NorthStandard Eases FuelEU Compliance with BetterSea Partnership

NorthStandard, in partnership with leading maritime digital decarbonization specialist BetterSea, is offering members discounted access to the BetterSea FuelEU Maritime Compliance service. This partnership facilitates shipowners' compliance with FuelEU Maritime regulations and reduces compliance costs.

FuelEU Maritime reporting requirements came into effect on January 1, 2025. This new legislation requires vessels to monitor the greenhouse gas (GHG) intensity of energy consumed and achieve a series of reduction targets. Non-compliant vessels are subject to financial penalties, which can only be mitigated through alternative energy use or a compliance mechanism called 'pooling.' Pooling refers to bringing together compliant and non-compliant vessels in a fleet to collectively meet regulatory targets.

Through this special partnership with BetterSea, NorthStandard members can access the FuelEU Platform Solution at a significant discount. This platform provides digital support to shipowners for FuelEU Maritime compliance, supporting both internal and external pooling within data processing, contractual and financial frameworks, and includes final pool verification.

For NorthStandard members benefiting from this offer, FuelEU platform pooling transaction fees will be reduced to zero for the first six-month reporting period, with BetterSea charging only a management fee for establishing the necessary escrow accounts.

In an example provided by the partners, a 20,000 TEU container vessel consuming 29,000 tons of fossil fuel under the FuelEU Maritime Regulation can save approximately 45% of its compliance costs through pooling. With the NorthStandard offer, the member can additionally save 45,000 EUR in transaction fees.

The BetterSea FuelEU Platform Solution, with its integrated pooling marketplace, allows users to precisely monitor their compliance balances and clearly see their regulatory responsibilities. The functionality encompasses both internal and external pooling, including legal and financial pooling frameworks, banking and lending mechanisms, and submission of final pool data for verification. For each NorthStandard member joining the BetterSea FuelEU platform, up to 30 hours of consulting services on decarbonization regulatory matters are provided.

Mark Smith, Loss Prevention Director – Decarbonization at NorthStandard, stated: "The BetterSea platform provides our members with a seamless transition to FuelEU compliance and offers full security for sensitive data. Our confidence in its value for maritime is reflected in the special savings we are offering to NorthStandard members."

Maximilian Schroer, co-founder of BetterSea, previously led compliance strategy and implementation projects at Maersk for CII, EU ETS, FuelEU, Clean Shipping Act, and air emissions. Schroer stated: "FuelEU Maritime creates a complex landscape of stakeholders with very different requirements and compliance mechanisms. Our end-to-end solution simplifies and manages all of these. Such an approach enables us to equip our customers with a complete package of options to balance their compliance strategies throughout the year against unforeseen operational and market dynamics. FuelEU Maritime delivers a simple, intuitive single-platform experience that minimizes compliance costs and maximizes profitability."

BetterSea, founded in 2023 by two former Maersk Group environmental and compliance specialists, possesses extensive domain expertise in maritime decarbonization and offers a comprehensive decarbonization product suite ranging from compliance and primary Scope 3 emission data tools. Currently, approximately 5,000 vessels are enrolled in the FuelEU platform.

Key Takeaways:

• NorthStandard is partnering with BetterSea to offer members discounted access to the BetterSea FuelEU Maritime Compliance service.

• FuelEU Maritime regulations require vessels to monitor the greenhouse gas intensity of energy consumption and achieve reduction targets.

• Non-compliant vessels are subject to financial penalties, which can be mitigated through alternative energy use or the 'pooling' mechanism.

• The BetterSea FuelEU Platform Solution enables users to monitor compliance balances, manage internal and external pooling, and submit final pool data for verification.

• NorthStandard members benefit from discounted platform access and zero transaction fees for the first six-month reporting period.

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News Link: https://gcaptain.com/northstandard-eases-fueleu-compliance-with-bettersea-platform-offer/

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