The largest regional green regulations in the history of shipping came into effect yesterday with the industry included in the European Union\u2019s emissions trading system ( EUETS), a market-based measure that sets a cap on allowed emissions.<\/p>\n
From yesterday, vessels visiting EU ports will be required to offset their applicable CO2 voyage emissions through the purchase of an equivalent number of EU Allowances (EUAs).<\/p>\n
Clarksons Research has put together a graph estimating EU ETS costs for certain ship types on the basis of this year\u2019s average EUA price of $90 per tonne of CO2 and 2022 trading patterns.<\/p>\n
The data shows that for a VLCC heading from Ras Tanura to Rotterdam EU ETS costs will be around $200,000 per voyage next year equivalent to 4% of today\u2019s freight cost, increasing to $0.5m and 10% in 2026 when the regulation is fully phased in at 100%.<\/p>\n
The new regulations were branded as \u201cbullshit\u201d and \u201ca complete waste of effort\u201d by one of Greece\u2019s largest shipowners, George Procopiou, while speaking at an event in Cyprus in October.<\/p>\n
\u201cWe always go to the shipyard, and we try to improve \u2014 through air lubrication and new engines, for example. Although our ships are 11 years old, we order a huge number of assets because the new models are 35% or 40% better in consumption. These are the little steps. The rest is just bullshit,\u201d Procopiou said.<\/p>\n","protected":false},"excerpt":{"rendered":"
The largest regional green regulations in the history of shipping came into effect yesterday with the industry included in the European Union\u2019s emissions trading system ( EUETS), a market-based measure that sets a cap on allowed emissions. From yesterday, vessels visiting EU ports will be required to offset their applicable CO2 voyage emissions through the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-23660","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/developmenttask.com\/ShipIpLtd\/wp-json\/wp\/v2\/posts\/23660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/developmenttask.com\/ShipIpLtd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/developmenttask.com\/ShipIpLtd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/developmenttask.com\/ShipIpLtd\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/developmenttask.com\/ShipIpLtd\/wp-json\/wp\/v2\/comments?post=23660"}],"version-history":[{"count":0,"href":"https:\/\/developmenttask.com\/ShipIpLtd\/wp-json\/wp\/v2\/posts\/23660\/revisions"}],"wp:attachment":[{"href":"https:\/\/developmenttask.com\/ShipIpLtd\/wp-json\/wp\/v2\/media?parent=23660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/developmenttask.com\/ShipIpLtd\/wp-json\/wp\/v2\/categories?post=23660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/developmenttask.com\/ShipIpLtd\/wp-json\/wp\/v2\/tags?post=23660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}