We remind that since January 1, 2024, shipping has been covered by the EU ETS, with an annual absolute limit on emissions of some greenhouse gases and demanding the purchase of emission allowances.
The above is a consequence of the Directive (EU) 2023/959 of The European Parliament and of the Council of 10 May 2023, amending Directive 2003/87/EC establishing a system for greenhouse gas emission allowance trading within the Union and Decision (EU) 2015/1814 concerning the establishment and operation of a market stability reserve for the Union greenhouse gas emission trading system.
For some ships, the Directive applies as early as January 2024, and this will bring shipping under the carbon price for greenhouse gas emissions. Therefore, entering the Directive into force may have significant consequences for shipping market players, impacting on freight rates and shipowners’ local charges.
Due to the above, we recommend charterers to pay special attention to the clauses included in the charterparties for potential additional costs to be charged by the Owners in relation to the carriage performed.
Should you have any questions, please contact:
PIOTR PORZYCKI
Chartered Tax Adviser | Partner of CMW Legal
pporzycki@cmwlegal.pl
+48 573 320 227