated to support decarbonisation, and even no change in the initial GHG reduction strategy it is still left to individual companies to drive the decarbonisation.
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At today's rate a fully implemented EU Emissions Trading System would add a carbon cost of more than USD 70 000 per round voyage for a commonly traded intra-EU route. The EU carbon price is increasing, and we give you an overview of the costs that the introduction of the system could bring to two commonly traded shipping routes.
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Will the IMO change its course towards net zero shipping and lead shipping decarbonisation or will others be forced to take up the challenge? We give you the agenda of the MEPC77 meeting and keep you up to date on the outcomes.
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Collaborating to get shipping to net zero emissions by 2050 seems to be the COP26 shipping chant. The COP26-spotlight has brought stakeholders from the full shipping ecosystem to the table and both governments, finance industry and shipping customers are calling for collaboration and raised decarbonisation ambitions. Now, it remains to be seen if the COP26 wind is strong enough to get the IMO to adjust its sails.
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The COP26 has solidified the importance of reaching net zero emissions by 2050 to stay in line with the Paris Climate Agreement Goals. The shipping industry and specifically the IMO’s target of cutting GHG emissions by 50% by 2050 is seen as out of touch amongst the industry, which has come to terms with the need to fully decarbonise the sector by 2050. We take a look at the outcomes of COP26.
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Shipping companies efforts to cut their GHG emissions are inadequate and the industry is urged to come up with a set of more ambitious and credible targets in the run up to COP26. We give you a quick guide to what is happening leading up to and at COP26.
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With the Carbon Estimator charterers, brokers and owners can predict and assess the environmental footprint from tanker voyages. In this post we look at five ways you can use the Carbon Estimator in your day-to-day chartering activities.
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Siglar argues that a "common carbon language" is needed to accelerate short-term cuts in maritime emissions. In an interview with Siglar CEO Sigmund Kyvik, he explains why he thinks a new language is necessary and how the launch of the free Siglar Carbon Estimator can kickstart the learning of this language.
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Siglar Carbon launches a free and neutral tool for estimating and comparing emissions from tanker voyages. Using the Siglar Carbon Estimator to compare the carbon consequence of commercial decisions prior to fixing can unlock potential that lies within a commercial decarbonization of the shipping industry.
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We are excited to see the first version of Climate TRACE world emissions map and intelligence being published, and proud to say that Siglar Carbon played a small part, reviewing their maritime prediction model. We share the goal of making emissions insight available, because effective decarbonization starts with detailed knowledge of emissions sources – also in the maritime industry.
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The European Union proposes a basket of measures to decarbonise the maritime industry, which will influence freight rates in different ways. Shipping emissions will become a cost element in freight negotiations and a part of ship owners, brokers and cargo owners' everyday business.
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The European Union’s “Fit for 55”-package proposes to decarbonize shipping by imposing a first-ever greenhouse gas (GHG) intensity limit on ship energy usage, a minimum tax on bunker fuels and a requirement to pay for shipping emissions in the emissions trading system (ETS) from 2023, with a full phase-in by 2026.
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The International Maritime Organisation (IMO) adopts new short-term measures that require ships to combine a technical and an operational approach to reduce their carbon intensity. The operational Carbon Intensity Indicator (CII) will highlight the charterers role in emissions reductions, but is it too weak, too slow? The IMO is already criticised for its selected method as well as its limited ambitions.
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As the International Maritime Organization (IMO) assembles today to adopt emission reduction measures, it’s with a backdrop of pressure to increase climate ambitions. Nations and industry players call for a net-zero maritime industry by 2050.
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A large majority of the respondents in an EU public consultation wants to include emissions not only from voyages between EU-ports but also from voyages between EU and non-EU ports in the Emissions Trading System (ETS).
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January 2021 is the first month of the Sea Cargo Charter (SCC) reporting on emissions from ship chartering activities. A rush of questions from both signatories and companies that are considering joining, show that details need to be discussed further.
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Many responsible dry bulk charterers measure and report emissions from their entire value chain. Reporting value chain emissions can be a puzzle, and chartering activities often represent a missing piece. Siglar keeps daily track of emissions from all shipping activities, regardless of ship type, size or freight contract, to help add that last piece to your puzzle.
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Øyvind Schanke and Peder Engeset join the Siglar Board of Directors to support the company in a growing phase. Schanke will take on the role as chairman of the board.
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During an IMO meeting last week member states agreed on a plan to facilitate the reduction of the carbon intensity of international shipping. A key point was the approval of operational ship performance requirements. The focus on operational performance targets the existing fleet, and it raises awareness on charterers' role in reducing shipping emissions.
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The launching of the Sea Cargo Charter (SCC) is warmly welcomed by Siglar. In the Siglar Carbon Monitoring & Reporting dashboard all chartering activities are monitored and reported according to the Sea Cargo Charter requirements.
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The Siglar Carbon indexes let charterers compare the carbon exposure of potential ships and routes for their cargo. This way, substantial reduction potential is highlighted.
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A coming carbon price on shipping will change the way we trade commodities. Whether politicians implement carbon pricing globally or locally, or responsible companies implement it internally, insight into your freight emissions is crucial to prepare for this change.
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The Siglar Carbon Efficient Chartering concept helps responsible charterers make significant emissions reductions from their chartering activities.
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International shipping emits more than 1 000 million tonnes of CO2e per year, and this number is projected to rise. According to the Fourth IMO Greenhose Gas (GHG) Study, shipping emissions represent 2,89% of the worlds GHG emissions. If the sector were a country, it would rank sixth in the world in terms of emissions.
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You have to measure to manage and you have to manage to make efficient emissions reductions. These three steps are fundamental to the Siglar Carbon Efficient Chartering™ concept.
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