Hecla Emissions Management (Hecla), a joint venture between Wilhelmsen Ship Management and Affinity Shipping LLP, expects to complete the world’s first ever tokenised FuelEU compliance deficit/surplus trade on its FuelEU Maritime Exchange before the end of April, learns bunkering publication Manifold Times.
The digital exchange launched by Hecla since October 2024 is designed to facilitate the trading of compliance balances within the FuelEU Maritime framework, allowing businesses to monetise their surplus and drive the adoption of alternative marine fuels within the maritime industry.
“We’re about to get the first trades done, which I’m hoping we can do in the next couple of weeks,” Malcolm Hollingworth,Head of Business Development, Hecla told Manifold Times along the sidelines of Sea Asia 2025.
He shared trials are currently being conducted between several firms and “we’re getting very close to executing the first deals”.
According to Hollingworth, a big market exists for Hecla’s FuelEU Maritime Exchange platform.
“The latest EU Monitoring, Reporting and Verification (MRV) data for 2023 has indicated 25% of vessels will be able to be covered by buying someone else’s FuelEU compliance surplus and 75% will have to either pay the penalty or bunker biofuel,” he explained.
“If you opt to pay the penalty increases 10% every year, so it’s not something you want to do. You either must bunker biofuel or buy compliance from someone else; otherwise, your penalty racks up quickly.”
Moving forward, Hollingworth believes Hecla’s FuelEU Maritime Exchange is a simple and straightforward solution to help the shipping industry achieve compliance with FuelEU.
“Our exchange allows shipowners to buy paper compliance in addition to bunkering biofuel, which can be complex and difficult,” he said.
“We’ve spoken to a lot of energy majors, big shipowners, and charterers; they all like our system and understand the logic behind it.”
Photo credit: Hecla Emissions Management
Published: 4 April 2025
