CarbonLeap, an independent organization for managing monetized carbon reductions in global transportation, has urged shipowners at risk of non-compliance to take immediate action to leverage the cost-saving benefits of vessel pooling for meeting FuelEU Maritime compliance targets. This applies to commercial vessels over 5,000 GT.
Delaying the decision to join a pool until the compliance deadline in early 2026 could result in substantial financial penalties. Shipowners who establish pooling contracts before the FuelEU monitoring period begins in 2025 will be better positioned to reduce compliance costs and pass these savings on to their customers.
Once the FuelEU Maritime regulations take effect in 2025 for vessels operating in, to, or from European Union ports, shipowners will have three options for compliance: paying a penalty of US$2,600 per tonne of VLSFO energy equivalent, investing in more expensive alternative fuels and energy-efficient technologies, or utilizing the FuelEU pooling mechanism. Pooling allows them to benefit from lower emissions achieved by vessels that exceed compliance targets. Choosing the right compliance strategy is essential to avoid severe financial consequences.
Retrofitting ships to reduce energy consumption and emissions is considered the most effective long-term solution for complying with FuelEU Maritime. In the short term, bunkering alternative fuels like biofuels and LNG can help meet compliance standards. The pooling mechanism, however, offers a practical solution for owners with higher-emission fleets by allowing them to combine their fleet performance with those of owners whose vessels have already surpassed compliance targets.
Pooling also provides shipowners more time to prepare and invest for future regulatory requirements, particularly the 6% well-to-wake GHG intensity target set for 2030. This is particularly advantageous for tramp shippers, who may face challenges in accessing compliant fuels at various ports.
“Failure to comply with FuelEU Maritime could create serious budget difficulties for the business of fleet owners, who could face hefty fines. This is why we are urging shipowners to find out about pooling opportunities to ensure they have their vessels covered and avoid any unexpected costs. We have strong partnerships with owners seeking pooling solutions and buyers looking to provide decarbonising solutions. But it is a process that takes time to set up thus an owner should act now,” stated Guido Levie, co-founder at CarbonLeap.
