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OceanScore calculates EUR 175 mil potential costs for Greek shipping with FuelEU Maritime

Greek shipping companies are set to face a total bill of over EUR 175 million in penalties incurred under FuelEU Maritime but can also capitalise on the use of alternative bunker fuels, says firm.

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OceanScore calculates EUR 175 mil potential costs for Greek shipping with FuelEU Maritime

Greek shipping companies are set to face a total bill of over EUR 175 million in penalties incurred under FuelEU Maritime after it takes effect next year but can also capitalise on the use of alternative bunker fuels both to curb their financial exposure and generate compliance surpluses, according to Hamburg-based technology platform OceanScore on Tuesday (10 September). 

The maritime solutions and data firm has calculated the prospective FuelEU exposure for over 370 Greek-registered companies based on the average GHG intensity of their past voyages.

Based on these calculations, OceanScore has determined the crude tanker, RoPax, bulker and containership segments would be hardest hit, with tankers accounting for EUR 55 million (32%) and RoPax EUR 44m (25%) of potential penalties.

It has determined the top three shipping companies would be looking at a combined penalty of EUR 25m, with the largest company facing the highest overall penalty of EUR 11.75 million and an average per-vessel penalty of EUR 309,200, versus an average per-vessel penalty across all companies of EUR 84,200. The second and third largest players would each have total penalties of around EUR 6.5m.

Investments needed to offset compliance deficit

The overall Greek fleet of 2100 vessels would be left with a negative compliance balance, or deficit, of 71,666 tonnes of VLSFOe, according to OceanScore.

This is derived from a Greek fleet-wide average GHG intensity of 90.81g of CO2e per megajoule (MJ) of energy versus the initial FuelEU hurdle rate of 89.3g CO2e/MJ – a 2% reduction on the 2022 baseline of 91.16g CO2e/MJ that is the initial target from 2025-30 under the regulation.

However, OceanScore’s co-Managing Director Ralf Garrn, said: “This should only be considered the starting point for Greek shipping and not the final scenario as much will depend on how companies take advantage of biofuels, low-carbon technologies and the FuelEU pooling mechanism to minimise their exposure.

“Vessels with a very high penalty structure will also gain the greatest beneficial effects from fuel switching with biofuels to reduce their penalties and can even convert these into opportunities by creating compliance surpluses that can generate revenue through pooling.”

LNG well-positioned to benefit

He highlighted Greek LNG shipping operators as being especially well-positioned to capitalise on FuelEU due to a high compliance surplus that makes pooling opportunities attractive, given the use of LNG as fuel can cut emissions by around 25%. For example, two of the country’s largest LNG operators have respective surpluses of 82.1 tonnes and 45.2 tonnes of VLSFOe.

Garrn said the use of widely compatible biofuels probably represents the easiest option for most shipping companies to cut their carbon footprint in the short term. However, these are more expensive – at around EUR 1300 per tonne of VLSFOe – than fossil fuels, while they also have a lower calorific value so a higher volume is required.

He explained that switching to biofuels to curb CO2 emissions would result both in savings on the current FuelEU penalty of EUR 2400 per tonne of VLSFOe as well as reduced costs under the EU Emissions Trading System (EU ETS) due to the need to buy fewer EU Allowances (EUAs), or carbon credits.

OceanScore has calculated that Greek shipping presently has a requirement to purchase nearly 8.23m EUAs to meet its EU ETS liabilities, which would equate to EUR 543 million based on the current carbon price of EUR 66 per tonne of CO2.

High potential for cost savings

The company cites the example of a containership that could achieve a total net saving of EUR 1.3m versus the cost of paying FuelEU penalties by replacing HFO with rapeseed-based biofuel costing EUR 1200 per tonne. It estimates this would give a beneficial financial impact of EUR 241 per tonne in FuelEU penalty savings and EUR 55 per tonne in EU ETS savings.

