Finnish state-owned energy company Gasum has been selected to manage shipping company Wasaline’s EU Allowances (EUA) portfolio.
Wasaline has chosen Gasum Portfolio Services as its partner in EU Allowances (EUA) portfolio management. Managing and trading emissions allowances is topical for shipping companies as the EU Emissions Trading System (EU ETS) was extended to include the maritime sector at the beginning of 2024.
The partnership is expected to help Wasaline to better predict and manage the costs of its emissions allowances.
“We are very happy to offer our expertise in the emissions trading market to our long-time customer Wasaline. Gasum Portfolio Services has been operating on the emissions trading market since it was first established. Wasaline is our first maritime customer but, as the whole sector faces a new situation on a volatile market, the demand for our services is on the rise,” said Pekka Montola , Sales Manager at Gasum Maritime.
Gasum has been supplying Wasaline with liquefied natural gas (LNG) and biogas (LBG) since 2021 for its passenger ferry Aurora Botnia operating the route between Vaasa, Finland, and Umeå, Sweden. The emissions allowances will be purchased for the same operating route.
The energy company has recently performed the first LNG bunker delivery to shipping company Seaworks’ new dry bulk vessel in Norway.
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”We are happy to continue our good cooperation with Gasum, now also having them manage our ETS allowances. We have been working with Gasum already regarding the purchase of LNG and biogas and that partnership has been very smooth,” stated Peter Ståhlberg , Managing Director of Wasaline.
“Since the volume of emissions marine traffic generates can get quite high, this means that the costs of allowances are also significant. Gasum Portfolio Services allows our customers to predict and budget the costs of the allowances and to aim for the maximum cost-effectiveness,” Montola further explained.
The EU emissions trading system has included the maritime sector since the beginning of this year. Outsourcing their emissions trading and EUA portfolio allows shipping companies to both manage and predict their costs.
In 2024, the EU ETS will apply to cargo and passenger ships of 5000 gross tonnage or above. From 2027 onwards the ETS will be extended to offshore ships of the same gross tonnage.
In 2025, shipping companies will have to report and surrender allowances for 40 percent of their emissions in 2024. In 2026, the amount will increase to 70 percent of their emissions in 2025.
From 2027 onwards they will need to report and surrender allowances for all of their emissions.