The FuelEU Maritime Regulation introduces a voluntary pooling mechanism. If shipping companies choose to use the pooling mechanism, they may effectively use the over-performance of one ship to compensate for the under-performance of another ship. This could present new commercial opportunities for shipping companies.

The inclusion of the shipping industry in the EU Emission Trading System as per Directive 2003/87/EC ("the EU ETS") from 1 January 2024 is now fast approaching. According to Article 3 in the said directive, it is the "shipping company" that is responsible for compliance with the EU ETS-obligations, hereunder to surrender emission allowances.

The European carbon market has grown substantially since its start in 2005. With the extension of the EU ETS to include the shipping sector, and an annual reduction of more than 4% of the overall number of emission allowances in the market, the price is expected to rise. This means an increased need and interest amongst stakeholders to understand  how trading with emission allowances is regulated.

To meet the demand for the transportation and handling of live fish, fish farmers can either charter well-boats or enter into general contracts for carriage of goods. The type of contract used will determine the shipowners’ possibility to limit liability for loss or damage to live fish during transportation.

On 21 April 2022 BIMCO released SHIPSALE 22, its new standard contract for sale/purchase of vessels.

The maritime sector has for many years been actively developing new technology which aims to ensure that the green transition and the climate goals can be achieved. The sector is now close to being ready to take the next steps. However, unless some form of public support is introduced for the operational phase, the transition will likely take more time than some may wish for.

On 14 July 2021, the European Commission presented a package of proposals aimed at ensuring that the European Union achieves its goals of cutting greenhouse gas emissions by at least 55% by 2030. The proposals include, among other things, the new FuelEU Maritime initiative, specifically aimed at the shipping industry.

Financing

Fisheries and Aquaculture

Shipping

Partner

Øyvind has been head of the firm's worldwide Shipping and Offshore group and is now the Managing Partner of Wikborg Rein's Bergen office. His main areas of practice relate to transactions within the shipping and offshore field. He advises clients in connection with construction contracts, asset sale/purchase and equity transactions, financing matters and major restructurings. He regularly speaks at seminars and conferences. Øyvind is recognised in Chambers and Legal 500 within Shipping and Maritime Law.

Bergen

Band 2

Highly regarded

Next Generation Partner

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Øyvind is the Managing Partner of our Bergen office. His main areas of practice relate to transactions within the shipping and offshore field.

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