Baltic Exchange has introduced a series of green fuel options to its FuelEU voyage and compliance cost calculator.
Biodiesel, bio-LNG, bio-LPG, green methanol, green hydrogen and green ammonia have all been added to the calculator, either as green fuel or blend options. Baltic Exchange said the FuelEU Maritime calculator provides an overview of the cost implications for the selected option relative to the Baltic standard for that route. This will enable the market to factor any change in fuel selected or contemplated into their voyage cost estimates.
“Green fuels are expected to be very expensive initially, so will likely be blended into fossil-derived fuels initially, to achieve compliance with the new FuelEU Maritime regulation. For this reason and based on industry feedback, we have added a blend capability to Baltic Exchange’s FuelEU compliance and fuel cost calculator,” said Martin Crawford-Brunt, emissions lead at Baltic Exchange.
These results of the calculations are all presented relative to the Baltic standard ship and route types, which is generally considered to be burning VLSFO in navigation outside ECA, and MGO for waiting and port consumption.
“Regulations like FuelEU Maritime and EU ETS will become increasingly impactful on voyage costs to and from the EU. All contracting parties, their brokers and traders need to be able to estimate these additional costs quickly to avoid facing high financial penalties. Baltic Exchange is pleased to be able to offer these vital emission resources and tools to its members and the wider market as we all strive for a more sustainable future for shipping,” he added.
