WSM CEO and president Carl Schou and Affinity Shipping managing partner Richard Fulford-Smith. Credit: Wilhelmsen Ship Management / PRNewswire.

Wilhelmsen Ship Management (WSM) has entered a memorandum of understanding (MoU) with Affinity Shipping to create an independent company that will deliver full European Union (EU) emissions reporting and trading services.

The new entity will focus on offering comprehensive compliance services associated with the EU Emission Trading System (ETS).

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Claimed to be the first of its kind in the industry, the company’s offering will provide a full outsourcing service for shipping ETS management.

To support shipowners, managers and operators in the new era of emissions compliance, the service will incorporate technical ship management as well as carbon allowance procurement.

Following an agreement by EU negotiators last December to include maritime shipping in the EU ETS, shipowners and operators will need to acquire emission permits for 40% of their applicable emissions in 2024.

The emission permits will increase to 70% in 2025 and 100% in 2026.

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WSM will provide technical management expertise, including verification of emissions reports and compliance with the current EU Monitoring, Reporting and Verification (MRV) framework.

Affinity has experience in buying and selling carbon products, EU Allowances (EUA) registry management, and evaluation of ETS exposure.

WSM CEO and president Carl Schou said: “We are delighted to be collaborating with Affinity on this important initiative, which will bring added value to customers and ensure full transparency in the whole value chain.

“The partnership aims to provide a seamless transition into EU ETS compliance, as well as prioritising our clients’ interest by managing emission allowance in the most efficient way possible.”