Finnish shipping company Wasaline has chosen Gasum Portfolio Services as its partner in EU Allowances (EUA) portfolio management.
‘We are very happy to offer our expertise in the emissions trading market to our long-time customer Wasaline. Gasum Portfolio Services has been operating on the emissions trading market since it was first established,’ said Pekka Montola, Sales Manager at Gasum Maritime. ‘Wasaline is our first maritime customer but, as the whole sector faces a new situation on a volatile market, the demand for our services is on the rise.’
Gasum has been supplying Wasaline with LNG and biogas (LBG) since 2021 for its passenger ferry Aurora Botnia operating the route between Vaasa, Finland, and Umeå, Sweden. The emissions allowances will be purchased for the same operating route.
‘We are happy to continue our good cooperation with Gasum, now also having them manage our ETS allowances,’ said Peter Ståhlberg, Managing Director of Wasaline. ‘We have been working with Gasum already regarding the purchase of LNG and biogas and that partnership has been very smooth.’
As previously reported, the EU ETS is being introduced to the maritime sector gradually. In 2025, shipping companies will have to report and surrender allowances for 40% of their emissions in 2024. In 2026, the amount will increase to 70% of their emissions in 2025. From 2027, onwards they will need to report and surrender allowances for all of their emissions.
‘Since the volume of emissions marine traffic generates can get quite high, this means that the costs of allowances are also significant,’ said Montola. ‘Gasum Portfolio Services allows our customers to predict and budget the costs of the allowances and to aim for the maximum cost-effectiveness.’
In 2024, the EU ETS will apply to cargo and passenger ships of 5000 gross tonnage or above. From 2027 onwards the ETS will be extended to offshore ships of the same gross tonnage.
