CircularsNews
January 2014

Iran Sanctions - International Group Update in relation to the Geneva Joint Plan of Action

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

Sayin Ilgili,

Muhtelif Grup Kluplerinin ekte yer alan sirkulerinde goreceginiz uzere, Iran'a uygulanan yaptirimlara iliskin 17 /1/2014 tarihinde Cenevre Ortak Eylem Plani (JPoA) tahtinda P5+1 ulkeleri (Cin, Fransa, Rusya Ingiltere, ABD ve Almanya) ve Iran arasinda bir toplanti yapilmis olup, Iran'in nukleer zenginlesmesi programi kapsaminda verdigi onemli vaadlere karsilik yaptirimlarin, 20/01/2014-20/07/2014 tarihleri arasinda 6 aylik bir sure icin hafifletilmesi yonunde karar alinmistir. Bu surecte esneklik gosterilecek olan uc noktaya uyelerin dikkatini cekmek isteriz.

Bunlar özetle;

1- - İran'dan petrokimyasal urunleri yukleyip/tasimak

2- - İran'dan ABD'nin izin verdiği NDAA ulkesi olmayan Cin, Hindistan, Guney Kore, Tayvan ve Turkiye'ye ham petrol tasinabilmesi

3- - İran'ın otomotiv endustrisinde kullanilacak urunlerin İran'a nakliyesi

Onemle belirtmek isteriz ki; konu esneklikler yasakli listede bulunan firma ya da kisilerle ticaret yapma serbestisi getirmemektedir.

Bir baska onemli husus da; bu alinan hafifletme kararlarina ragmen cok sayida uluslararasi banka Iran'da mukim bir firma/kurulusa para transferi konusunda halen kendi prosedurlerini uygulamaktadir. Klupler bu uygulamalarin yakin gelecekte degismeyecegini ongormektedirler. Bu durum, Kluplerin teminat mektubu vermelerinde sikinti yaratmaya devam edecektir. Klupler, teminat hususunda bankalar ile paralel bir yontem izlediklerinden ve bankalarin tavirlarini esas aldiklarindan bankalar ile ilgili devam eden bu prosedur sikintisi nedeniyle, teminat verme hususlarinda net bir tavir sergileyememektedirler.

Bilgilerinize sunarız.

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