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Latest market news

EU CO2 marine emissions rise in 2022

  • Market: Emissions, Oil products
  • 13/07/23

CO2 emissions from vessels traveling within the EU territorial waters rose by 1.5pc to 128.22mn metric tonnes (t) in 2022 compared with 2021. The increase reflected a 1.8pc rise in marine fuel consumption to 41.28mn t in 2022, the latest EU data showed.

The increase was mostly driven by demand from LNG carriers, roll on roll off (RoRo) vessels, ferries and passenger ships. Demand from RoRo, ferries and passenger ships rose by 13pc or 917,207t to 7.98mn t in 2022 from the previous year (see chart). They accounted for 19pc of EU territorial waters marine fuel demand. They emitted 22.05mn t of CO2 in 2022, up 13pc. The uptick could be attributed to ferry companies gradually resuming operations in 2022, following Covid-19-related disruptions in 2021.

LNG carrier consumption rose by 48pc, or 1.14mn to 3.51mn t in 2022 from 2021. LNG carriers accounted for 8pc of total EU territorial waters bunker demand. They emitted 10.10mn t of CO2 in 2022, up 50pc. The uptick could be attributed to Russia reducing its natural gas pipeline exports to Europe, following EU sanctions on Russia after the start of the Ukraine war, and Europe increasing waterborne LNG imports from the US and Qatar, among others.

Bunker demand from container ships and oil tankers dropped. Container ships accounted the bulk of EU's bunker demand — 29pc, or 12mn t of EU territorial waters bunker demand in 2022. Their consumption declined by 8pc and they emitted 37.19mn t of CO2. Oil tankers' demand was down by 2pc to 5.07mn t.

Ships traveling in EU territorial waters will have to pay for 40pc of their CO2-equivalent emissions beginning in 2024, 70pc beginning in 2025, and 100pc beginning in 2026. EU-traded CO2 averaged at $92.5/t in June. At this level, 40pc of container ships' CO2 bill for travelling within EU territorial waters, would be $1.38bn. Vessel owners and operators are expected to pass the emissions bill to their customers, raising their freight rates.

By Stefka Wechsler

EU waters bunker demand by vessel type mn t
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18/12/25

N Zealand proposes ETS governance penalties

N Zealand proposes ETS governance penalties

London, 18 December (Argus) — New Zealand's environment ministry is eyeing fines for failure to comply with new reporting requirements under the NZ Emissions Trading Scheme (NZ ETS), briefing papers published by the ministry this week show. Under the penalty regime, failure to report price and volume information to the government or market monitoring entities would result in fines of NZ$8,000 ($4,621) on the first instance, doubling to NZ$16,000 in the case of a second breach. Each additional breach would carry a NZ$24,000 fine. Those that fail to store trading information data would face first-time fines of NZ$12,000, which would double to NZ$24,000 in case of repetition. Additional infractions would be penalised NZ$32,000 per breach. The ministry's proposal, which was put to the climate change minister in October, follows the decision to implement stronger NZ ETS platform reporting requirements , agreed by the country's cabinet earlier this year. Additional proposals for NZ emissions units (NZUs) transacted on the secondary market would require trading platforms to keep records of trading information for seven years, and submit daily reports to the ministry with the price and volume of NZUs transacted on that day. Under the proposals, confirmed instances of NZU price manipulation could face criminal charges, potentially resulting in imprisonment not exceeding five years, or a fine lower than NZ$2.5mn. Misleading conduct without confirmed evidence would face fines proportional to the gain made or loss avoided. But they would not exceed NZ$1mn if an individual were facing the fine, or NZ$5mn in any other case. In addition to fines, the ministry would also publish the details of the entity committing the infraction and the status of the penalty, the briefing paper said. The penalty regime will be incorporated into a bill amending the country's Climate Change Response Act, alongside other market governance changes. The introduction of the bill to parliament was initially scheduled for late 2025 but has now been postponed, with a first reading expected in early 2026. By Kiara Campagne Nieva Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Viewpoint: Japan's hybrid EV use keeps gasoline in mix

