Sustainable growth report 2024

We support well-designed regulations that foster innovation and encourage investment in environmentally friendly technologies, enabling cleaner and more efficient vessels and infrastructure. Clear and consistent regulations are essential to ensure a global level playing field, and we remain critical of measures that do not achieve this objective. Through partnerships and active participation in conferences, we continue to share and advocate our vision for sustainable shipping.

The year 2025 was primarily marked by the full entry into force of FuelEU Maritime, which we explore in more detail later in this section.

CII
The CII (Carbon Intensity Indicator) is a mandatory measure introduced by the International Maritime Organisation for all vessels above 5,000 GT and has been in effect since 2023. Ratings from A to C are considered satisfactory. If a vessel receives one E rating or three consecutive D ratings, a revised Ship Energy Efficiency Management Plan (SEEMP) must be submitted.

For vessels within our fleet that received a D or E rating, this required a revision of the monitoring plan (SEEMP III), including a corrective action plan. We continue to believe that the current CII regulation, in its present form, does not effectively reduce emissions as intended. We therefore advocate for a further review of the regulation by the International Maritime Organisation in 2026.

EU ETS
As of January 2024, shipping has been incorporated into the European Emissions Trading System (EU ETS). In 2025, 70% of all greenhouse gas emissions regulated under this framework must be offset through the surrender of EU Allowances (EUAs), an increase from 40% in 2024. From 2026 onwards, this requirement will increase to 100%. In addition, methane (CH₄) and nitrous oxide (N₂O) emissions will also be included from 2026, although this regulation applies solely on a tank-to-wake basis.

FuelEU Maritime and its full implementation
In 2025, FuelEU Maritime entered into force, introducing a new regulatory framework aimed at reducing the greenhouse gas (GHG) intensity of energy used onboard ships on a well-to-wake basis. Unlike previous efficiency-focused measures, FuelEU Maritime directly regulates the carbon intensity of fuels consumed by vessels above 5,000 GT calling at EU ports.

The regulation introduces a progressively tightening GHG intensity reduction pathway, starting at 2% in 2025 and increasing towards approximately 80% by 2050, compared with a 2020 baseline. To support compliance, FuelEU Maritime includes flexibility mechanisms such as pooling of fleet performance, banking and borrowing of compliance surplus, and the use of renewable and low-carbon fuels. It also promotes the uptake of alternative technologies, including shore power and wind-assisted propulsion. 

In 2025, we successfully integrated the regulation into our operational framework and implemented fleet-level measures to support compliance. Over the past year, we have further analysed the regulatory scope and its implications in order to define our long-term compliance strategy. We support the regulation’s well-to-wake approach and its role in accelerating the adoption of low-carbon fuels, shore power, and wind-assisted technologies.

Ballast water management
Ballast water can transport marine species between ecosystems and may disrupt the biodiversity of receiving waters. To mitigate this environmental impact, regulations require ballast water to be treated before discharge in new locations. All vessels in our fleet are equipped with ballast water treatment systems.