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SMALLER international shipping companies risk facing steep losses if they resist FuelEU compliance, reports the Manila Times.
Emission Link, an emission scheme management service under the Columbia Group, warned that as the January 2025 implementation of the FuelEU Maritime Regulation approaches, smaller companies risk falling behind.
FuelEU Maritime Regulation requires shipowners, managers or charterers to accelerate the uptake of renewable and low-carbon fuels in maritime transport and cement the use of onshore power during port stays of more than two hours.
Link’s warning is for shipping companies to submit their FuelEU Maritime Monitoring Plans.
The group reported that there were concerns that while industry leaders were investing in low-carbon technologies, optimising their operations and ensuring compliance strategies were in place, some companies, particularly smaller operators, were failing to comply and submit their plans.
A significant number of shipowners and operators have yet to submit their FuelEU Monitoring Plans, citing the complexity of compliance and the lack of clear guidance and inconsistent support from regulators regarding the correct steps to take,’ said Philippos Ioulianou, Columbia Group director for energy and renewables.
‘Although there is some leeway to do this by the start of next year, we expect therein to be a huge rush later in the year, so the earlier companies get their plans submitted and verified, the better,’ said Mr Ioulianou.
Columbia Group is an active member of the ship management trade association (InterManager), and, on behalf of its members, InterManager has taken part in extensive discussions with the EU in relation to FuelEU and EU-ETS.
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