Starting from January 1, 2025, voyages that involve port calls in the European Union must adhere to the new FuelEU Maritime regulation. This regulation aims to promote the use of renewable and low-carbon fuels in maritime transport to significantly reduce onboard greenhouse gas emissions in Europe. The shipping industry is facing increasingly complex and region-specific emissions regulations, creating challenges in compliance due to the multitude of new rules, tightening goals, and deadlines. Shipowners are seeking reliable data and insights to make informed decisions and navigate the evolving regulatory landscape.
To assist shipowners in understanding the financial and commercial impacts of complying with the new regulation, the Baltic Exchange has introduced a free FuelEU Maritime calculator. This tool enables shipowners to assess the potential cost implications for their vessels and helps operators and charterers evaluate fair charges. By inputting data such as vessel type, speed, and fuel consumption, shipowners can determine the financial penalties of operating their vessels on voyages including EU port calls, allowing them to factor these costs into freight prices or time charter rates.
The calculator currently includes only fossil-based variants of alternative fuels, as they are expected to be more competitively priced and readily available initially. Future updates will incorporate bio-fuel blends for diesel and LNG, which have known well-to-wake factors. For instance, a 50,000 dwt MR tanker on the TC14 Baltic route may face fuel costs of $483,000 and a FuelEU Maritime penalty of $29,400 in 2025. Users can also explore the costs associated with running vessels on LNG, methanol, or ammonia by adjusting fuel prices within the calculator.
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