Ocean Network Express finalises European Union Allowances (EUA) Transaction

Singapore, 18th March 2024 – Ocean Network Express (ONE) is pleased to announce its inaugural European Union Allowances (EUA) transaction with BNP Paribas.

Commencing January 1st, 2024, under the regulations of the EU Emissions Trading System (ETS), the maritime transport industry has been included and shipping companies are mandated to monitor, report, and verify their greenhouse gas (GHG) emissions annually and this data will be utilized to determine the EUA that they need to surrender within a compliance period. Non-compliance with these regulations will result in penalties and denial of entry to EU/EEA member states.

In preparation for the immediate EU ETS compliance, ONE has enhanced its internal systems to accurately reflect CO2 emissions data. The company has also initiated a trading account on the Union Registry to hold and transfer EUA according to the procedures. Through this proactive approach, ONE was able to secure its inaugural purchase of EUA from BNP Paribas on February 8th, 2024. The acquired EUA will be subsequently transferred to respective vessel owners in compliance with the agreements as well as the EU ETS regulations, which will ultimately enable the vessel owners to meet their surrender obligations to the EU by September 30th, 2025.

“The EU ETS is a cornerstone of EU’s policy to combat climate change and its key tool for reducing greenhouse gas emissions. This EUA deal with ONE is important for Asian carriers, demonstrating proactive readiness for EU ETS compliance,” stated BNP Paribas Singapore.

ONE remains committed to ongoing preparations for EU ETS compliance, aligning with the compliance process for surrendering EUA.  (For more details on EU ETS, click here)
 

About Ocean Network Express (ONE)
Ocean Network Express (ONE) was incepted on July 7, 2017 following the liner service integrations of Kawasaki Kisen Kaisha (“K” LINE), Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kaisha (NYK). The new entity functions from its global headquarter in Singapore, supported by regional headquarters in Hong Kong, Singapore, the United Kingdom, the United States and Brazil. Operating more than 230 vessels, it offers an expeditious and a reliable international network of over 180 services to 120 countries and beyond. ONE is the world’s sixth largest container carrier with a fleet size of approximately 1.8 million TEU. ONE is a member of THE Alliance (THEA), a global ocean carrier consortium. For more information, please visit www.one-line.com

About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 63 countries and has nearly 183,000 employees, including more than 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group's performance and stability.