HZ Chem Tanker Fleet

6 × 14,000 DWT WAPS Chemical Tankers · ABS/Singapore · Jiangsu Shipyard · NZF EIF March 2028

❌ Tier 2 — Fossil Basis ⚠ Pre-Audit Draft ✅ EEDI −22.4% vs Phase 3

🔴 CRITICAL: All 6 vessels will be IMO NZF Tier 2 non-compliant from March 2028 EIF on fossil HFO/MGO. Attained GFI = 91.57 gCO₂eq/MJ vs 2028 Base Target 89.60. Fleet-wide annual penalty: USD 483,804/yr — fully avoidable with B24 biobunker. B50 fuel system spec must be in NB contract before fabrication.

⚠ WAPS GFI INSIGHT: Rotor Sail saves 99–396 MT HFO/vessel/yr (real benefit). WtW GFI improvement ≈ 0.002 g/MJ — immaterial vs 1.97 g/MJ deficit. GFI is a ratio: WAPS reduces both CO₂eq and energy proportionally. Biofuel substitution is the only effective NZF GFI compliance lever.

🎯

Attained GFI (B0)

91.57

+1.97 vs 2028 Base

gCO₂eq/MJ · fossil only

WtW Attained GFIFormula: WtW CO₂eq(g) ÷ Total Energy(MJ). Target ≤89.60 (2028 Base). Deficit: +1.97 → Tier 2 penalty. With B24: 73.22 → Surplus. Ref: MEPC.391(81).

💸

Fleet 2028 Penalty

$484K

6 × $80,634/yr

USD/yr · avoidable with B24

Fleet NZF Tier 2 PenaltyTier 2 = MAX(GFI−Base,0) × Energy(MJ)/1M × $380/tCO₂eq. Per vessel: $80,634 in 2028. Escalates to $1.08M/vessel by 2035. B24 → $0 penalty.

📐

EEDI (with WAPS)

7.28

−22.4% vs Phase 3

g/(t.nm) · Phase 3 req: 9.385

EEDI AttainedWITH Rotor Sail: 7.28 g/(t.nm). Without WAPS: 8.595. Phase 3 requirement: 9.385. Margin: 2.105 below req. NOTE: 7.28 is an estimated value — ABS certification required at delivery survey.

🌊

CII AER (Provisional)

7.55

⚠ Provisional

gCO₂/DWT.nm · 'A' target

CII Annual Efficiency RatioFormula: TtW CO₂(g) ÷ (DWT × Distance NM). = 7.55. Provisional — GT-specific reference line from ABS required for A/B/C/D/E rating. Vessel designed for 'A' through lifespan. Ref: MEPC.337(76).

🔥

TtW CO₂/Vessel/Yr

8,182

Fleet: 49,090 t

tCO₂/yr · used for CII AER

Tank-to-Wake CO₂Formula: HFO×3.114 + MGO×3.206. Per vessel: 8,181.72 tCO₂/yr. Fleet total: 49,090 tCO₂. Used for CII. Different from WtW CO₂eq (used for GFI).

🌐

WtW CO₂eq/Vessel/Yr

9,870

Fleet: 59,220 t

tCO₂eq/yr · used for GFI

Well-to-Wake CO₂eqIncludes upstream emissions. Formula: Fuel×LCV×GFI_factor÷1M. Per vessel: 9,869.99 tCO₂eq/yr. Numerator for GFI calculation. Higher than TtW due to upstream extraction/refining.

⛽

Annual Fuel/Vessel

2,624

Fleet: 15,741 MT

MT/yr (HFO 2,491 + MGO 132)

Annual Fuel ConsumptionHFO: 2,491.50 MT/yr (sea laden 1,831.5 + ballast 561 + port 99). MGO: 132 MT/yr. WAPS saving: 148 MT HFO/yr (0.75 MT/day × 198 laden days) already applied.

🌬️

WAPS HFO Saving

148

GFI Δ −0.002 g/MJ

MT/vessel/yr (conservative)

WAPS Rotor Sail SavingConservative: 0.75 MT/day × 198 laden days = 148 MT HFO/yr. Range: 99–396 MT (0.5–2.0 MT/day spec). CO₂ saved: 462 tCO₂/yr. GFI: only −0.002 g/MJ — immaterial for NZF compliance.

