Gasum to manage Wasaline’s EUA portfolio
The partnership allows Wasaline to better predict and manage the costs of its emissions allowances.
Gasum has been supplying Wasaline with liquefied natural gas (LNG) and biogas (LBG) since 2021 for its passenger ferry Aurora Botnia operating the route between Vaasa, Finland, and Umeå, Sweden. The emissions allowances will be purchased for the same operating route.
“We are very happy to offer our expertise in the emissions trading market to our long-time customer Wasaline. Gasum Portfolio Services has been operating on the emissions trading market since it was first established. Wasaline is our first maritime customer but, as the whole sector faces a new situation on a volatile market, the demand for our services is on the rise,” says Pekka Montola, sales manager at Gasum Maritime.
"We are happy to continue our good cooperation with Gasum, now also having them manage our ETS allowances. We have been working with Gasum already regarding the purchase of LNG and biogas and that partnership has been very smooth,” says Peter Ståhlberg, managing director of Wasaline.
EU ETS to be introduced gradually
Extending the EU ETS to include the maritime sector is part of implementing the EU’s Fit for 55 package. The ETS will be introduced in the maritime sector gradually.
In 2025, shipping companies will have to report and surrender allowances for 40 percent of their emissions in 2024. In 2026, the amount will increase to 70% of their emissions in 2025. From 2027, onwards they will need to report and surrender allowances for all of their emissions.
“Since the volume of emissions marine traffic generates can get quite high, this means that the costs of allowances are also significant. Gasum Portfolio Services allows our customers to predict and budget the costs of the allowances and to aim for the maximum cost-effectiveness,” Montola explains.
In 2024, the EU ETS will apply to cargo and passenger ships of 5,000 gross tonnage or above.
From 2027 onwards the ETS will be extended to offshore ships of the same gross tonnage.