Climate Neutral before 2050

Global maritime emissions contribute around 3% to total global carbon output. The ambitious ‘Fit for 55’ initiative aims to slash these emissions by 55% by 2030. Effective January 1, 2024, the EU’s Emissions Trading System will impact the Intermarine fleet.

Committed to this ecological mission, Intermarine is aligning with the EU’s ecological objectives, fostering a more sustainable maritime industry. Our path is set towards achieving carbon neutrality by 2050. Meanwhile, sustainability is integral to numerous projects, including significant involvement in the transition towards wind energy.

Industrial Aim

European Emissions Trading Scheme

The European Commission proposes has included maritime emissions in the European Emissions Trading Scheme (EU ETS). This proposal mandates cargo ships over 5,000 Gross Tonnage (GT) to comply with the EU ETS, considering specific geographic factors:

• All emissions occurring between EU ports would be subject to a 100% emissions count.
• Emissions from non-EU ports to EU ports and vice versa would be subject to a 50% emissions count.
• Emissions between ports located outside the EU would be excluded from the EU ETS.

This integration of maritime transport into the EU ETS aims to mitigate greenhouse gas emissions from shipping, contributing to the EU’s overall emission reduction goals.

Shipping receives no free emission allowances. However, a phased approach is planned: 40% of emissions will be counted in 2024, increasing to 70% in 2025, and reaching 100% by 2026.

Intermarine EU ETS Formula

The EUA costs are determined by multiplying
Consumption x Emission Factor x Area x Phase-in x EUA Price

  • Emission factor: 3,14
  • Area: 100% intra-EU or 50% to/from EU
  • Phase-in: 40% in 2024, 70% in 2025 and 100% in 2026
  • EUA price: EUR 80,- (this is a variable price, subject to supply and demand).

The latest EUA price can be found at Spot (eex.com)

The freight stated in Box 15 is calculated on the basis of an Emission Allowance price of EUR 80 per ton of carbon dioxide (CO2) on the date of the Charter Party (the “Charter Party Price”). The freight shall be adjusted on the basis of the difference, if any, between the Charter Party Price and the Emission Allowance price per ton of carbon dioxide (CO2), from the following source EU Carbon Price Tracker from ember-climate.org, on the date of the Bill of Lading (the “Bill of Lading Price”).

The freight shall be adjusted if the difference between the Charter Party Price and the Bill of Lading Price is higher than EUR 1 per ton of carbon dioxide (CO2).
For each Euro 1, whereby the Bill of Lading Price is higher than the Charter Party Price, the Carrier shall increase the freight by 0,25 percent.

Please note the percent will increase in 2025 and 2026!

Notwithstanding any other provision in this Charter Party, the Carrier and the Merchant (the “Parties” and each individually a “Party”) agree as follows:

“Emission Allowances” means an allowance, credit, quota, permit or equivalent, representing a right of a vessel to emit a specified quantity of greenhouse gas emissions recognised by the Emission Scheme.

“Emission Scheme” means a greenhouse gas emissions trading scheme which for the purposes of this Clause shall include the European Union Emissions Trading System and any other similar systems imposed by applicable lawful authorities that regulate the issuance, allocation, trading or surrendering of Emission Allowances.
This Charter Party is concluded on the basis of an Emission Allowance price of EUR xxx,- per tonne of carbon dioxide (CO2) for a quantity of XXXXXXX (the “Charter Party Price”).

If the price actually paid by the Carrier for the Emission Allowance per tonne of carbon dioxide (CO2) for this quantity is higher than the Charter Party Price, then the difference between the Charter party price and the actual price shall be paid by the Merchant to the Carrier”.

What does this mean for your cargo in 2024?

Do you want to know more? Contact your local branch office.

Are you looking for our full Terms and Conditions?

Find them here