MAERSK and Hapag-Lloyd have outlined their carbon tax surcharges per container and express growing concerns that the industry is not ready to pay the EU's emissions trading system (ETS) tax, reports New York's Journal of Commerce.
To comply with the ETS, ocean carriers need to become experts in carbon credit trading, on top of monitoring, verifying and reporting CO2 emissions across regional fleets and their vessels operating in the region.
All emissions on voyages and port calls within the European Union and European Economic Area, and 50 per cent of emissions on voyages into or out of the regions, will be subject to the carbon tax.
"Container shipping will bear the biggest cost of all segments, driven by its outstanding importance to global maritime transport and the higher speeds and consumption of the vessels employed," said Albrecht Grell, managing director of Hamburg data and technology firm OceanScore.
"European shipping is better prepared than non-European players, and larger companies are better prepared than smaller ones - with quite a few of the small ones basically not yet prepared at all," he said.
All ship operators will be required to monitor and report their emissions and surrender allowances for every ton of CO2 they emit. Shipping will be required to pay for allowances covering 40 per cent of greenhouse gas emissions in 2024, rising to 70 per cent in 2025 and 100 per cent from 2026.
Carbon credits, known as EU allowances (EUAs), will be purchased at a fixed price in the primary market through auctions arranged several times a year by the European Energy Exchange (EEX) on behalf of the EU. They can also be bought and sold on the secondary market over the counter through brokers or online trading platforms.
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