The EU carbon taxation scheme (ETS) took effect from January 2024. Very simply put, a tax must be paid for CO2 emissions for ships calling EU ports. A ship sailing between two EU ports must pay carbon tax for the full duration of the journey, while a ship sailing between a non-EU port and an EU port needs to pay carbon tax for 50% of the journey. While it has no direct impact on the analysis below, it should be noted that the EU is only requiring 40% payment of the ETS tax in 2024, ramping up to 70% in 2025, and 100% from 2026. (....)