Shipbroker SSY is aiming to help clients navigate through the new European Union carbon levy.
The London shop has launched a carbon calculator to guide on the costs of the Emissions Trading System (ETS), which enters into force for shipping on 1 January.
Vessels visiting EU ports will be required to offset their applicable CO2 voyage emissions through the purchase of an equivalent number of EU Allowances (EUAs).
The cost and quantity of EUA purchases can now be estimated.
Based on a simple voyage calculation, users can input the details of their planned route and vessel parameters, including leg distance and time at port.
The SSY tool will then provide an assessment of their market exposure, including total CO2 emissions, EUAs needed and the cost of those.
The calculator follows on from SSY’s ETS compliance solution, which debuted in September.
James Ash, head of carbon markets at SSY, said: “Adding shipping into the EU ETS is very complex and can be daunting for many within the maritime sector.
“At SSY, we are working hard to simplify EU ETS participation for our customers with a range of solutions.”
Head of digital analysis Alastair Stevenson said it is now the “proverbial 11th hour” for shipping.
“Thankfully, SSY’s client base is generally well prepared, with strategies in place to manage their EUA exposure; but of course, there’s always a lot to be done at the 11th hour.”