📦

CO₂ per MT Cargo

33.21

Target: 26.0

kgCO₂/MT · 2028 target

Cargo IntensityFormula: TtW CO₂ × 1000 ÷ BL Cargo. Current: 33.21 kgCO₂/MT. Target 26.0 by 2028 (−21.7%). Improvement via cargo consolidation + optimised routing (zero-CAPEX lever). Excludes ballast voyages.

💰

Total Budget

$2.79M

$86K spent (3.1%)

12 line items · NZF compliance

Compliance Programme BudgetApproved: USD 2,789,410. Spent Q1: $86,000 (3.1%). Largest: B24 biofuel premium CT-01 ($1.27M). Penalty reserve: $580K. B50 fuel system: $120K all 6.

⚡

Critical Actions Open

15 total · 14 open

Require immediate action

Critical Priority Actions6 Critical: B50 NB spec, BIMCO CII clause, ISCC+ suppliers, ABS EEDI file, MFM spec, First B24 biobunker. All must be resolved before first commercial voyage post-EIF.

🚨

High/Red Risks

Max score: 25/25

12 total · all Open

Risk Register7 Red risks (score ≥15), 5 Amber. Top risks score 25/25: WAPS GFI Misconception + 2040 Fossil Stranding. Score = Likelihood(1–5) × Severity(1–5).

🎯 GFI Compliance Trajectory TIER 2 NON-COMPLIANT

IMO NZF Annual Targets 2028–2040 · Attained GFI 91.57 vs targets · Fossil baseline + biofuel scenarios · MEPC.377(80)

NZF GFI Target Trajectory — Compliance Cliff Points

2028

Base 89.6
Dir 77.4
$81K/yr

2028 EIFB0: Tier 2. Penalty $80,634/vessel. B24 (73.22) → Surplus. Min blend for compliance: B7.

2029

Base 87.7
$158K/yr

2029B24 still Surplus (73.22 vs 75.6 Direct). B30 recommended for margin.

2030

Base 85.8
$236K/yr

2030B24 vs Direct 73.7 — very thin margin. Switch to B30.

2031⚠

CLIFF
Dir 69.0
$388K/yr

⚠ 2031 CLIFFB24 (73.22) FAILS Direct (69.0). B30 (68.62) passes with only 0.38 g/MJ margin. B50 mandatory. Cannot retrofit post-delivery.

2035

Base 65.3
$1.08M/yr

2035B24 AND B30 fail Base 65.3. Only B50 (53.3) zero-penalty. $1.08M/vessel without B50.

2040

Base 32.7
$2.41M/yr

2040Fossil economically terminal. 25-yr vessel life to 2050+. Green fuels mandatory.

$81K

2028

$158K

2029

$236K

2030

$388K

2031

$474K

2032

$564K

2033

$720K

2034

$1.08M

2035

Annual Tier 2 penalty per vessel (B0 fossil). Escalates $81K (2028) → $1.08M (2035). Cumulative fleet 2028–2035: ~$20M+. All avoidable with B24+ biobunker.

Annual Tier 2 Penalty per Vessel (fossil B0) — fully avoidable with B24+ biobunker

B24→Surplus. $80,634 avoidable. Bio-premium ~$510/MT less than annual penalty.

Year	Base Target	Direct Target	ZNZ	Deficit (B0)	Penalty/Vessel	Fleet (6×)	Min Blend	Status
2028	89.60	77.40	19.00	+1.97	$80,634	$483,804	B7+	❌ Tier 2
2029	87.70	75.60	19.00	+3.87	$158,457	$950,742	B10+	❌ Tier 2
2030	85.80	73.70	19.00	+5.77	$236,279	$1.42M	B10+	❌ Tier 2
2031⚠	82.10	69.00	19.00	+9.47	$387,829	$2.33M	B50	❌ CLIFF
2035	65.30	53.20	14.00	+26.27	$1,075,947	$6.46M	B50+	❌ Tier 2
2040	32.70	23.30	10.00	+58.87	$2,411,224	$14.5M	B100	❌ Terminal

🚢 Fleet Delivery Schedule 6 VESSELS

2 confirmed + 4 options · Delivery 2026–2032 · Each vessel enters NZF regime at delivery

HZ-CT-01

Delivery End 2026 · Ops 2027

NZF ExposureMarch 2028

Penalty (B0)$80,634

EEDI (WAPS)7.28 ✅

StatusFirst Delivery

HZ-CT-01Enters service before EIF. B24 biobunker protocol must be ready by March 2028. SEEMP III, IMO DCS, ABS EEDI certification all required before first commercial voyage post-EIF.

