EU ETS solution for shippers launches

Maritime data firm OceanScore has developed the online ETS Manager to help ship owners manage the entire process and ensure they comply with new emissions regulations.

“The industry faces a major challenge to navigate the complexity of the new regulation and mitigate financial risk due to the requirement to purchase carbon credits to cover the cost of emissions, which will reach €8 billion or more annually,” OceanScore’s co-managing director Albrecht Grell said.

The ETS is a ‘cap and trade’ scheme intended to lower greenhouse gas emissions. From 2024 the scheme is being expanded to include all large ships (5,000 tonnes and above) calling at EU ports.

Grell said that the highly-automated, comprehensive solution will help simplify the process for the shipping industry which he says faces unique challenges.

“The interplay between owners, managers and charterers creates significant complexities unique to shipping and poses potentially significant risks, especially for ship managers, if not managed properly,” he said.

The Hamburg-based firm has therefore developed ETS Manager to manage and monitor the entire process from automatically ingesting vessel operational data, assessing the need for EU Allowances, allocating them to owners or stakeholders, requesting and accounting for them, and tracking open positions.

It incorporates the trading tool EUA Trader, powered by RWE Supply & Trading, to buy and sell EUAs.