Decarbonisation and Skuld's role

Today, shipowners and charterers are facing complex challenges in the transition to reduce emissions. Skuld is a reliable partner on the journey to reduce Green House Gases (GHG) and meet relevant International Maritime Organisation (IMO) target levels.

Skuld's role is reflected in our purpose statement "Protecting Ocean Industries", ensuring a precautionary and caring approach to foreseeable health, safety and environmental risks in shipping.

Our environmental, social and governance (ESG) efforts consist of a wide range of activities that demonstrate our commitment to sustainability. Skuld is providing financial protection and risk assessments of new technology and fuels, and helping to advise on emerging sustainable regulations and policies.

European Union Emissions Trading System (EU ETS)

As of 1 January 2024, shipping companies are required to purchase carbon credits through the European Union Emissions Trading System, where the ship calls in at least one EU port.

The EU ETS operates on a “cap and trade” principle, limiting greenhouse gas (GHG) emissions and reducing the cap annually to align with EU climate targets.

The EU ETS can have an impact on members and clients' operations. Skuld urges shipping companies to develop knowledge about the EU ETS and its impact on maritime transportation. For members trading in the EU, the cost of allowances can be significant and will increase each year. Prioritising a robust plan for decarbonisation and fleet optimisation is crucial.

Please see our EU ETS flyer for the most important info affecting the shipping companies.

International Maritime Organization (IMO) GHG strategy

In July 2023, IMO updated the global shipping GHG reduction strategy. The shipping industry accounts for approximately 2,7% of the world’s annual emissions and therefore adoption of this strategy is significant for global efforts to align with the Paris Agreement. The new strategy includes four levels of ambition, each aimed at reducing GHG emissions and promoting more sustainable practices within the shipping industry.

Skuld acknowledges these new ambitions from IMO and the challenges that arise for shipowners. Shipowners and charterers must comply with an increasing number of regulations entering the maritime industry. Whether it is the CII, EEXI/EEDI, ETS, Fuel EU Maritime, Sulphur Caps, NOx Ttier requirements or others, they create new challenges. Skuld's expertise and closeness to the market offer benefit of industry insight to members and clients on these topics.

Please see our IMO GHG flyer for more information.

Whether you are a shipowner, charterer or other stakeholders, Skuld is here to assist you in your decarbonisation efforts. Please contact our decarbonisation team to discuss how we can support.

Engaging in industry transition initiatives

Mission Ambassador for Maersk Mc-Kinney Moller Center for Zero Carbon Shipping

Skuld is a mission ambassador for Maersk Mc-Kinney Moller Center for Zero Carbon Shipping. The partnership will further support and promote our common goal of securing and providing tomorrow's zero carbon shipping solutions.

Partner to The Green Shipping Programme

Skuld is partner to The Green Shipping Programme (GSP), a public-private partnership, aiming to advance the Norwegian government's maritime strategies and plans. The programme's vision is to develop and strengthen Norway's goal to establish the world's most efficient and environmentally friendly shipping.

Since becoming a partner in 2021, Skuld has participated in two ammonia related pilots; Green Ammonia Powered Bulk Carrier and Ammonia powered tanker.

Signatory to the Poseidon Principles for Marine Insurance (PPMI)

Knowledge starts with understanding data and our portfolios baseline compared to industry standards. Skuld wants to monitor our alignment with IMO and industry targets, and we are a signatory to the Poseidon Principles for Marine Insurance (PPMI). The PPMI initiative underlines the importance of transparency and the use of reliable data in the journey towards decarbonization.

PPMI covers the H&M business. In order to estimate our total portfolio, we have teamed up with a data provider to estimate our total scope 3 emissions through AIS data and with this tool we are able to understand our emission impact.

Building knowledge

Continuous knowledge building and organising our efforts are essential to be a leading provider in offering legal and industry advice in a constantly changing environment. Skuld has an underwriting expert group, with the aim to streamline information exchange and to create clear channels towards our local markets.