EU shipping emissions rose in 2025. The ships did not emit more. The reported increase comes entirely from vessels that entered the reporting rules in 2025; follow the same ships through both years and emissions fell. Below the CO₂ line, methane rose sharply as LNG dual fuel ships reached the water, and from 2026 that methane becomes billable, pushing the maritime EU ETS bill toward 100 million allowances. For owners and charterers, the headline MRV number is only the starting point. The exposure sits behind it.
The full storyFrom 1 July, the UK Emissions Trading Scheme (UK ETS) becomes a new cost layer for shipping activity linked to the UK. While the regulation itself is not unexpected, the commercial implications are still widely underestimated.
The IMO's 84th Marine Environment Protection Committee could not finalise the Net-Zero Framework, but the substance of the week was the opposite of the headline. A clear majority of member states returned to the NZF as the basis for further negotiation, reversing the adjournment that derailed MEPC.ES2 in October 2025.
New emission levies are emerging in parts of Africa. For now, the direct cost impact is limited. But that’s not the most important takeaway.
