Shipowners will have to surrender emissions rights worth about $2.9 billion

Regulated Allowances concern 40% of 2024 CO2 emissions in shipping.

According to Drewry, a private shipping research and advisory firm based in London, by September 30, 2025, shipowners will have to surrender emissions rights, worth about $2.9 billion, for 40% of their 2024 CO₂ emissions.

With the data available today, shipping will also be required to pay back emissions rights in 2026 - relating to 2025 - worth $4.9 billion, while in 2027 this amount will rise to $7.8 billion.

It is noted that the implementation is gradual, as in 2025 companies will pay for 40% of 2024 emissions, in 2026 for 70% of 2025 emissions and from 2027 for 100% of emissions.

The measure covers all emissions from voyages between European ports, 50% of emissions from international voyages to or from the EU and 100% of emissions during stays in Union ports.

It obliges ships over 5,000 GT calling at European ports to monitor, record and pay for their emissions, covering both intra-European voyages and part of international routes, with full implementation in 2027.

According to Drewry estimates, the amount for 2025 concerns 40% of the carbon dioxide emissions recorded for 2024 by approximately 13,000 ships, which submitted data to the European Union's MRV (Monitoring, Reporting and Verification) platform.

In total, approximately 90 million tonnes of CO2 were recorded in 2024 under the EU ETS, showing a 14% increase compared to 2023. The increase is mainly attributed to geopolitical tensions that forced ships to avoid the Suez Canal and follow longer routes, via the Cape of Good Hope.

The container industry had the biggest impact: although it represented 16% of the fleet (or 21% in terms of tonnage), it produced around 34% of total CO2 emissions.

With the current EUA price hovering around €70 per allowance, the size of the charge highlights the challenge facing shipping companies under the new EU regulatory framework. If emissions remain at similar levels, the total cost is expected to reach $7.8 billion when the transition period ends in 2026 and all greenhouse gases are included in the scope.

On average, each RoPax ship and passenger ship will pay around 1 million USD into the EU ETS, while each container ship will pay around 0.5 million USD.

What is the EU ETS?

It is noted that, from 2024, shipping will be included in the EU Emissions Trading System (EU ETS), imposing for the first time on shipping companies the obligation to pay for part of the carbon dioxide emissions produced by their ships.

Under the new regime, companies operating ships over 5,000 GT calling at European ports must monitor and record their emissions through the MRV platform, submit verified data by 31 March each year and surrender an equivalent number of emission allowances (EUAs) by 30 April.

Plenty of options with lower emissions

Shipping companies calling at EU ports are already introducing measures to reduce their emissions, such as upgrading with energy-saving technologies, using sustainable biofuels, adding ships that use alternative fuels, and applying advanced anti-pollution and low-friction paints.

Container shipping companies, such as Maersk, CMA CGM and Hapag-Lloyd, have introduced transparent charges to cover the cost of emission allowances.

They also offer specialized services that allow customers to choose lower carbon transport options, which are marketed under brands such as Maersk’s “ECO Delivery”, CMA CGM’s “ACT+” and Hapag-Lloyd’s “Ship Green”.

source: naftemporiki