The EU ETS reached full compliance for maritime transport this year, while the IMO edges closer to a global carbon price, even as the Hormuz crisis dominates industry attention

2026 is the year maritime carbon costs become operational
Shipping companies operating in Europe now pay for 100% of their greenhouse gas emissions, up from 40% in 2024 and 70% in 2025. The transition has been smooth: over 99% of required allowances were surrendered on time in the first compliance cycle, meaning enforcement is working and the system is here to stay. The scope has also widened. Since January 2026, the EU system covers not just CO2 but also methane and nitrous oxide, two gases that are far more harmful to the climate per tonne and that significantly increase the carbon bill for vessel operators. Beyond Europe, the IMO is expected to adopt its own global carbon pricing framework in October 2026, which would extend similar cost pressures to shipping worldwide. For shipowners, the message is straightforward: carbon is a real and rising operating cost, and it will only grow from here. EMF’s ammonia-ready Green Harmony vessels are built with this in mind. They run on conventional fuel today, keeping costs competitive, but are designed to convert to cleaner fuels as they become commercially available, protecting the fleet against both rising carbon costs and the risk of owning vessels that cannot meet future regulations.