HZ-CT-02

Delivery 2027/8 · Ops 2028

NZF ExposureImmediate

Penalty (B0)$80,634

EEDI (WAPS)7.28 ✅

Status2nd Confirmed

HZ-CT-02Enters service 2028 — live NZF regime from Day 1. B24 biobunker required at first commercial voyage. No grace period.

HZ-CT-03

Delivery 2028/9 · Ops 2029

NZF TargetBase 87.70

Penalty (B0)$158,457

EEDI (WAPS)7.28 ✅

StatusOption 1

HZ-CT-032029 Base Target 87.70. B24 Surplus (73.22 vs Direct 75.60). Penalty escalating — B30 recommended from delivery.

HZ-CT-04

Delivery 2029/30 · Ops 2030

NZF TargetBase 85.80

Penalty (B0)$236,279

EEDI (WAPS)7.28 ✅

StatusOption 2

HZ-CT-042030 Base 85.80. B24 (73.22) vs Direct 73.70 — only 0.48 margin. B30 mandatory at delivery. One year from 2031 cliff.

HZ-CT-05

Delivery 2030/1 · Ops 2031

NZF TargetDir 69.0 ⚠

Penalty (B0)$387,829

EEDI (WAPS)7.28 ✅

StatusOption 3 — CLIFF

HZ-CT-05 — 2031 CLIFFEnters service at Direct Target cliff (69.0). B50 mandatory at delivery — B30 only 0.38 g/MJ buffer. B50 fuel system MUST be in NB contract.

HZ-CT-06

Delivery 2031/2 · Ops 2032

NZF TargetBase 80.0

Penalty (B0)$473,844

EEDI (WAPS)7.28 ✅

StatusOption 4

HZ-CT-06Enters service $473,844/yr Tier 2 on fossil. B50 mandatory at delivery. 3 years from 2035 Base (65.3). B100-capable design recommended.

⚡ Action Items 6 CRITICAL

15 total · 14 Open · 1 In Progress · Critical actions require immediate resolution before NB contract signing

ID	Scope	Workstream	Action	Priority	Status	Assignee	Due	Progress
ACT-001	All 6	Fuel System	INSERT B50 MINIMUM fuel system spec in NB contract — IMMEDIATE	Critical	Open	DPA / Jiangsu	2026-09-30	Cannot retrofit B50 post-delivery. Tank coating, seals, injectors must be B50-certified in NB contract. 2031 Direct Target (69.0) requires B50 — B30 margin too thin.
ACT-002	All 6	Charter Party	Insert BIMCO CII clause (2022) in ALL 6 charter parties	Critical	Open	Legal / Commercial	2026-12-31	Charterers control speed/routing (primary CII variables) but bear zero compliance cost without clause. Shipowner bears 100% Tier 2 liability. No CP without this clause.
ACT-003	All 6	Biofuel	Pre-qualify ISCC+ suppliers at SG, Port Klang, Map Ta Phut	Critical	Open	DPA / Commercial	2027-12-31	Uncertified bio = fossil GFI (91.6). Zero credit without ISCC+/RSPO BDN. Certification takes 3–6 months — start Q1 2027.
ACT-004	All 6	EEDI	Confirm ABS statutory EEDI Technical File — replace 'est.' 7.28	Critical	Open	ABS / DPA	2027-06-30	7.28 is spec estimate. ABS certification at delivery survey required for IAPP Certificate. Commission at keel-laying.
ACT-005	All 6	Fuel Metering	Specify Mass Flow Meters on ME+AE+boiler+incinerator in NB	Critical	Open	DPA / Jiangsu	2026-09-30	MFM mandatory: MPA Singapore BDN + IMO DCS Reg 22A. Volume-only measurement insufficient for NZF GFI. Must be in NB contract for all 6.
ACT-006	CT-01	SEEMP	Draft SEEMP Part III CII management plan — Flag State approval	High	Open	Master / DPA	2027-09-30	Mandatory before first voyage under MARPOL Annex VI Reg 26. Annual CII targets + corrective plan. Singapore Flag State approval required.
ACT-007	CT-01	NZF GFI	File WtW GFI simulation baseline with Flag State before delivery	High	Open	DPA	2027-12-31
ACT-008	All 6	IMO DCS	Implement IMO DCS data collection with MFM integration	High	In Progress	DPA / IT	2027-12-31	15% complete. Must integrate with all MFM consumers on all 6 vessels.
ACT-009	CT-01	Biofuel	First B24 ISCC+ biobunker at first voyage post-EIF (Mar 2028)	Critical	Open	Chief Engineer	2028-03-31
ACT-010	All 6	WAPS	Issue internal memo: WAPS ≠ GFI compliance lever	High	Open	DPA / Mgmt	2026-09-30
ACT-011	All 6	EU Compliance	Assess FuelEU + EU ETS triple-stack before any EU charter	Medium	Open	DPA / Comml	2026-12-31
ACT-012	All 6	B50 Transition	Plan B24→B30→B50 transition timeline 2028–2031	High	Open	DPA / Comml	2028-03-31
ACT-013	All 6	CII AER	Obtain CII reference line from ABS (chem tanker type + GT)	High	Open	ABS / DPA	2027-09-30
ACT-014	All 6	EEXI	Confirm EPL design in NB contract — EEXI at first survey	High	Open	Jiangsu / ABS	2027-06-30
ACT-015	All 6	Cargo Intensity	Cargo consolidation to reduce 33.21 → 26.0 kgCO₂/MT cargo	Medium	Open	Comml / Master	2028-12-31

