Gasum to managed Wasaline’s ETS

2024-02-13T20:55:17+00:00 February 13th, 2024|Environment|

Gasum Portfolio Services is to manage ferry company Wasaline’s EU allowances (EUA) portfolio.

The EU emissions trading system (EU ETS) was extended to the maritime sector at the beginning of this year.

By outsourcing their emissions trading and EUA portfolio, shipping companies can  both manage and predict their costs.

This partnership allows Wasaline to better predict and manage the costs of its emissions allowances.

“We are very happy to offer our expertise in the emissions trading market to our long-time customer Wasaline.

“Gasum Portfolio Services has been operating on the emissions trading market since it was first established.

“Wasaline is our first maritime customer but, as the whole sector faces a new situation on a volatile market, the demand for our services is on the rise,” said Pekka Montola, Gasum Maritime Sales Manager.

Gasum has been supplying Wasaline with LNG and biogas (LBG) since 2021 for its ropax ‘Aurora Botnia’ operating between Vaasa, Finland, and Umeå, Sweden.

The emissions allowances will be purchased for the same operating route.

”We are happy to continue our good co-operation with Gasum, now also having them manage our ETS allowances. We have been working with Gasum already regarding the purchase of LNG and biogas and that partnership has been very smooth,” added Peter Ståhlberg, Managing Director of Wasaline.

Extending the EU ETS to include the maritime sector is part of implementing the EU’s Fit for 55 package. The system will be introduced in the maritime sector gradually.

In 2025, shipping companies will have to report and surrender allowances for 40% of their emissions in 2024. In 2026, the amount will increase to 70% of their emissions in 2025. From 2027, onwards they will need to report and surrender allowances for all of their emissions.

“Since the volume of emissions marine traffic generates can get quite high, this means that the costs of allowances are also significant. Gasum Portfolio Services allows our customers to predict and budget the costs of the allowances and to aim for the maximum cost-effectiveness,” Montola explained.

Starting from the beginning of this year, the EU ETS now applies to cargo and passenger ships of 5,000 gt and above.