Furthermore, this could generate a compliance surplus of 973 tonnes of VLSFOe by reducing GHG intensity to 82.44g CO2e/MJ, which could be pooled externally to earn EUR 2.3 million in revenue or used to offset 43,000 tonnes of under-compliance in the internal fleet. 

OceanScore has now launched its FuelEU Planner – the first in a suite of solutions set to be rolled out over the next year – that enables shipping companies to simulate different operational and investment scenarios to assess their commercial impact in relation to FuelEU compliance.

“This tool is designed to facilitate optimal decision-making by providing visibility on potential cost-saving opportunities as an alternative to simply paying penalties as we help the industry navigate the significant complexity of this regulation,” Garrn concluded. 

 

Photo credit: OceanScore
Published: 12 September, 2024

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Marine Fuels Alliance partners with TidalIQ on website emissions calculator

Emissions calculator helps users estimate vessel or fleet compliance positions, potential penalty exposure, pooling requirements and the indicative value of surplus compliance

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Marine Fuels Alliance partners with TidalIQ on website emissions calculator

Marine Fuels Alliance (MFA) on Friday (3 July) said it has connected with TidalIQ, which has provided an emissions calculator for its website.

MFA said the FuelEU Maritime has turned vessel emissions performance into a commercial issue. Operators now need to understand whether their fleet is in surplus or deficit, what that means financially, and whether pooling can reduce cost or create value.

“The emissions calculator helps users estimate vessel or fleet compliance positions, potential penalty exposure, pooling requirements and the indicative value of surplus compliance,” the alliance said in a social media post.

From there, the TidalIQ platform helps users move from calculation to action: managing fleet compliance, identifying pooling opportunities, generating standardised documentation and maintaining a clear audit trail for verifiers and internal records.

“For operators facing deficits, TidalIQ helps identify a more cost-effective route to compliance. For operators with surplus, it creates a clearer path to monetising better-performing vessels,” it added.

“FuelEU compliance is no longer just a regulatory task. It is a commercial decision – and TidalIQ helps the market make that decision confidently.” 

Note: The emissions calculator can be found here

 

Photo credit: Marine Fuels Alliance
Published: 6 July, 2026

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Port & Regulatory

EmissionLink calls for clarity as EU moves to prevent double carbon charges

The emissions management firm welcomed EC’s commitment to avoid duplicate emissions charges but says shipping urgently needs practical guidance on how EU and IMO carbon regimes will work together.

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Philippos Ioulianou, EmissionLink

The following is a commentary by Philippos Ioulianou, Managing Director of EmissionLink, on how the maritime sector needs clear guidance on how how EU and IMO regulations will be reconciled to avoid duplicate carbon costs for shipowners:

The European Commission’s commitment to prevent shipping companies from being charged twice for the same emissions is a welcome step, but the maritime sector now needs clear guidance on how this will work in practice, according to integrated emissions management service EmissionLink.

The principle of avoiding double charging is clear, but the practical reality is far more complex. Shipping is already navigating a crowded regulatory landscape. EU ETS and FuelEU Maritime are now in force, while the IMO is moving towards its own global Net-Zero Framework. Each system has a different scope, timeline, calculation method and commercial logic. Without detailed guidance, avoiding duplicate carbon costs will not be straightforward.

A vessel trading into Europe may be exposed to EU ETS, FuelEU Maritime and future IMO carbon rules. However, the obligations will not always sit with the same party, emissions data may not always be calculated in the same way, and costs may not be recoverable under existing charterparty terms. 

According to EmissionLink, the risk for shipowners is not only paying twice for the same emissions. It also includes reporting twice, calculating twice and building parallel compliance processes that increase cost, complexity and confusion.

“The industry needs to know how EU and IMO obligations will be reconciled, how equivalent payments will be recognised, and what evidence shipowners will need to prove that the same tonne of emissions has not been penalised more than once,” said Philippos Ioulianou, Managing Director of EmissionLink. “This will determine whether carbon regulation is seen as a fair transition tool or simply another cost burden.”

Accurate and auditable emissions data will be more important than ever, but data alone is not enough. Owners and operators also need the expertise to interpret that data across different regulatory schemes and make informed commercial decisions. EmissionLink has already supported the delivery of accurate FuelEU emissions data for more than 600 vessels, giving it first-hand insight into the complexity of compliance across different vessel types and operating profiles.

“Every vessel has a different operating profile, every voyage has a regulatory consequence, and every compliance decision can affect cost exposure, penalties, pooling options, charterparty recovery and future planning,” said Mr Ioulianou. “The challenge is no longer simply submitting the right figure into the right system. It is understanding how current and future emissions schemes interact, how they affect the business, and how to avoid double penalties, duplicated processes and unnecessary costs.”

The company also highlights that carbon pricing will only retain credibility if revenues are clearly directed back into maritime decarbonisation. Speaking at a ShipEnergy forum during Posidonia, Mr Ioulianou argued that EU member states must set out a clear pathway for the use of revenues generated through EU ETS and FuelEU-related mechanisms.

“These funds should be directed back into the maritime sector,” he said. “They should not become a general revenue stream for governments. Demanding that shipping pays more while failing to invest in the infrastructure needed to make decarbonisation possible is not a transition strategy. It is taxation with a green label.”

Whilst the European Commission is right to recognise the risk of duplicate carbon costs, the industry now needs practical, transparent and enforceable rules that support compliance while helping shipping transition to lower-carbon operations.

“Shipping cannot decarbonise on promises alone,” said Mr Ioulianou. “The sector needs clarity, consistency and confidence that regulation will support the transition rather than simply adding cost and complexity.”

 

Photo credit: EmissionLink
Published: 30 June, 2026

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FuelEU

Hafnia Pools surpasses 170 vessels, achieves FuelEU Maritime compliance

In announcing the company’s Q1 2026 financial results, it said five vessels joined Hafnia Pools during the first quarter of the year, bringing the total number of Pool Partners to 24 across segments.

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Hafnia Pools surpasses 170 vessels, achieves FuelEU Maritime compliance

Singapore-headquartered tanker operator Hafnia on Wednesday (24 June) the company closed Q1 2026 with more than 170 vessels trading across its pool platform.

In announcing the company’s Q1 2026 financial results, it said five vessels joined Hafnia Pools during the first quarter of the year, bringing the total number of Pool Partners to 24 across segments.

Since November 2025, vessels entering the Pools have had an average age of six years or younger, further strengthening the competitiveness and earnings capability of the platform. 

This continued inflow of modern tonnage supports Hafnia’s focus on maintaining an efficient and attractive fleet profile, while enhancing the long-term value proposition for Pool Partners.

In Hafnia’s MR Pool, six owners now each have three or more vessels committed.

During Q1 2026, Hafnia Pools successfully met the EU’s FuelEU Maritime requirements for 2025. Across the Pool, 108 vessels collectively exceeded the emissions limits; however, by working together under a “pooling” system, this was balanced out. By using cleaner vessels, biofuel, and purchased emissions credits, the Pools avoided penalties and achieved meaningful cost savings for partners.

This outcome reflects strong collaboration across Hafnia’s commercial, operational, and compliance teams, as well as constructive engagement with all Document of Compliance holders as regulations such as FuelEU come into full force.

In June 2026, Hafnia Pools further strengthened Partner engagement and alignment through its bi-annual Pool Board meeting, taking place during Posidonia in Greece.

Peter Kolding, VP Chartering Regional Trades & Pool Management, said: “As we move further into 2026, our focus remains on delivering consistent commercial results, strengthening the value proposition for all Pool Partners, and continuing to build on the close cooperation between our Chartering and Operations teams that underpins the success of the Hafnia Pools.

“I am encouraged to see that our commercial performance and efforts in staying close to our partners are paying off as we enjoy growing support from many of those same partners. It indicates that we are on the right path and energizes us to continue doing everything we can to improve even further.”

 

Photo credit: Hafnia
Published: 26 June, 2026

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