[PANASIA NEWS 05] WHAT TO PREPARE FOR CBAM?

[PANASIA NEWS 05] WHAT TO PREPARE FOR CBAM?

The EU’s Carbon Border Adjustment Mechanism (CBAM) is a land

2023. 5. 3.

[PANASIA NEWS 05] WHAT TO PREPARE FOR CBAM?

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Biweekly Message from PANASIA about New Wave of Eco-Friendly Market

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WHAT TO PREPARE FOR CBAM?

Climate change is a global problem that needs global solutions. As the EU raises its own climate ambition, and as long as less stringent climate policies prevail in many non-EU countries, there is a risk of so-called ‘carbon leakage'. Carbon leakage occurs when companies based in the EU move carbon-intensive production abroad to countries where less stringent climate policies are in place than in the EU, or when EU products get replaced by more carbon-intensive imports.

The EU’s Carbon Border Adjustment Mechanism (CBAM) is a landmark tool to put a fair price on the carbon emitted during the production of carbon intensive goods that are entering the EU, and to encourage cleaner industrial production in non-EU countries. The gradual introduction of the CBAM is aligned with the phase-out of the allocation of free allowances under the EU Emissions Trading System (ETS) to support the decarbonization of EU industry.

Prospects of Marine Bio-Oil as a Marine Fuel

Marine biodiesel oil is a type of biofuel that is produced from renewable sources such as vegetable oils, animal fats, or algae. It is specifically designed for use in marine vessels as a substitute for traditional fossil fuels such as diesel. Marine biodiesel oil can be used in its pure form or blended with fossil diesel to create a mix that is suitable for use in marine engines.

The use of marine biodiesel oil is growing in popularity due to its potential to reduce greenhouse gas emissions and other harmful pollutants. The International Maritime Organization (IMO) has set a goal to reduce the shipping industry's greenhouse gas emissions by at least 50% by 2050, and the use of biofuels like marine biodiesel oil is expected to play a role in achieving this target.

CII : Changing the Landscape of

the Used Ship Market

As environmental regulations have been strengthened, it has been shown that the trade of ships corresponding to lower grades in the second-hand ship market is decreasing. While ships with higher grades can increase revenue by increasing their operating speed, ships with lower grades are already having a direct impact on the profitability of shipowners, as they have to reduce their speed to meet environmental regulations.

According to VesselsValue, a UK ship valuation agency on the 17th, 9.9% of global shipping was traded last year. If classified by the Carbon Intensity Indicator (CII) grade, which measures carbon emissions, 9.2% of the highest A grade, 12.8% of the B grade, and 11.6% of the C grade were traded. The D grade, which is subject to regulations, accounted for 8.6% of trades, while the lowest E grade was only 4.2%.

The Future of Ammonia-Powered Ships

Ammonia-powered ships represent an innovative technology heralding the future of the shipping industry.

As leaders in the maritime equipment industry, they play a vital role in building a sustainable future.

The Principle of Ammonia Ships

As the name suggests, ammonia ships use ammonia as their fuel source. Ammonia is an eco-friendly energy source that does not emit carbon dioxide, making it suitable for use as fuel in fuel cells or internal combustion engines. Compared to conventional marine fuels like heavy fuel oil, ammonia offers higher energy efficiency and lower carbon emissions.

Advantages of Ammonia Ships...

The Market for Methanol

The market for methanol-powered ships has been steadily growing in recent years, as the shipping industry looks for ways to reduce its greenhouse gas emissions and comply with increasingly strict environmental regulations. Methanol is a low-emission fuel that can be produced from a variety of feedstocks, including natural gas, coal, and renewable sources such as biomass and carbon dioxide.

The current market for methanol-powered ships is relatively small, but growing. As of 2021, there are around 20 vessels in operation or under construction that are powered by methanol. These include tankers, bulk carriers, and container ships, as well as smaller vessels such as ferries and tugboats.

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