18/12/25
News
18/12/25

Viewpoint: Japan's hybrid EV use keeps gasoline in mix

Tokyo, 18 December (Argus) — Japan's gasoline consumption will continue falling because of its decarbonisation drive, but the country's gasoline consumption is unlikely to reach zero as gasoline-powered cars and hybrid gasoline-electric vehicles (HEVs) account for a vast majority of newly registered passenger cars. Japan's gasoline sales declined at least over 2016-24, with the exception of a slight year-on-year increase of 0.03pc in 2022, data from the Petroleum Association of Japan (PAJ) show. The country's gasoline sales totalled 330mn bl (904,100 b/d) in 2016, falling to below 280mn bl (767,100 b/d) in 2024. The country's transport sector accounted for 19.2pc of total CO2 emissions in the April 2023-March 2024 fiscal year, according to Japan's environment ministry. Half of the transport sector's CO2 emissions came from gasoline in the 2023-24 fiscal year. Tokyo renewed its global warming countermeasures plan in February 2025, which reiterated its target of having all new car sales be "electrified vehicles" by 2035 and to achieve net-zero CO2 emissions through the vehicle lifecycle by 2050, in efforts to abate emissions. But these "electrified vehicles" do not only refer to fully electric-powered EVs nor fuel cell vehicles (FCVs) but also include gasoline-consuming HEVs and plug-in hybrid electric vehicles (PHEVs). This means that Japanese passenger car owners will likely remain dependent on gasoline, even as gasoline consumption declines, given that Japan's preference for hybrids is likely to sustain its momentum for the foreseeable future. The country's gasoline requirement will fall by 2.4pc to 260mn bl (712,300 b/d) in the April 2026-March 2027 fiscal year, compared with the 2025-26 level, based on Japan's trade and industry ministry Meti's outlook. This downtrend is expected to continue by declines of 2.1-2.5 pc/yr at least until 2029-30, largely because of higher fuel efficiency and wider use of HEVs, Meti said. The number of newly registered passenger cars, including imported cars, totalled slightly below 2.4mn units over January-November 2025, data from the Japan Automobile Dealers Association (JADA) show. Out of this total, gasoline-consuming HEVs accounted for 60pc, and gasoline cars hold a 32pc share. Gasoline-powered cars and HEVs have jointly accounted for around 90pc at least since 2020. The share of HEVs in newly registered cars has also grown consistently every year, from 37.1pc in 2020 to 61.1pc in 2024, mostly replacing the share of gasoline cars, while the share of EVs has stalled at 0.6-1.7pc of the total of registered units every year over the same period, data from the JADA show. "The hybrid trend is likely to remain strong going forward. Compared with the time when it seemed the global shift to EVs would happen decisively and rapidly, the momentum now appears to have slowed somewhat," Japan's trade and industry minister Ryosei Akazawa said at an interview with reporters, including Argus , in October. The shift towards EVs has not been as strong as expected, which could have benefited gasoline car makers. But US tariffs on Japanese automobiles likely eroded the profitability of Japanese automakers, with 15pc of their domestic car output exported to the US in 2024, according to Meti. The US tariff rate was lowered to 15pc from 27.5pc in September, but is still far higher than 2.5pc, the rate before US president Donald Trump's additional 25pc automobile tariff took effect in April. To support Japanese automakers given the challenging tariff environment, Tokyo could freeze its environmental performance tax — a levy of 0-3pc — imposed on car owners at the point of acquisition depending on automobile features, such as fuel efficiency. This move could pave the way for gasoline-powered vehicles to regain momentum or pose obstacles to the expansion of EV cars' market share in the coming years. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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EU's Hoekstra confident of CBAM export support

17/12/25
News
17/12/25

EU's Hoekstra confident of CBAM export support

Brussels, 17 December (Argus) — European climate and taxation commissioner Wopke Hoekstra is "absolutely" confident that EU member states will give "full" support to an EU-wide temporary decarbonisation fund for carbon leakage in industrial sectors covered by the bloc's carbon border adjustment mechanism (CBAM). This is despite the European Commission proposing that 25pc of CBAM revenues originally earmarked for national budgets now finance the CBAM fund. "We're not going to make this part of the EU budget. This is money that immediately is going to be spent on the companies of member states," Hoekstra told Argus , noting that the fund is helping EU states' own industries. Financing the fund may still be contentious, especially for EU countries. In addition to proposing that the fund be financed by revenues currently earmarked for EU states' budgets, the commission leaves untouched the remaining 75pc earmarked for the EU budget. Hoekstra said that CBAM's increased scope, expanded to downstream products, "roughly" equates to the financing required for the fund. "We did not try to design it exactly that way. But it is convenient because it makes the conversation with member states even easier," Hoekstra said. The European Parliament and EU member states are likely to amend the revised CBAM regulation and accompanying laws before adoption. Under the proposal, over 140 CN goods categories produced by EU-based manufacturers will receive support from the fund. The commission does not propose any differentiation between support given to manufacturers' EU exports and locally sold goods. The commission is proposing extending CBAM to certain steel and aluminium-intensive downstream products from the start of 2028. A further 180 CN custom duty codes will include some 7,500 new importers under the mechanism. A wide range of iron and steel products are proposed for inclusion, including stranded wire, ropes, cables, washing machines, sawing machines and even metal furniture. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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EcoCeres exports first SAF output from Malaysia's Johor

