World News
European Parliament Backs Shipping's Inclusion in Emissions Trading System
The European Parliament has finally voted to approve shipping's inclusion in the EU emissions trading system, after the plan hit a roadblock earlier this month.
The parliament approved the plan as part of a wider package of 'Fit for 55' measures in a vote on Wednesday. In the next stage the proposals will need to be negotiated with member states.
If the plan is implemented into law, from the start of next year ships travelling between EU ports will pay for 100% of their GHG emissions, while voyages between the EU and the rest of the world will incur 50% of the charge. That 50% level will be increased to 100% from the start of 2027.
75% of the funds raised from shipping would go to a fund to support maritime decarbonisation.
"European shipowners welcome the increased climate ambition of the 'Fit for 55' package," Sotiris Raptis, secretary general of the ECSA, said in a statement on the industry body's website.
"We have criticised the lack of consistency and have put forward workable solutions.
"The Parliament's vote is a strong signal that the European policy-makers listen to us and take into account the proposals of our sector.
"We need all hands on deck and the role of the commercial operators is key for reducing emissions.
"The earmarking of the revenues to shipping is a prerequisite for financing the uptake of cleaner fuels.
"It's a make-or-break moment for the decarbonisation of shipping and the competitiveness of the sector."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 567.50 | 3.50 | 700.00 | 14.50 |
| Rotterdam | 512.50 | 4.00 | 695.00 | 17.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 562.50 | 2.50 | 755.00 | 0.00 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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