The € question: Are you ready to surrender your first EU allowances?
The countdown is on: By 30 September 2025, all shipowners with EU voyages must surrender their first batch of EU ETS allowances. But are you ready? Do you know what your carbon bill will be? Where to get allowances, and when? For many shipowners, the financial clock is ticking, yet the full cost remains off the radar.
The full storyEU 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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