The International Transport Intermediaries Club (ITIC) has predicted that the European Union’s (EU’s) new Emissions Trading Scheme (ETS) could result in significant costs for the shipping industry, potentially reaching into the billions.
The extended EU ETS, which will go into effect on January 1, 2024, imposes an annual absolute limit on greenhouse gas (GHG) emissions for vessels with a tonnage of 5,000 gt and above when calling at EU ports. However, the implementation of this scheme has led to tensions between shipowners and charterers, particularly concerning the language within charter agreements to ensure an equitable distribution of costs and legal responsibilities.
Despite these challenges, Robert Hodge, the General Manager at ITIC, emphasized the importance of ship managers conducting thorough due diligence to mitigate potential risks. He stated, “Ship managers will play a crucial role in overseeing the scheme on behalf of their owners. Therefore, it is imperative that ship management agreements delineate the responsibilities and liabilities involved. The EU ETS is expected to result in substantial additional expenses for the industry, so ship managers and charterers must assess all aspects of the associated costs and legal risks to safeguard against financial instability.”
ITIC’s cautionary advice follows discussions within BIMCO’s documentary committee, which includes participation from ITIC and other key stakeholders in the shipping industry. During these discussions, BIMCO introduced a groundbreaking ETS allowances clause for its ship management agreement, SHIPMAN, along with three ETS clauses tailored for voyage charter parties. These provisions were designed to facilitate compliance with evolving regulations and offer a strategic approach to navigating the evolving landscape of carbon emissions within the maritime sector.
In its capacity as an advisor within the BIMCO document committee, ITIC is scheduled to conduct a webinar to provide guidance and insights to its members, particularly ship managers. The webinar, titled ‘EU ETS – Ship Managers, are you ready?’ will be hosted by Robert Hodge and will cover a range of topics, including risks associated with the scheme, an overview of the ETS clause, and recommended actions for ship managers to protect their interests.
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