OceanScore has opened a new office in Singapore to serve its regional clients, responding to the growing demand in Asia for its digital solutions designed for efficient regulatory compliance with the EU ETS and FuelEU Maritime.
This new office in Singapore represents the latest expansion for the Hamburg-based maritime technology company, which already has offices in Poland and Portugal.
“Our list of global clients is growing steadily in line with the industry’s pressing need to navigate the complexities of these new regulations. Establishing a presence in this leading maritime hub allows us to cater more effectively for our clientele in this region,” stated Albrecht Grell, Managing Director at OceanScore.
The office was officially inaugurated on 30 July at an event attended by Kenneth Lim, Assistant chief executive of the Maritime and Port Authority of Singapore, along with representatives from OceanScore’s clients and the local shipping community.
To lead the Singapore team, OceanScore has appointed Leo Grayson as Head of Commercial APAC. The company already serves numerous shipping firms using its web-based digital application ETS Manager, an end-to-end management solution that automates tracking, allocation, invoicing, and accounting of EU Allowances (EUAs/carbon credits), simplifying commercial processes and mitigating risks related to the EU Emissions Trading System (EU ETS).
Among OceanScore’s clients are major shipping companies like MSC, Döhle Group, Norbulk, Offen Group, Orion, and Zeaborn Ship Management, covering over 1000 vessels.
Grell explains that Singapore was chosen for its strategic importance in global shipping, hosting over 180 international shipping groups and about 4,000 registered vessels, along with a robust sustainability-focused maritime cluster.
Singapore has been named the world’s leading maritime city in the ‘2024 Leading Maritime Cities’ report from DNV and Menon Economics and is expected to retain this title for the next five years due to its large owned and managed fleets, strategic geographic advantages, pro-business policies, and leadership in the green transition.
Situated on the heavily trafficked Strait of Malacca, Singapore is a crucial transit hub for ships on the key trade route between East Asia and Europe. These vessels are now subject to liabilities under the EU ETS, which mandates that 50% of emissions be covered for voyages to/from the EU/EEA.
OceanScore estimates that the total EU ETS cost for the 1,120 liable vessels registered in Singapore will reach nearly US$431 million once the regulation is fully implemented in 2026. This is based on a requirement for 5.5 million EUAs and the current carbon price of US$75 per tonne. This represents around a third of the US$1.3 billion total emissions liabilities for Asia-based entities and about 7% of nearly 80 million EUAs to be surrendered by shipping globally.
Additionally, the shipping industry faces a new compliance challenge with the introduction of FuelEU Maritime from 1 January next year, which will require reducing the GHG intensity of vessel operations versus a 2020 baseline, starting at 2% and increasing from 2030.
Following the rapid adoption of ETS Manager since its launch in 2023, OceanScore is set to launch its suite of FuelEU solutions on 4 September. This will include the FuelEU Planner, enabling users to monitor compliance balances, simulate different actions, assess the commercial impact of various fuel choices, and prepare annual budgets.
