What's on the horizon of the maritime industry?
Both the International Maritime Organization (IMO) and the European Union (EU) establish regulations in line with the Paris Agreement temperature goals to achieve significant CO2 reductions. All regulations contain items that affect the maritime industry and place new and specific requirements on shipowners and operators. All merchant vessels in international trade will need to adhere to these new requirements. Shipowners and cargo owners need to take steps to decarbonize and to prepare their mutual business for the introduction of the EEXI, the CII and the Fit for 55 package.
The Energy Efficiency Index for Existing Ships (EEXI) measures CO2 emissions per transport work (per ton-mile), purely considering the ship’s design parameters (ship type, engine power, DWT and ship reference speed). From 2023 onwards, the calculated EEXI of all vessels over 400 GT will need to fall below a specific requirement level to comply with this IMO regulation.
As of 2023 IMO’s Carbon Intensity Indicator (CII) regulation comes into force. The CII will categorize ships >5.000 GT into different ‘energy ratings’ by calculating the ship’s operational parameters. CII considers how efficient ships operate and transport cargo on an annual basis. The CII will therefore have a more significant impact than the EEXI on daily operations.
Mid 2021 the European Commission has released its “Fit for 55” legislation proposal, supporting its commitment to reduce net greenhouse gas emissions by at least 55% by 2030. Three of the proposed actions will have a direct impact on the shipping industry and the business of Wagenborg and her customers: