Maritime regulation, priced before the fixture is signed.
Decision tools for charterers, brokers, owners and the banks that finance them. Every figure shows its working: the rule it comes from, the inputs it rests on and what moves it.
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MCCS Broker v4.24.6, class archetype, laden leg only. Illustrative; a named vessel's own consumption replaces the archetype.
Who we serve
What does this fixture really cost once carbon is in?
Voyage result, break-even freight and the allocation clause, on one desk.
MCCS Charterer and BrokerWhich vessels carry the liability, and when do they stop paying?
Fleet compliance, FuelEU trajectory, hold-or-sell timing and disclosure.
MCCS OwnerHow much of the loan book is exposed to maritime carbon rules?
Credit stress, Poseidon alignment and climate-adjusted collateral.
MCCS-BV (Banking Version)Left: the home-page voyage, range across the Capesize class. Centre: Regulation (EU) 2023/1805, Article 4, gCO₂e per MJ. Right: 18 vessels, €1,000M collateral, carbon cost capitalised over ten years at 8%, no pass-through to charterers (case study 2).
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Checked to 8 Nov 2026. A rule change brings a new build within 30 days.
The same Capesize, two discharge ports
Iron ore from Brazil, once to Rotterdam and once to Qingdao. China is more than twice as far and carries no European carbon cost, because neither end is in the EU.


Assumptions and what moves the figure
Screens from MCCS Broker v4.24.6 · Capesize class archetype (~180k DWT, HFO, 52 t/day at 14.5 kn) · 170,000 t cargo · laden leg only, no port or berth time · 50% of the Rotterdam voyage in scope, 1,004 t CO₂e (CO₂ with CH₄ and N₂O, the basis the ETS applies from 2026) · EUA €85, FuelEU target year 2026 at €2,400 per tonne VLSFO-equivalent · distances from the RCA port table, read against a voyage planner on 7 Nov 2026 · illustrative.
What moves it: the figure follows the fuel burned, so 10% more consumption adds about €10,300; every €1 on the EUA adds about €1,000. The class range the desk shows for this voyage is €87,600–€118,500; against the 2024 EU MRV register, 71% of Capesize-class ships burn within that ±15% of the archetype per mile (validation). A named vessel's own consumption replaces the archetype.
How the €103,037 is built, step by step
Common inputs
- Distance 4,250 nm at 14.5 kn → 12.21 days (4,250 ÷ (14.5 × 24))
- Consumption 52 t/day of HFO → 635.1 t burned (laden leg only, no port time)
- Non-EU port → EU port: 50% of the voyage is in scope for both regimes (Ponta da Madeira → Rotterdam)
EU ETS · €85,372
- CO₂: 635.1 t × 3.114 t/t → 1,977.6 t (MRV emission factor for HFO)
- CH₄: 635.1 t × 0.05 kg/t × GWP 28 → 0.9 t CO₂e; N₂O: 635.1 t × 0.18 kg/t × GWP 265 → 30.3 t CO₂e — both inside the ETS from 2026
- Total 2,008.8 t CO₂e; in scope at 50% → 1,004.4 t
- 2026 emissions are surrendered at 100% (2027): 1,004.4 × €85 → €85,372
Every €1 on the EUA moves this line by €1,004.
FuelEU Maritime · €17,665
- Energy used: 635.1 t × 40.2 MJ/kg → 25,529,000 MJ; in scope at 50% → 12,765,000 MJ (Annex II lower calorific value)
- Well-to-wake intensity of fossil HFO: 91.5 gCO₂e/MJ (Annex II: 13.5 well-to-tank + tank-to-wake)
- 2026 target: the 2020 reference 91.16 gCO₂e/MJ less 2% → 89.34 gCO₂e/MJ (Article 4)
- Compliance balance: (89.34 − 91.5) × 12,765,000 → −27,612,000 gCO₂e, a deficit (Annex IV A)
- Deficit in energy: 27,612,000 ÷ 91.5 → 301,800 MJ non-compliant; ÷ 41,000 MJ/t → 7.36 t VLSFO-equivalent
- Penalty: 7.36 t × €2,400 → €17,665 (Annex IV B; multiplied by 1 + (n−1)/10 after n consecutive deficit years)
On fossil HFO at the 2026 target this is €55.6 for every tonne burned in scope — €0.00138 per MJ. From 2030 the target is 85.69 and the same voyage pays €47,440; from 2035, at 77.94, €110,700.
Constants: Regulation (EU) 2023/1805 Annex II (LCV 40.2 MJ/kg, WtW 91.5 gCO₂e/MJ for HFO), Article 4 (−2% 2025–2029, −6% 2030–2034, −14.5% 2035, −31% 2040), Annex IV (balance and penalty, €2,400 per tonne VLSFO-equivalent at 41,000 MJ/t); Directive 2003/87/EC with Implementing Regulation (EU) 2023/2449 (MRV factor 3.114 t CO₂/t HFO; CH₄ and N₂O at GWP 28 and 265). The archetype's 52 t/day is the input a named vessel replaces; everything after it is the regulation.
Products
Maritime Compliance Study
NIS2, CER, EU ETS, FuelEU Maritime and SEC/SOX read together for a group listed on NYSE or Nasdaq.
ContentsMCCS Maritime Carbon Compliance Suite
A fixture decision desk that prices EU ETS, FuelEU Maritime and IMO exposure.
ModulesMCRC Maritime Compliance & Resilience Console
Controls, incidents, notification clocks and a tamper-evident log.
OverviewMCCS-BV Banking Version
Carbon exposure across a shipping loan book, base and stressed.
OverviewCarbon Scope & Distance Reference In preparation
EU ETS and FuelEU scope for every tabulated port pair, with graded distances.
Overview