Nordic energy company Gasum has joined forces with Finnish shipping company Wasaline to build the first large-scale commercial FuelEU Maritime pooling service, providing a way for conventional fuel vessels to save on compliance costs as the regulation enters into force in January 2025.
Established to increase the use of renewable and low-carbon fuels and limit greenhouse gas (GHG) emissions, FuelEU Maritime regulation will apply to all ships over 5,000 gross tonnage calling EU ports, starting in 2025.
The shipowners will need to reduce the carbon intensity of purchased fuel initially by 2% with the required reduction growing incrementally to as much as 80% by 2050.
The regulation permits the voluntary pooling of emission reductions between vessels to make compliance easier for shipping companies.
To this end, Gasum and Wasaline have signed a letter of intent (LoI) to work on the large-scale commercial pooling service as “the easiest and most reliable way for shipping companies to save on compliance costs and promote the production of low-emission fuels at the same time”.
Wasaline, an operator of a hybrid ferry that can run on batteries, LNG, and bio-LNG, would provide over-compliance to the pool by running its daily route on bio-LNG.
Gasum would manage the pool, supply the ultra-low emission bio-LNG, and offer over-compliance to shipping companies with conventional fuel vessels.
As an established bio-LNG producer and distributor, Gasum said it would be able to guarantee the required supply of ultra-low emission fuel to Wasaline. Additionally, the regular route of the ferry is expected to bring predictability to the pooling service.
“We at Wasaline are excited by the opportunity to participate in a solution that has the potential to increase the production and use of renewable biofuels. We prioritize innovation and sustainability in shipping and are happy to be able to help others reduce emissions and drive the green transition forward in our industry,” stated Wasaline’s CEO, Peter Ståhlberg .
“As a major bio-LNG producer and supplier, Gasum is in a unique position to provide a reliable full-service pooling solution to shipping companies. Customers have shown a strong interest in a pooling service offered by Gasum. Our long experience and strong relationships in the maritime market give us a competitive advantage that few other companies can provide,” said Jacob Granqvist , Gasum’s Vice President, Maritime.