With FuelEU Maritime coming into force early next year, shipping companies could face potential fines for failing to meet greenhouse gas intensity reduction targets. Ships will be hit with fines of 2,400 euros per tonne VLSFO equivalent for failing to reach the initial target of 2% reduction compared to the 2020 reference value.
OceanScore predicts that shipping as a whole will accrue total FuelEU fines of €1.345 billion in 2025 through analysis of the 13,000 vessels operating within and to the EU/EEA, subject to the regulation. The container segment will shell out the most, accounting for 29% of gross fines, followed by ropax at 14% and tankers and bulkers each at 13%.
This is also an opportunity for the transportation sector to innovate and adopt environmentally friendly solutions, alternative fuels and energy saving technologies.
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