Through the EU, further regulations have now come into force or will come into force. In particular, all shipping within the EU (over 5,000 gross tonnage) will be included in the ETS and all voyages that start or dock in EU ports with 50%. This will probably cover 90 million tonnes of CO2. From 2023 onwards, a transitional phase will begin where shipping will only have to pay a part of its CO2 emissions until 2026. From 2026 onwards, 100% of the CO2 emissions will have to be paid or emission allowances will have to be purchased.
This means that many shipping companies/charterers/ship owners will look for CO2 reduction solutions in order to save on emission certificates.
In addition, the emission certificates are to be reduced and due to the higher demand from shipping, the CO2 price per tonne will probably continue to rise (mid-2021 at approx. 50€).
Results of the EU Fit for 55 can be found here: https://ec.europa.eu/commission/presscorner/detail/en/ip_21_3541
And here especially for the ETS (Number 6): https://ec.europa.eu/commission/presscorner/detail/en/qanda_21_3542
The most important point for the MEPC 76 will be the following:
Approved amendments to MARPOL Annex VI on the Energy Efficiency Existing Ship Index (EEXI), Carbon Intensity Indicator rating (CII) and enhanced Ship Energy Efficiency Management Plan (SEEMP).
If this will be approved many shipowners will search for solutions to get a good rating. This rating will be going from A to E. A is the Best and E the worst. If a ship gets a rating below C they have to plan measures for the next years to get a better rating. TECOs Future Funnel could be the great deal for them.
Results of the MEPC 76 can be found here: https://www.dnv.com/news/imo-update-marine-environment-protection-committee-mepc-76-203128
On 1 January 2020, a new limit on the sulphur content in the fuel oil used on board ships came into force, marking a significant milestone to improve air quality, preserve the environment and protect human health.
Known as “IMO 2020”, the rule limits the sulphur in the fuel oil used on board ships operating outside designated emission control areas to 0.50% m/m (mass by mass) - a significant reduction from the previous limit of 3.5%. Within specific designated emission control areas the limits were already stricter (0.10%). This new limit was made compulsory following an amendment to Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL).
To reduce the sulphur output shipowners either can use the VLSFO (very low sulphur fuel oil) or can install a scrubber (e.g. Teco Future Funnel) and keep using HSFO. The advantage by using a Future Funnel is that you can use the less expensive HSFO and take the "add-on" technology from TECO to also reduce PM/BC/NOx and CO2 by Carbon Capture and Storage.