Company: CMDB
Filing Date: 2025-03-31
Form Type: 20FR12B
Source: 0001140361-25-011425
Chunk: 165

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-03-31
Form: 20FR12B
Chunk 165
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; our estimated operational CII data indicates approximately 75% of dry bulk fleet capacity may have achieved a rating of A-C last year.

The start of 2024 saw the EU extend its Emissions Trading System to the shipping industry, requiring companies to purchase allowances (“EUAs”) to cover 40% of applicable emissions, rising to 70% in 2025 and 100% in 2026. The scheme, which applies to 100% of emissions on intra-EU voyages and whilst at EU ports, and 50% of emissions on voyages between EU ports and non-EU ports, operates on a “polluter pays” principle, with owners able to pass on costs to charterers. Meanwhile, the FuelEU Maritime Regulation entered into force at the start of 2025. The regulation sets a maximum GHG intensity of marine fuels used on EU-related voyages, requiring intensity to be 2% below the 2020 average in 2025, 6% below in 2030 and 80% below by 2050, based on 100% of energy used on intra-EU voyages and in EU ports, and 50% on voyages between an EU and non-EU port.

The world shipping fleet’s greenhouse gas emissions (across all shipping sectors) are estimated to have reached 1,064 mt of CO 2 equivalent (CO 2e e) in 2024 on a “well-to-wake” basis, 2.0% of global emissions (“tank-to-wake” CO 2 emissions: 875 mt). Emissions have edged downwards in recent years as vessel speeds have reduced and eco and alternative fuel capable tonnage entered the fleet, and despite an increase in 2024 on the back of longer trade routings, are currently down by an estimated 18% on the 2008 level.

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Figure 12. Dry Bulk Vessel Orderbook Alt. Fuel Trends

Against this backdrop, there remains significant focus on cutting emissions, with the IMO strengthening its long-term targets for the shipping industry in 2023, to aim for net zero emissions by 2050, and in the interim, reducing GHG emissions by at least 20% (striving for 30%) by 2030 compared to the 2008 level, and by at least 70% (striving for 80%) by 2040. Goals have also been