New analysis from Germany shows the container sector faces the brunt of penalties from the upcoming FuelEU Maritime regulation, the sector likely to account for nearly a third of all pay outs. The financial impact of FuelEU Maritime, which comes into force at the start of next year, is focusing the minds of shipping companies as they face potential penalties for non-compliance with greenhouse gas (GHG) intensity reduction targets. Vessels will be hit with a penalty of €2,400 per tonne of VLSFO-equivalent for failing to meet the initial 2% reduction target relative to a 2020 baseline. The GHG intensity requirement applies to 100% of energy used on voyages and port calls within the EU/EEA and 50% of voyages into and out of the bloc. Ocean Score has identified the segments set to be hit hardest. Ocean Score forecasts that shipping as a whole will rack up total FuelEU penalties of €1.345bn in 2025 through analysis of the 13,000 vessels over 5,000 gt trading within and into the EU/EEA that are subject to the regulation.
