Tsakos Columbia Shipmanagement (“TCM”) S.A. first to complete MRV compliance project

The first MRV project contracted between LR and a Greek shipping company has been successfully concluded last week. Lloyd’s Register has been working with Tsakos Columbia Shipmanagement (“TCM”) S.A. on early compliance with the European Union (EU) Regulation 2015/757 on the monitoring, reporting and verification (MRV) of carbon dioxide (CO₂) emissions from maritime transport.

The project included assessment of compliance solutions available to TCM with regards the MRV regulation. More specifically the work was delivered in two distinct phases:

-          Review of the ship specific monitoring plan, in accordance with the mandate of the EU Regulation, which was held as a desktop study and

-          Verification of the ship specific emissions report to a reasonable level of assurance and at a materiality level of the professional judgement of the verifier, in accordance with the requirements of Regulation (EU) 2015/757 monitoring, reporting and verification of CO2 emissions from maritime transport.

Following the review of the monitoring plan, a Verification Report was issued by LR Marine & Offshore to TCM focusing on the reliability of data from the information reported by the vessel, the relevant calculations conducted by the office and addressing the relevant risks associated with these processes.

John Iakovou, Lloyd’s Register Marine Management Systems Office Manager for Greece, Eastern Mediterranean and Adriatic Sea commented that this was an excellent opportunity both for LR and TCM to identify relevant issues, address the risks associated with the EU Regulation 2015/757 in a pilot study environment and assess the methodologies of monitoring, reporting and verification in a proactive manner. TCM are to be commended for this initiative and their commitment to proactively addressing MRV.

Mr. Mike Servos, the Environmental and Energy Manager of TCM, highlights the benefits stemming from such an effort: ‘our objective was to assess and  verify the effectiveness and accuracy of our CO₂ monitoring plan and receive impartial, third party expert advice on how well we have integrated forthcoming regulatory requirements on carbon emissions with our existing management systems ’.

Mr. Sokratis Dimakopoulos, the Deputy Managing Director of TCM, added ‘this project is an example of the company’s commitment to ensuring proactive implementation of upcoming legal and industry requirements’ and thanked the LR team for the specialist expertise provided in this work.