Europe's shipping industry has to deal with the first "bill" since joining the EU Emissions Trading System (EU ETS), the Union's main tool for reducing greenhouse gases.
At the heart of the bill is the EU's Monitoring, Reporting and Verification (MRV) platform, the emissions monitoring, reporting and verification system specifically designed for shipping.
According to data from Drewry, a private London-based maritime research and advisory firm that provides market intelligence, advisory services and industry analysis to shipping companies, around 13,000 ships have submitted their emissions data for 2024, as required by the guidelines.
The recorded emissions amounted to 90 million tons of CO₂, a quantity that must be covered by the delivery of 40% of the corresponding emission allowances (EUA) by September 30, 2025.
The increase of approximately 14% compared to 2023 is attributed to geopolitical factors that forced a large number of ships to bypass the Suez Canal, following longer routes via the Cape of Good Hope.
The containership sector is particularly important, which, although it represents only 16% of the number of ships and 21% of the tonnage, is responsible for 34% of total emissions.
With the current price of EUAs at 70 euros, Drewry estimates that the shipping industry will be asked to pay around 2.9 billion dollars in the fall of 2025.
After the end of the transition period in 2026 and the full implementation of the measure, the annual cost is estimated to skyrocket to 7.5 billion.
On average, each RoPax or passenger ship will pay around 1 million per year, while for container ships the corresponding amount is 500,000.
Faced with the increased costs, shipping companies calling at EU ports are accelerating investments in energy-saving technologies, utilizing sustainable biofuels, launching ships using alternative fuels and applying advanced anti-pollution and low-friction paints, with the aim of reducing emissions and complying with the new strict framework.
The European Union is expected to align its rules with the expected Net Zero framework of the International Maritime Organization (IMO) after its possible adoption in October 2025 in order to avoid double taxation.