Coach Solutions unveils EU ETS monitoring tool for simplified compliance
Vessel operators and charterers can gain insights into their carbon emissions and credit expenditure by vessel and across their fleets.
Coach Solutions, a leading provider of vessel optimisation solutions has launched a reporting tool designed to help owners and operators manage their fleets trading under the EU Emissions Trading System (EU ETS).
The software tool provides stakeholders with the ability to understand EU ETS carbon emissions related to specific vessels and time periods, providing a valuable support to ETS credit accounting between charterers, owners, and operators.
Carbon credits are calculated based on the emission factors associated with different fuel types, as well as the geographical locations of loading and discharge ports and the reference year.
The ETS reporting tool is designed to streamline the process of tracking and managing emissions, making it easier for vessel operators to comply with regulatory requirements and make informed decisions. By leveraging the power of data and analytics, Coach clients can gain a comprehensive understanding of their carbon footprint and take proactive steps towards reducing it.
The direct taxation of carbon emissions from ships in European waters becomes a reality for the maritime industry from January 2024. Allowances can be bought on the free market and many owners have begun doing so already in the hope of achieving a lower price than next year or to cover cargoes already in the book.
For vessels not operated by the owner – which is the case for large parts of the bulker and tanker industry – the owner may transfer the responsibility for buying the allowances to the charterer or operator during the charter period or voyage. The key to avoiding disputes will be the ability to transparently share data sets between partners that already have a commercial relationship.
“Working with the EU ETS requires learning to navigate an added level of complexity in charter party negotiations, so transparency of positions based on accurate data will be critical,” said Christian Råe Holm, Chief Operating Officer, Coach Solutions.
“The Coach reporting tool enables shipowners and vessel operators to understand their exposure and manage the risks that result from the carbon price.”