Wilhelmsen Ship Management, part of the Wilhelmsen Group and Affinity Shipping, an independent shipbroker, team up in order to jointly establish an independent company, that will provide comprehensive compliance services related to the EU ETS (European Union Emission Trading System).
The two partners signed a Memorandum of Understanding to launch full EU emissions reporting and trading services.
The service integrates technical ship management 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, ship owners 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 framework, while Affinity brings experience in the sale and purchase of carbon products, EU Allowances registry management, analysis of ETS exposure, and regulated advice on emissions markets.
Carl Schou, CEO and President of WSM said: “We are delighted to be collaborating with Affinity on this important initiative, which will bring added value to customers and ensure full transparency in the whole value chain. The partnership aims to provide a seamless transition into EU ETS compliance, as well as prioritizing our clients’ interest by managing emission allowance in the most efficient way possible.”
From his side Richard Fulford-Smith, Managing Partner at Affinity Shipping, added: “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.”