Hartree Details EU ETS Offering for Maritime Sector

Hartree has a range of offerings. Image Credit: Hartree Partners

Hartree Partners has detailed its EU ETS offering to maritime customers in a recent webinar providing an overview of the new emissions rules coming into effect in Europe next year.

The EU Emissions Trading System (ETS) is part of the EU's 'Fit For 55' legislative package that by 2030 aims to reduce greenhouse gas (GHG) emissions by at least 55% compared to 1990 levels.

The cap-and-trade system will be applicable to marine shipping from January 1, 2024.

Once in effect, ship operators will need to purchase EU Allowances (EUAs) equivalent to the emissions reported in the EU MRV database.

The scheme will cover 100% of the emissions from intra-EU voyages, and 50% of the emissions between non-EU and EU ports.

No free allowances will be granted, although liability will be scaled up over the first three years.

All EUAs for a specific year will need to be surrendered by September 30 of the following year.

Hartree highlighted that it has been active in the EU ETS for over a decade, with an experienced team of analysts and traders dedicated to this market.  The company's global marine fuel business, Hartree Marine, supplies fuel to ships calling ports in Europe and around the world.

Hartree says it will support customers to comply with the EU ETS in a number of ways, not least of which by providing access to the EU ETS market underpinned by the ability to provide healthy credit lines.

Customers are able to purchase fuel from Hartree Marine and acquire the necessary allowances on a spot basis or by implementing hedging strategies that use forward swaps and options.

Accounting or tax-driven solutions for specific clients are also offered on a tailored basis, it added.

Hartree says it can provide customers with access to extensive data on the EU ETS such as supply & demand, and pricing, and offer ongoing assistance with regular updates on the market.

The deadline for first surrender of allowances is September 30, 2025.