Shipping faces tough choices under new fuel regulations
Shipping companies are facing the challenge of meeting stringent carbon intensity reduction targets or face escalating penalties as the implementation of the FuelEU Maritime Regulation approaches. The regulation will come into force on January 1, 2025, imposing progressively stricter limits on the greenhouse gas (GHG) intensity of energy used by ships, with requirements becoming stricter every five years. Also read: Innovative strategy reduces cargo ship emissions by 17.3% The GHG intensity standard applies to all energy consumed during voyages and calls within the EU, and 50% of voyages into and out of the EU. To comply, shipping companies must pay a FuelEU fine or take steps to reduce their GHG intensity to meet regulatory limits. This can be achieved by using alternative fuels such as biofuels or LNG/LPG, or through pooling, where vessels that exceed their targets can offset those that underperform. However, Albrecht Grell, managing director of Hamburg-based maritime intelligence firm OceanScore, noted that many shipping lines, especially smaller…
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