The International Transport Intermediaries Club (ITIC) warns that the European Union's (EU) new Emissions Trading Scheme (ETS) could cost the shipping industry billions, creating tensions between shipowners and charterers. The extended EU ETS, effective from January 1, 2024, imposes emission limits on vessels calling at EU ports. Ship managers play a crucial role in mitigating risks and managing the scheme for owners. To address challenges, BIMCO's documentary committee, including ITIC, adopted innovative ETS clauses in ship management agreements. ITIC, as an advisor, will host a webinar to guide ship managers on navigating the legal and financial implications of the EU ETS. The regulatory landscape aims to reduce greenhouse gas emissions for vessels in European waters, reflecting global efforts to address environmental concerns in the maritime sector.

SOURCE:GOOGLE