World News
Bunker Broker Norwegian Oil Trading Launches EUA Sales for EU-ETS Compliance
Bunker brokerage Norwegian Oil Trading has launched the sale of EU Allowances (EUAs) to assist the shipping industry with compliance with the European Union's emissions trading system.
The launch of EUA sales 'underscores a commitment to environmental responsibility and aligns with global efforts to combat climate change', the company said in an emailed statement on Friday.
"This move is not merely a response to regulatory pressures but a proactive stance towards fostering a greener future," the firm said.
"European Allowances represent a critical tool in the fight against climate change, allowing companies to offset their carbon emissions by purchasing permits to emit a specific amount of greenhouse gases.
"By participating in this market, Norwegian Oil Trading AS is not only adapting to changing environmental norms but also contributing to the broader initiative of building a low-carbon economy."
Shipping joined the EU-ETS at the start of 2024, meaning all ships larger than 5,000 GT will need to purchase EUAs to cover the emissions for their voyages between EU ports. Ships on voyages between the EU and elsewhere in the world need EUAs for half the emissions generated.
The system is being phased in gradually, meaning ship owners pay 40% of the costs for 2024, 70% for 2025 and 100% from 2026 onwards.
The first deadline for EUAs to be surrendered -- for 2024's voyages -- is September 30, 2025.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| 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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