Gasum to Manage Wasaline’s Emissions Allowances
Finnish state-owned energy company Gasum has been selected by shipping company Wasaline to manage its EU Allowances (EUA) portfolio.
The partnership will enable Wasaline to better predict and manage the costs of its emissions allowances, according to the company.
The EU emissions trading system has included the maritime sector since the beginning of this year.
Outsourcing their emissions trading and EUA portfolio allows shipping companies to both manage and predict their costs.
Gasum has been supplying Wasaline with liquefied natural gas (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 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. 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,” said Pekka Montola, Sales Manager at Gasum Maritime.
EU ETS to be Introduced Gradually
Extending the EU ETS to include the maritime sector is part of implementing the EU’s Fit for 55 package.
The ETS will be introduced in 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.
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.