Wilhelmsen Ship Management (WSM) and shipbroker Affinity Shipping have signed a memorandum of understanding (MOU) to jointly establish an independent company that will provide comprehensive compliance services related to the EU ETS (European Union Emission Trading System).
The service integrates technical shipmanagement and carbon allowance procurement to support shipowners, managers, and operators in the new era of emissions compliance. Following the agreement in December among EU negotiators to include maritime shipping in the EU ETS, shipowners and operators will need to acquire emission permits for 40% of their applicable emissions in 2024, increasing to 70% in 2025, and 100% in 2026 and every year thereafter.
WSM brings technical management expertise to the table, including verification of emissions reports and compliance with the existing EU Monitoring, Reporting and Verification (MRV) framework, while Affinity brings experience in the sale and purchase of carbon products, EU Allowances (EUA) registry management, analysis of ETS exposure, and regulated advice on emissions markets.
Richard Fulford-Smith, managing partner at Affinity, commented: “We look forward to working with WSM to launch the company that will provide a turnkey solution for ship owners’ and operators’ needs in the way of emissions reporting and trading support. It’s a powerful pooling of expertise that furthers our aim to assist clients in managing their financial exposure to the approaching energy transition.”
