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The EU ETS requires shipping companies to annually report emissions and surrender allowances. The polluter pays principle mandates that charterers, in time charter and spot voyage contracts take responsibility for emissions. This highlights the importance of contract terms and conditions between charterers and owners.
Implementing a dedicated emissions reporting solution can offer valuable insights into your environmental impact while reducing costs. Here are 5 crucial factors to consider when selecting an emissions reporting solution for your chartering activities.
The shipping industry faces numerous regulations and reporting frameworks, including EU ETS, where the polluter pays principle mandates that charterers, in time charter and spot voyage contracts take responsibility for emissions. Currently, the EU ETS is the regulation that impacts commercial impact.
However, a reporting solution should assist in achieving compliance with any reporting scheme while helping to reach your emissions compliance targets. Compliance with various regulations is essential to avoid penalties, and a good reporting solution ensures that your vessels also align with IMO standards and reporting mechanisms like Sea Cargo Charter, among others. It also ensures that contracts you sign meet your required emissions KPIs.
Emissions reporting must align with contractual obligations. Relevant clauses, such as ETS clauses, need to be in place and emissions estimates needs to be agreed upon. A reliable reporting solution should act as a trusted partner, providing comprehensive services that ensure accurate estimates and efficient reporting without contractual issues. At Siglar, we offer legal and advisory services in addition to reporting, supporting your commercial agreements with tailor-made clauses. This ensures a smooth compliance process with regulations such as IMO's Marpol, EU's ETS and Fuel EU.
Quality assurance and granularity in data collection and validation is essential to stay compliant in a complex and developing regulatory landscape. Automatic data retrieval can sometimes be inaccurate, so it is crucial to choose a reporting solution that ensures high-quality data validation. At Siglar, we apply a two-step validation process, combining machine learning techniques with manual checks by our experienced operations team on all noon reports and voyages. This approach ensures data accuracy through independent third-party validation, reducing inaccuracies and administrative burdens for the charterer.
Having accurate emissions estimates ahead of time gives you a competitive edge during contract negotiations and strategic planning. With reliable emissions estimates, you can proactively shape your commercial strategies, compare the carbon costs of different freight solutions, and strengthen your position in negotiations.
A comprehensive reporting solution should go beyond ensuring compliance; it should also deliver commercially actionable insights, like uncovering key emissions drivers and identifying opportunities for cutting carbon and cost.
Utilising a reporting solution tailored for strategic decision-making empowers you to better manage your risk profile, optimise your EUA strategy, and make informed decisions that ultimately enhance your competitive standing.
In time charter or spot voyage contracts, owners and charterers, must ensure that relevant clauses are in place. Detailed emissions data can help ensure that responsibilities and liabilities concerning emissions and carbon costs are divided in a fair manner that fits company strategies.
The industry faces numerous challenges due to the dynamic nature of current emissions regulations. However, one clear imperative is understanding your emissions and carbon footprint, which not only enhances your position in contractual negotiations but also strengthens both internal and external commercial strategies.
This article is provided for informational purposes only and does not constitute a legal advice.
The EU ETS requires shipping companies to annually report emissions and surrender allowances. The polluter pays principle mandates that charterers, in time charter and spot voyage contracts take responsibility for emissions. This highlights the importance of contract terms and conditions between charterers and owners.
Implementing a dedicated emissions reporting solution can offer valuable insights into your environmental impact while reducing costs. Here are 5 crucial factors to consider when selecting an emissions reporting solution for your chartering activities.
The shipping industry faces numerous regulations and reporting frameworks, including EU ETS, where the polluter pays principle mandates that charterers, in time charter and spot voyage contracts take responsibility for emissions. Currently, the EU ETS is the regulation that impacts commercial impact.
However, a reporting solution should assist in achieving compliance with any reporting scheme while helping to reach your emissions compliance targets. Compliance with various regulations is essential to avoid penalties, and a good reporting solution ensures that your vessels also align with IMO standards and reporting mechanisms like Sea Cargo Charter, among others. It also ensures that contracts you sign meet your required emissions KPIs.
Emissions reporting must align with contractual obligations. Relevant clauses, such as ETS clauses, need to be in place and emissions estimates needs to be agreed upon. A reliable reporting solution should act as a trusted partner, providing comprehensive services that ensure accurate estimates and efficient reporting without contractual issues. At Siglar, we offer legal and advisory services in addition to reporting, supporting your commercial agreements with tailor-made clauses. This ensures a smooth compliance process with regulations such as IMO's Marpol, EU's ETS and Fuel EU.
Quality assurance and granularity in data collection and validation is essential to stay compliant in a complex and developing regulatory landscape. Automatic data retrieval can sometimes be inaccurate, so it is crucial to choose a reporting solution that ensures high-quality data validation. At Siglar, we apply a two-step validation process, combining machine learning techniques with manual checks by our experienced operations team on all noon reports and voyages. This approach ensures data accuracy through independent third-party validation, reducing inaccuracies and administrative burdens for the charterer.
Having accurate emissions estimates ahead of time gives you a competitive edge during contract negotiations and strategic planning. With reliable emissions estimates, you can proactively shape your commercial strategies, compare the carbon costs of different freight solutions, and strengthen your position in negotiations.
A comprehensive reporting solution should go beyond ensuring compliance; it should also deliver commercially actionable insights, like uncovering key emissions drivers and identifying opportunities for cutting carbon and cost.
Utilising a reporting solution tailored for strategic decision-making empowers you to better manage your risk profile, optimise your EUA strategy, and make informed decisions that ultimately enhance your competitive standing.
In time charter or spot voyage contracts, owners and charterers, must ensure that relevant clauses are in place. Detailed emissions data can help ensure that responsibilities and liabilities concerning emissions and carbon costs are divided in a fair manner that fits company strategies.
The industry faces numerous challenges due to the dynamic nature of current emissions regulations. However, one clear imperative is understanding your emissions and carbon footprint, which not only enhances your position in contractual negotiations but also strengthens both internal and external commercial strategies.
This article is provided for informational purposes only and does not constitute a legal advice.
