Global shipping emissions account for approximately 3% of total global emissions. The ‘Fit for 55’ plan seeks to reduce shipping emissions by 55% before 2030. As of January 1, 2024, the EU Emissions Trading System will come into play, affecting the fleet of Jumbo Maritime and the Jumbo-SAL-Alliance.
Jumbo Maritime is actively engaged in this effort to align with the EU’s sustainability goals and contribute to a greener and more environmentally responsible maritime sector. We are on course to carbon neutrality by 2050. In the mean time sustainability is part of many projects. We are actively contributing to the transition to wind energy.
European Emissions Trading Scheme
• All emissions occurring between EU ports would be subject to a 100% emissions count.
• Emissions from non-EU ports to EU ports and vice versa would be subject to a 50% emissions count.
• Emissions between ports located outside the EU would be excluded from the EU ETS.
The primary objective of integrating maritime transport into the EU ETS is to address the greenhouse gas emissions generated and ensure that shipping plays its part in helping the European Union achieve its broader emission reduction targets.
There are no free allowances for shipping. Nevertheless, there will will be a 3-year phase in with 40% of emissions in 2024, 70% in 2025 and 100% in 2026.
EU ETS Formula
The EUA costs are determined by multiplying
Consumption x Emission Factor x Area x Phase-in x EUA Price
- Vessel Consumption 116 Type / H800 / 176 Type
- Daily consumption @ sea:
- 27,50mt @ 15kn (116 Type)
- 16,00mt @12,50kn (H800)
- 42,00mt @18kn (176 Type)
- Daily consumption in port:
- 3,00mt (116 Type)
- 2,00mt (H800)
- 4,00mt (176 Type)
- Emission factor: 3,14
- Area: 100% intra-EU or 50% to/from EU
- Phase-in: 40% in 2024, 70% in 2025 and 100% in 2026
- EUA price: EUR 80,- (this is a variable price, subject to supply and demand).
The latest EUA price can be found at Spot (eex.com)
The freight stated in Box 15 is calculated on the basis of an Emission Allowance price of EUR 80 per ton of carbon dioxide (CO2) on the date of the Charter Party (the “Charter Party Price”). The freight shall be adjusted on the basis of the difference, if any, between the Charter Party Price and the Emission Allowance price per ton of carbon dioxide (CO2), from the following source EU Carbon Price Tracker from ember-climate.org, on the date of the Bill of Lading (the “Bill of Lading Price”).
The freight shall be adjusted if the difference between the Charter Party Price and the Bill of Lading Price is higher than EUR 1 per ton of carbon dioxide (CO2).
For each Euro 1, whereby the Bill of Lading Price is higher than the Charter Party Price, the Carrier shall increase the freight by 0,25 percent.
Please note the percent will increase in 2025 and 2026!
Notwithstanding any other provision in this Charter Party, the Carrier and the Merchant (the “Parties” and each individually a “Party”) agree as follows:
“Emission Allowances” means an allowance, credit, quota, permit or equivalent, representing a right of a vessel to emit a specified quantity of greenhouse gas emissions recognised by the Emission Scheme.
“Emission Scheme” means a greenhouse gas emissions trading scheme which for the purposes of this Clause shall include the European Union Emissions Trading System and any other similar systems imposed by applicable lawful authorities that regulate the issuance, allocation, trading or surrendering of Emission Allowances.
This Charter Party is concluded on the basis of an Emission Allowance price of EUR xxx,- per tonne of carbon dioxide (CO2) for a quantity of XXXXXXX (the “Charter Party Price”).
If the price actually paid by the Carrier for the Emission Allowance per tonne of carbon dioxide (CO2) for this quantity is higher than the Charter Party Price, then the difference between the Charter party price and the actual price shall be paid by the Merchant to the Carrier”.
What does this mean for your cargo in 2024?
Do you want to know more? Contact your local branche office.
Heavy Lift Shipping
has never been greener
As a global heavy lift shipping and offshore transportation & installation service provider we want to reduce the emissions of our fleet. Therefore, we have started a newbuilding programme together with SAL Heavy Lift. Together we will welcome four ultra-efficient carbon-neutral heavy lift project vessels.
These Orca class vessels are equipped with dual-fuel engines, which means that they can use methanol as an alternative fuel. If green methanol becomes available in key ports we will be able to offer customers carbon-neutral transport solutions. A stepping stone towards our environmental protection goals.
Build methanol ready vessels
Pioneer with drop in bio-fuels
Diesel electric propulsion
CO2-compensation by planting trees
Connect with sustainability rating systems