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CircularsNews
June 2012

New organization Underwriting, Skuld Copenhagen

The European Union’s Emissions Trading System (EU ETS) was extended to cover emissions from shipping as of 1st January 2024.

The EU ETS is limited by a 'cap' on the number of emission allowances. Within the cap, companies receive or buy emission allowances, which they can trade as needed. The cap decreases every year, ensuring that total emissions fall.

Each allowance gives the holder the right to emit:

  • One tonne of carbon dioxide (CO2), or;
  • The equivalent amount of other powerful greenhouse gases, nitrous oxide (N2O) and perfluorocarbons (PFCs).
  • The price of one ton of CO2 allowance under the EU ETS has fluctuated between EUR 60 and almost EUR 100 in the past two years. The total cost of emissions will vary based on the cost of the allowance at the time of purchase, the vessel’s emissions profile and the total volume of voyages performed within the EU ETS area. The below is for illustration purposes:
  • ~A 30.000 GT passenger ship has total emissions of 20.000 tonnes in a reporting year, of which 9.000 are within the EU, 7.000 at berth within the EU and 4.000 are between the EU and an outside port. The average price of the allowance is EUR 75 per tonne. The total cost would be as follows:
  • ~~9.000 * EUR 75 = EUR 675.000
  • ~~7.000 * EUR 75 = EUR 525.000
  • ~~4.000 * EUR 75 * 50% = EUR 150.000
  • ~~Total = EUR 1.350.000 (of which 40% is payable in 2024)
  • For 2024, a 60% rebate is admitted to the vessels involved. However, this is reduced to 30% in 2025, before payment is due for 100% with effect from 2026.
  • Emissions reporting is done for each individual ship, where the ship submits their data to a verifier (such as a class society) which in turns allows the shipowner to issue a verified company emissions report. This report is then submitted to the administering authority, and it is this data that informs what emission allowances need to be surrendered to the authority.
  • The sanctions for non- compliance are severe, and in the case of a ship that has failed to comply with the monitoring and reporting obligations for two or more consecutive reporting periods, and where other enforcement measures have failed to ensure compliance, the competent authority of an EEA port of entry may issue an expulsion order. Where such a ship flies the flag of an EEA country and enters or is found in one of its ports, the country concerned will, after giving the opportunity to the company concerned to submit its observations, detain the ship until the company fulfils its monitoring and reporting obligations.
  • Per the EU’s Implementing Regulation, it is the Shipowner who remains ultimately responsible for complying with the EU ETS system.

There are a number of great resources on the regulatory and practical aspects of the system – none better than the EU’s own:

‍https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02003L0087-20230605

‍https://climate.ec.europa.eu/eu-action/transport/reducing-emissions-shipping-sector_en

‍https://climate.ec.europa.eu/eu-action/eu-emissions-trading-system-eu-ets/what-eu-ets_en‍

Değerli Müşterimiz,

Skuld’un Danimarka ofisinden bu hafta başında yeni bir organizasyon yapıldığı duyurulmuştur. Yeni organizasyona gidilmesini gerektiren sebep uzun yıllar Skuld’ta çalışmış ve 2009 yılından bu yana Türkiye’den sorumlu underwriter Jan Katkjaer’in, kişisel karar doğrultusunda Skuld’tan bu hafta başı ayrılmış olmasıdır.

Skuld Danimarka ofisinden sorumlu Helle Lehmann Türkiye’den sorumlu yeni underwriterın Michael Boje-Larsen olacagini açıklamış olup yeni organizasyondaki diğer değişiklik ve Michael Boje-Larsen hakkında kısa bir özgeçmiş duyurusu aşağıda bilgilerinize sunulur.

News from Skuld, Copenhagen

We are pleased to announce that Michael Boje-Larsen is appointed Deputy Head of Office and from 1st May the Underwriting and Marketing group in Skuld Copenhagen comprise:

Helle Lehmann, Senior Vice President, Head of Office

Michael Boje-Larsen, Vice President, Deputy Head of Office,

Lillian Frøhling, Underwriting Executive (Lillian will be leaving on 15. May to pursue her career with a Ship owning company)

Marianne Hansen, Underwriting Assistant

Dipok Don Dep, Underwriting Assistant (Dipok is M.Sc. in Business Administration and Commercial Law and coming from an Underwriting position in Codan, Marine Insurance)

Helle Haugaard, Underwriting Assistant (Helle has previously been working with underwriting in Skuld and is Cand.Ling. Merc in communication with English as main language)

Nina Jagt, Marketing Assistant

Jan Katkjær, SVP / Underwriting has decided to resign from his position with Skuld. He has been reflecting over his position with Skuld and in consideration of developments in goals and strategies within Skuld, he feels that he needs a change in his working life.  We wish to thank Jan for his 29 years with Skuld and for his great and valuable support and loyal contributions through his work for Skuld, for our members and clients. We wish Jan all the best for the future.

Jan’s current tasks will be handled by Michael and myself with support from the entire UW-team including support by the Oslo office.

On behalf of Jan, I send his best regards and thanks for a great cooperation over the years.

From today please take note of the following contact details:

All underwriting enquiries must be send to:

Underwriting.cph@skuld.com

Additionally we are of course contactable on phone / mobile phones.

Contact details can be found on:

www.Skuld.com

With the new strong Underwriting team, we look forward to continue our good cooperation based on Skuld’s strategy on ‘financial strength, innovation and talents of our people’ and our values ‘Accurate, Bold, Caring and Dedicated’. We will continue to do our very best to take well care of your business and your needs.

For your guidance, the CV for Michael is:

Boje-Larsen, Michael
Vice President
Lawyer
Direct: +45 33 43 34 23
Mobile: +45 40 35 34 23
e-mail: michael.boje-larsen@skuld.com

Geographical area:
Denmark, Greenland, Iceland, Faroe Islands (assisting India, Turkey and Middle East)

Michael joined Skuld in 1996 as a Claims Executive, Assistant Lawyer. He qualified as a Lawyer in 1998. From 2000 to 2004 he worked as Claims Manager at Skuld Hellas in Piraeus. In 2004 he returned to Skuld Copenhagen as Senior Lawyer and in 2008 he became Assistant Vice President, Lawyer. Michael has a Master Degree in Law, from the University of Copenhagen, a LL.M. in International Maritime Law from the University of Southampton and a MA in Marine Insurance & Risk Management from the University of Oslo.

 

Best regards
Helle Lehmann
Senior Vice President, Head of Office
SKULD Copenhagen
Tel +45 33 43 34 00 \Tel dir +45 33 43 34 01 \Mobile +45 403 26 351
Sankt Petri Passage 5, 3., DK-1165 Copenhagen K, Denmark

helle.lehmann@skuld.com

WWW.SKULD.COM

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