TWO major shipping companies have revealed details of anticipated surcharges that shippers will face next year as the industry aligns with the European Union's emissions trading system, with Maersk cautioning that these expenses will be substantial, reports New York Journal of Commerce.
Beginning January 1, ship operators will be mandated to monitor and report their emissions, as well as surrender allowances for every tonnes of CO2 emitted during voyages within the European Economic Area and 50 per cent of voyages commencing or concluding in European ports.
In a recent customer advisory, Maersk acknowledged, "The cost of compliance is expected to be significant and will keep increasing with the phased implementation." This cost will be passed on to customers in the form of a separate surcharge known as the 'Emissions Surcharge,' which will be applied to all bookings for voyages subject to the EU ETS.
Hapag-Lloyd also informed its customers that the ETS would result in "an added cost for shipping companies that will be applied as a separate surcharge for cost recovery purposes to all applicable shipments."
To recoup these expenses, Maersk has estimated that on the Asia-North Europe route, it will need to impose a charge of US$73 per FEU, while Hapag-Lloyd anticipates a charge of $12 per TEU.
The surcharge will be applied quarterly to cargo owners starting in the first quarter of the coming year. Shipping companies must cover allowances for 40 per cent of greenhouse gas (GHG) emissions in 2024, rising to 70 per cent in 2025 and reaching full coverage (100 per cent) from 2026.
In 2024, shipping companies must purchase one European Union Allowance (EUA) for every ton of reported CO2 emissions and submit them to the EU annually.
EUAs can be acquired through exchanges such as the Intercontinental Exchange, the European Energy Exchange, Nasdaq, and over-the-counter markets involving carriers and customers.
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