Offsets are one way for shipping companies to address their carbon footprint in the short term. File Image / Pixabay
Shipbroker SSY's derivatives unit has completed its first carbon offset deal.
SSY Futures set up a carbon desk earlier this year, and the team has now brokered a trade of CME-listed carbon offsets for the first time, the company said in an emailed statement on Friday.
Carbon offsets are an interim option for shipowners starting to tackle decarbonisation, allowing them to offset their carbon emissions against the financing of decarbonisation projects around the world while they formulate plans for shifting their fleet to zero-carbon fuels. Several bunker firms now offer a carbon offset service to their customers.
"We're very pleased to be in a position to work with our clients in this area, which is fast becoming a key priority for many businesses," James Ash, head of environmental markets at SSY Futures, said in the statement.
"We believe we have an important role to play in helping our clients to understand and manage their carbon emissions, reducing the impact that shipping has on the world."