Gasum Portfolio Services will manage shipping company Wasaline’s EU Allowances (EUA) portfolio. 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, according to the company's release.
Wasaline has chosen Gasum Portfolio Services as their 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 allows Wasaline to better predict and manage the costs of its emissions allowances.
Extending the EU ETS to include the maritime sector is part of implementing the EU’s Fit for 55 package. The ETS will be introduced in the maritime sector gradually.
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.
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.
The energy company Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers. Together with its partners, Gasum promotes development towards a carbon-neutral future on land and at sea. The Gasum Group has 380 employees in Finland, Norway, Sweden and Germany. The company’s revenue totaled €1,128 million in 2019.