The shipping industry is about to be included in the European Union’s Emissions Trading System (ETS), whereby carriers must pay for emitting CO2 in the region.
In the European Commission’s original proposal, ships of less than 5,000 gross tonnes are exempted, as are offshore vessels. Moreover, the quotas pertain only to CO2, which means that ships sailing on LNG and emitting methane are exempted.
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In the drama surrounding the merger between tanker majors Euronav and Frontline, one of the arguments from Euronav’s biggest shareholder, the Saverys family, is that the merger will pull Euronav in the wrong direction on the green agenda. Euronav tells ShippingWatch that the company rejects this criticism.