SUMMARY

Gasum Portfolio Services will support Wasaline in navigating the complexities of the EU Emissions Trading System (EU ETS), providing services for EU Allowances portfolio management. [Gasum]

By Shardul Sharma

Gasum Portfolio Services has been chosen by shipping company Wasaline to manage its EU Allowances (EUA) portfolio, Gasum said on February 14.

The EU emissions trading system now includes the maritime sector as of the beginning of this year. Outsourcing emissions trading and EUA portfolio management enables shipping companies to effectively manage and predict their costs.

Gasum Portfolio Services will support Wasaline in navigating the complexities of the EU Emissions Trading System (EU ETS), providing services for EU Allowances portfolio management.

Gasum has been a supplier of LNG and biogas to Wasaline since 2021 for its passenger ferry, Aurora Botnia, operating the route between Vaasa, Finland, and Umea, Sweden. The emissions allowances will be procured for the same operating route.

The extension of the EU ETS to the maritime sector is part of the implementation of the EU's Fit for 55 package. Shipping companies will gradually be required to report and surrender allowances for a percentage of their emissions, reaching 100% from 2027 onwards.

In 2024, the EU ETS will apply to cargo and passenger ships of 5000 gross tonnage or above, with the extension to offshore ships of the same gross tonnage from 2027 onwards.