Classification society DNV recently shared a summary of key deadlines and activities in 2025 related to key regulations for greenhouse gas (GHG) emissions.

The following is an excerpt from the news update:

Decarbonization is a top priority for ship owners. While the EU MRV and IMO DCS have become routine, new regulations such as the EU ETS and FuelEU Maritime present uncharted territory for many. Below is a summary of the key regulations and required actions for 2025:

EU MRV

To comply with EU MRV requirements, ship managers must ensure accurate emissions data and promptly submit their reports for verification by an accredited verifier. Once verified, managers are required to submit the reports to the THETIS-MRV system.

Deadlines in 2025:

• Submission (to verifier, DNV): 21 February (in which case DNV guarantees verification before the deadline)
• Verification: 31 March

EU ETS Company Emissions Report

The EU Emissions Trading System (EU ETS) Company Emissions Report is a crucial part of the compliance process for companies regulated under the EU ETS. This data is based on EU MRV emissions data for 2024. Some key points:

To create the EU ETS Company Emissions Report, all vessel emissions reports need to be verified and submitted to THETIS (this must be done prior to the submission of the EU ETS Company Emissions Report). Companies are also required to submit a report of their company emissions for the previous calendar year.

Companies are also required to surrender their EU ETS Allowances equivalent to their verified emissions.

The verification process shall ensure the accuracy and reliability of the reported data. Accredited verifiers, such as DNV, will check the emissions reports to confirm their correctness.

Deadlines in 2025:

• Submission of the verified Company Emissions Report: 31 March 2025. This deadline is for both ship and company emissions. Early submission is recommended.
• Surrender of the due EU ETS Allowances (from the Maritime Operator Holding Account (MOHA) holder in the EU ETS Union Registry): 30 September 2025.

Important note: DNV will provide EU ETS Company Emissions Report verification, and we will shortly follow up with more information in the My Services portal on Veracity on how to order the verification and how to upload the documents to THETIS-MRV.

FuelEU Maritime

Vessels trading in the EU/EEA* already have an approved FuelEU Maritime Monitoring Plan on board (deadline: 1 January 2025). There are no further deadlines for 2025, but DNV strongly encourages every affected company to take immediate action:

• Establish a strategy to minimize the cost of compliance.
• Review and update the commercial contracts between the technical manager/ISM company and ship owner – trusted data are crucial to manage financials and commercial management.
• Ensure the implementation of clear terms in commercial charter contracts that define the specific roles and responsibilities of all parties in compliance with the FuelEU Maritime regulations.
• For vessel pooling, it is important to note that if the legal declaration of pooling is made the year following the reporting period, most commercial decisions will need to be finalized during the 2025 charter negotiations.

Deadline in 2025:

• Continuous reporting and data verification for the EU MRV throughout 2025

*Note: The EEA EFTA countries Iceland, Norway and Lichtenstein are not yet part of the FuelEU Maritime due to delays in the process; implementation is expected shortly.

Partial FuelEU Emissions Report

The partial FuelEU Emissions Report is required when there is a change of company managing a ship (see Appendix in the pdf for more information). It should be noted that both the EU MRV and IMO DCS have specific requirements regarding changes of company. These requirements are detailed in the FAQ sections of the references listed below. DNV will offer partial FuelEU Emissions Reports from the end of Q1 2025 (THETIS functionalities are still under development).

IMO DCS Fuel Oil Consumption Report (FOCR)

The aggregated DCS data form the basis for the Carbon Intensity Indicator (CII) rating and the SEEMP Part III. Data quality and an efficient, digital system are key.

Deadline in 2025:

• Verified FOCR reporting: 31 May 2025

Note: DNV’s full summary of key deadlines and activities in 2025 related to key regulations can be found here. 

Photo credit: william william on Unsplash
Published: 12 February, 2025

Once a week, bunker intelligence platform ENGINE will publish a snapshot of alternative and conventional bunker fuel prices in the world’s two biggest bunkering hubs. The following is the latest snapshot:

• LNG can cost $1,000/mt with EU regulations added
• B100 premium over VLSFO rises

Rotterdam’s VLSFO-equivalent LNG price has surged $41/mt higher in the past week.

This sharp increase has further widened its premiums over conventional fuels. Its premium over VLSFO has gone up by $36/mt to $242/mt, and over LSMGO by $52/mt to $146/mt.

With EU Allowance (EUA) and FuelEU Maritime costs for voyages between two EU ports added, bunkering LNG in Rotterdam will now cost over $1,000/mt on ships powered by Otto medium speed (Otto MS) engines. This engine type has the highest default methane slip (3.1%) in the FuelEU regulation.

Few shipowners have a direct choice between liquefied biomethane (LBM) and B100, as these fuels typically serve different vessel types and operational needs. But for dual-fuel shipowners bunkering in Rotterdam with that choice, LBM's cost advantage over B100 has increased when additional EU regulation costs are factored in.

For ships with Otto MS engines, LBM’s discount to B100 has widened to $25/mt when accounting for EU ETS compliance costs and FuelEU pooling benefits. This is an $11/mt increase from a week ago.

Liquid fuels

Rotterdam's VLSFO-equivalent B100 price has surged by $60/mt in the past week, increasing its premium over VLSFO by $51/mt to $626/mt.

PRIMA Markets has assessed the Dutch HBE rebate for B100 in Rotterdam to $357/mt, a modest $7/mt decline in a week of slow activity, PRIMA said.

“The market for HBE tickets flattened on Friday in what market participants called a quiet market, with some even suggesting they were 'bored', both for 2024 and 2025,” PRIMA said.

The theoretical FuelEU pooling value we assume for B100 has increased by $9/mt on the week, to $562/mt. When factoring in estimated EU ETS and FuelEU compliance benefits for voyages between two EU ports, the real cost of bunkering B100 is $722/mt. That is a $52/mt gain on the week.

Meanwhile, Rotterdam’s VLSFO price has countered a $21/mt ($2.83/bbl) drop in front-month Brent futures by gaining $5/mt over the past week. Singapore's VLSFO price has fallen by $6/mt.

Liquid gases

Rotterdam’s LNG price has rallied for another week. Its $41/mt weekly gain has mainly been driven by concerns over colder weather and low wind power output in Europe.

LNG’s sharp rise has also driven up the price of LBM, which is typically priced at a premium over fossil LNG.

When factoring in compliance costs and pooling benefits, the total cost of bunkering LBM can be as low as $562/mt when it is consumed in a diesel slow speed (diesel SS) engine with low methane slip (0.2%) between two EU ports. That is $275/mt less than fossil LNG consumed in the same diesel SS engine.

Meanwhile, Singapore’s VLSFO-equivalent LNG price has been rather steady, shedding $2/mt in the past week.

By Konica Bhatt

Photo credit and source: ENGINE
Published: 4 February, 2025

Hamburg-based technology platform OceanScore will introduce the Compliance Manager, its new solution that will help effectively manage FuelEU Maritime Regulation and EU Emissions Trading System (EU ETS) on one platform, in Singapore. 

Albrecht Grell, Managing Director, and Leo Grayson, Head of Commercial, APAC, will discuss the FuelEU regulation in depth, what it means for Asian players, and best practices and strategies for efficient compliance.

The event will be held from 3 to 5pm (Singapore time) on 23 January. The venue of the event will be at OceanScore Singapore, c/o Blue Net Chartering Asia Pte. Ltd., 20 Cecil Street, PLUS, #24-02.

Note: Registration for the event can be completed here. 

Photo credit: OceanScore
Published: 8 January, 2025