OPIS Supports Shipping Sector with New Price Transparency for Decarbonization Initiatives
The shipping sector is navigating significant regulatory changes as the industry works to reduce greenhouse gas emissions. To support decarbonization initiatives, OPIS, a Dow Jones Company, is expanding its Global Marine Fuels Report to offer transparent assessments for carbon compliance costs for marine fuels as well as methanol bunker prices.
With the integration of maritime transport into the Europe Union Emissions Trading System (EU ETS), stakeholders face new carbon compliance challenges. OPIS provides carbon price transparency for marine fuels through its Europe Marine Cap-at-the-Port prices. These prices are based on secondary market trading of EU ETS allowances (EUAs), ensuring accurate daily calculations of carbon compliance costs for marine emissions, whether at sea or in port.
The carbon market value for marine emissions reported under the EU ETS in 2023 was estimated at €7 billion (US$7.8 billion), according to OPIS analysis. This substantial valuation underscores the significant financial implications of carbon compliance for the maritime industry.
“OPIS Europe Marine Cap-at-the-Port prices give shipowners and charters the most flexibility as a reference point for EU ETS compliance pricing, whether they decide to recover the cost by embedding it into a freight rate or otherwise through contract design,” said Lisa Street, executive director of climate and carbon markets at OPIS.
As the shipping industry increasingly turns to methanol as an alternative bunker fuel, OPIS recognizes the need for accurate and reliable price assessments. Methanol, produced in various forms—from traditional grey methanol to the scarce e-Methanol—can be blended into the supply pool. To support this growing market, OPIS provides weekly spot price assessments for grey methanol bunker fuel, covering the key global hubs of Houston, Rotterdam, and Singapore.
While there are less than 40 existing vessels capable of using methanol, the addition of hundreds of dual-fuel vessels could increase demand for methanol bunker fuel to over 18 million metric tons by the end of the decade.
The new Europe Marine Cap-at-the-Port and regional methanol bunker fuel prices are published daily as part of the OPIS Global Marine Fuels Report.
To access your free trial to the OPIS Global Marine Fuels Report sign up here
About OPIS
OPIS, a Dow Jones company, provides accurate pricing, real-time news and expert analysis across the global fuel supply chain, including the Spot, Wholesale Rack and Retail markets. OPIS and its brands, McCloskey, PetroChem Wire, Axxis and Chemical Market Analytics, enable customers to buy and sell energy commodities with confidence across the globe via easy access to transparent data, expert-level customer support, educational events and energy data solutions.
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