17/12/25
News
17/12/25

EcoCeres exports first SAF output from Malaysia's Johor

Singapore, 17 December (Argus) — Hong Kong-based biofuels producer EcoCeres has exported the first sustainable aviation fuel (SAF) volumes produced at its new hydrotreated biofuels plant in Johor, Malaysia, according to a company LinkedIn post and company sources. EcoCeres exported 10,000t of SAF last week, a company source said. The cargo was purchased by Mitsui Energy Trading Singapore (Mets), a subsidiary of Mitsui, and was loaded on a vessel that sailed from Tanjung Langsat and is bound for Europe, EcoCeres said in its LinkedIn post. The Medium Range vessel Stolt Glory loaded 10,000t of SAF from Tanjung Langsat on 5 December, and is due to reach Rotterdam in mid-January, according to Kpler data. But another company source declined to confirm if this was EcoCeres' cargo. The biofuels producer previously produced its first on-specification SAF volumes at Johor in October . The plant, which can produce a maximum of 420,000 t/year of SAF and hydrotreated vegetable oil (HVO), is now running at full rates, a company source said. The Argus fob ARA SAF price fell to nearly four-month lows of $2,247/t on 3 December, but has since risen slightly to $2,281/t as of 16 December. The decline was likely on the back of a lack of urgency among EU suppliers to fulfill mandates at the start of the new obligation year, although some volumes were traded this week , possibly because buyers were locking in deals in advance. EcoCeres also operates another 350,000 t/yr SAF and HVO plant in Jiangsu, China. By Sarah Giam Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US House clears hurdle to pass permitting bill

16/12/25
News
16/12/25

US House clears hurdle to pass permitting bill

Washington, 16 December (Argus) — Republicans in the US House of Representatives have overcome an initial obstacle to passing a marquee permitting overhaul bill after committing to vote on key amendments that would strip out potential benefits for offshore wind. Republicans in the House voted 215-209 in a vote on Tuesday to approve a rule that will dictate the terms of debate for votes later this week on the SPEED Act, which has become the focus of bipartisan efforts to fast-track the permitting process for pipelines, electric transmission lines, railroads and other infrastructure. A group of far-right conservatives initially voted against the rule, but most reversed course during the vote in exchange for revisions that have yet to be made public. The Tuesday vote was one of the last remaining hurdles to House passage of the SPEED Act, which is expected to pick up some Democratic votes when it comes up for a final vote later this week. The House majority typically is responsible for putting up all the votes for a rule, meaning it would only take a few Republicans to block bill debate. Republicans were uncertain they would have enough votes for the rule, as far-right conservatives such as US representative Andy Harris (R-Maryland) and others were lobbying for changes. On Monday, US representative August Pfluger (R-Texas) urged attendees of a conference to put as "much effort as you possibly can" into persuading wavering Republicans to support the permitting bill. Pfluger is the chair of the Republican Study Commission, a caucus that represents a majority of House Republicans. "Go talk to them and let them know how important this is," Pfluger said during an event organized by the think tank the Conservative Coalition for Climate Solutions. Ahead of the vote, an industry coalition on Tuesday released a joint letter offering "strong support" for the bill. Among the signatories were the American Petroleum Institute, the US Chamber of Commerce, the Association of American Railroads and the US LNG Association. President Donald Trump has yet to take an explicit position on the SPEED Act, but administration officials are optimistic permitting legislation could be enacted. "I think we are at a time where the chance of a real permitting reform bill is higher maybe than it's ever been," US energy secretary Chris Wright said at the event on Monday. The SPEED Act would focus on the implementation of the National Environmental Policy Act (NEPA), a decades-old law that requires federal agencies to prepare environmental reviews of infrastructure projects. Pipeline companies and renewable energy developers alike blame the law for costly delays, both because of the time it takes for agencies to issue reviews and then the risks that permits will be thrown out because of lawsuits. The bill would narrow the scope of environmental reviews, aligning with a unanimous US Supreme Court ruling this summer. But the bill's most significant changes would make permits more durable. Even if a court found a NEPA review was flawed, the bill would keep permits intact during further analysis. And in a last-minute change, the bill would offer more permit "certainty" by limiting the government's ability to rescind prior approvals. That could protect pipeline permits such as the now-canceled Keystone XL pipeline, while also stopping Trump from halting more offshore wind projects. But the permit certainty language drew concern from far-right conservatives who oppose offshore wind. House Republicans in response agreed to vote on an amendment sponsored by Harris and others that would remove the "permit certainty" changes. Two other amendment votes also backed by Harris would stop expedited permitting treatment in the SPEED Act for offshore wind or any project that Trump has sought to block. Passage of those amendments could cost some Democratic support for the bill. Even if the bill passes, it is expected to be subject to major changes in the US Senate to attract enough support from Democrats to prevent a filibuster. Senate Democrats are hoping to insert language that would prevent what they describe as a "solar ban" being enforced by the Trump administration. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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