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EU ETS will cost the shipping industry billions, says ITIC

December 11, 2023


The extended EU ETS, which comes into force on 1 January 2024, will set an annual absolute limit on emissions of greenhouse gases (GHG) for vessels of 5,000 gt and above calling at EU ports. However, its implementation is creating tensions between shipowners and charterers, particularly surrounding the language within charter agreements to ensure a fair distribution of costs and legal risks.

Robert Hodge, General Manager at ITIC, believes that it is vital that ship managers take necessary due diligence to ensure any of these risks are mitigated.

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