Singapore’s €330m Share In Asian Shipping’s EU ETS Liabilities

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  • OceanScore’s analysis reveals that Singapore-registered vessels will bear a significant €330m share of Asian shipping’s total emissions liabilities under the EU Emissions Trading System (ETS).
  • This underscores Singapore’s pivotal role as a global maritime hub and highlights the impact of decarbonization efforts on the region’s shipping sector.

Singapore’s role as a major maritime hub is further solidified as OceanScore’s analysis indicates that Singapore-registered vessels will shoulder a substantial portion of Asian shipping’s emissions liabilities under the EU ETS. This significant financial burden emphasizes the importance of Singapore’s maritime industry in the global effort to reduce carbon emissions.

The Strategic Position of Singapore

Situated along the heavily trafficked Strait of Malacca, Singapore’s strategic location reduces voyage distances, fuel consumption, and transit times for ships traversing between East Asia and Europe. This geographical advantage, coupled with world-class port infrastructure and a diverse maritime services cluster, has made Singapore an economically attractive destination for maritime activities.

Heavyweights in Singapore’s Shipping Industry

A significant portion of Singapore’s EUA contribution will be borne by major container lines and foreign-owned third-party ship managers, underscoring the city-state’s appeal as a global shipping hub. The presence of renowned shipping companies and a robust maritime cluster further solidifies Singapore’s position as a key player in the global shipping industry.

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Source: Sea News