Swedish shipping company Furetank has launched a new company focused on trading emission reductions in the maritime sector, according to an announcement made on August 29.

The move comes as the FuelEU Maritime regulation creates new opportunities for the shipping industry to reduce greenhouse gas emissions. The regulation, which forms part of the European Union's environmental framework for maritime transport, establishes requirements for vessels calling at EU ports to gradually reduce the greenhouse gas intensity of their energy use.

Furetank claims the regulation opens new pathways for dramatic cuts in shipping emissions. The company's decision to establish a dedicated emissions trading entity suggests it sees commercial opportunities in helping other operators meet their regulatory obligations under the new framework.

The FuelEU Maritime regulation requires shipping companies to reduce the greenhouse gas intensity of energy used onboard their vessels by 2% from 2025, increasing to 6% by 2030 and 80% by 2050. Companies that exceed these targets can generate surplus credits, while those falling short must purchase credits or pay penalties.

The new trading company represents Furetank's entry into the emerging market for maritime emission reduction credits. Such trading mechanisms allow companies that achieve emissions reductions beyond regulatory requirements to sell credits to those struggling to meet their targets.

Furetank operates a fleet of product tankers and has previously invested in alternative fuel technologies. The company's move into emissions trading reflects the growing commercialization of environmental compliance in the shipping sector as regulatory frameworks tighten.

The FuelEU Maritime regulation entered into force in 2023 and began applying to ships from January 1, 2025. It covers vessels above 5,000 gross tonnage calling at EU ports, regardless of their flag state.