The below following document is designed to aid VMS customers in managing EU ETS regulatory changes. It includes information on what functionality is already available for use, what is on the roadmap, and recommendations to for frequently asked questions.
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New EUA purchases data source
EUA amount and cost by Voyage in Voyage Extended data source
The Voyage Report will include EUAs
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Small Vessels
Vessels below 5,000 GT are not subject to EU ETS. VMS does not differentiate vessel size for EUA calculations, so currently, you need to use the overwrite capabilities for small vessels. We will soon have released a feature in the vessel register to exclude a vessel from EU ETS for all voyages.
Upcoming Features (To Be Released)
Time Charter
The EU ETS calculations are inaccessible because LTTC (TC Out) voyages do not include a Bunkers panel. We will be making make them accessible in during the voyages.
EUA and Year-End Best Practices
The EUA calculation, by default, calculates with only one phase per voyage. 40% for 2024, 70% for 2025, and 100% thereafter. However, using the overwrite capabilities, it is easy to estimate the total EUA requirement for a voyage that spans two years. Below are two alternatives depending on the rigour of precision needed.
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The below concepts are frequently asked in relation to EU ETS solutions.
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Leveraging VMS for EUA Revenue and Invoicing
Given how the markets are currently handling EUA revenues, no additional feature is built for this purpose in VMS. Use the new “ETS” revenue type (coming soon) and enter the number of EUAs and price in US$ (or in EUR if you have the multi-currency feature enabled).
During 2024 we will keep an eye on the markets and if a calculable revenue amount emerges, we will seek to include this in the EU ETS calculator.
To invoice EUAs, simply add the ETS Revenue item and invoice it in the normal way.
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VMS allows for income and cost on EUA. It does not cover the cases where Allowances are transferred between parties without any financial transactions. It could be simulated by including EUAs with zero price, but no purpose-built system exists for such transactions.
Is there MRV-related functionality?
VMS does not cover the precise requirements needed for MRV reporting.
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Journeys between EU countries and EU outermost regions, or EU Overseas Countries and Territories, are subject to specific EU regulations. If you are undertaking such journeys, please check carefully with EU regulations and use the VMS overwrite capabilities as needed.
For EUA calculation purposes, VMS treats the following territories as EU: Azores, Madeira, Guadeloupe, French Guyana, Martinique, Mayotte, Saint Martin, and Reunion.
What about exemptions for Biofuels?
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