Shipping industry already at risk of fines due to FuelEU Maritime inactivity
The shipping industry is already at risk of significant fines, even before the FuelEU Maritime regulations take effect. It is particularly the lack of FuelEU clauses in charterparty agreements and pooling arrangements that causes costs to accumulate.
The full storyEarly movers, who understand how to use the EU ETS as a strategic tool, do not wait for the first surrendering period of allowances but take advantage by engaging proactively. They understand that action must be taken today, as certain expenses are already incurred, and affecting contracts and negotiations.
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A common misconception among charterers and shipowners is that they don't need to worry about the EU Emissions Trading System (ETS) until September 2025. However, if you're signing charter parties in 2024, this mindset could be akin to signing a blank cheque.
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We have joined forces with Global Maritime Forum and leading maritime companies to cut greenhouse gas emissions from vessels through operational efficiency measures. As announced at the Global Maritime Forum's Annual Summit today, signatories agree to take collective action and adopt voyage optimisation strategies that can decrease annual fuel consumption by 20%, reduce annual emissions by more than 200 million tonnes of CO2, and enable the uptake of scalable zero-emission fuels in the long run.
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