🚨 Risk Register 7 RED RISKS

12 risks logged · Score = Likelihood(1–5) × Severity(1–5) · All Open · MEPC.377(80)

RSK-001: Highest Risk 25/25If management proceeds without biofuel believing WAPS covers NZF, fleet faces full Tier 2 from March 2028. DPA/Management briefing urgent.

RSK-003: 25/25B30 GFI 68.62 vs 69.0 Direct — 0.38 g/MJ. Measurement uncertainty can breach this. B50 MUST be in NB contract. Cannot retrofit cheaply post-delivery.

RSK-004: 20/25Only B50 (53.3) zero-penalty to 2035. $1,075,947/vessel without B50. With 25-yr life to 2050+, plan B100 for 2040+.

RSK-008: EU Triple-Stack3 simultaneous regimes: NZF ($80K+), FuelEU (EUR 2,400/tCO₂eq shortfall), EU ETS (market EUA price). Model all three before any EU fixture.

RSK-010: 25/25 — ExistentialGFI target 32.7 by 2040. Fossil economically terminal. Vessel capex amortises to 2050+. Must specify B100-capable fuel system in NB contract and model green fuel transition costs.

ID	Category	Risk Description	L	S	Score	RAG	Mitigation
RSK-001	WAPS GFI	WAPS ≠ GFI compliance. GFI Δ 0.002 g/MJ vs 1.97 deficit	5	5	25	Red	Mgmt briefing immediately
RSK-002	NZF Regulatory	All 6 vessels Tier 2 at delivery on fossil — $80,634/yr	5	4	20	Red	B24 at first voyage
RSK-003	2031 Cliff	B24 fails 2031 Direct (69.0). B30 only 0.38 g/MJ margin	5	5	25	Red	B50 in NB contract NOW
RSK-004	2035 Stranding	B24+B30 fail 2035 Base (65.3). $1.1M/vessel/yr penalty	4	5	20	Red	B50 mandatory fuel spec
RSK-005	Charter Party	No BIMCO CII clause — owner bears 100% CII liability	5	4	20	Red	Insert in all 6 CPs
RSK-006	Biofuel Cert	Uncertified bio = fossil GFI (91.6). Zero GFI credit	4	5	20	Red	Pre-qualify ISCC+ suppliers
RSK-007	EEDI Estimate	7.28 g/(t.nm) spec estimate — ABS cert may differ	3	4	12	Amber	ABS EEDI at keel-laying
RSK-008	EU Route	Any EU call triggers FuelEU + EU ETS + NZF triple-stack	3	5	15	Amber	EU impact assessment first
RSK-009	AE Metering	AE 740kW without MFM — MGO underreported, GFI understated	4	3	12	Amber	MFM in NB contract
RSK-010	2040 Stranding	GFI target 32.7 by 2040. Vessel life to 2050+. Fossil terminal.	5	5	25	Red	B100-capable design
RSK-011	Biofuel Market	ISCC+ UCOME supply shortage/price spike pre-2031	3	3	9	Amber	Lock 2–3yr supply by 2027
RSK-012	NZF Rates	Penalty rates subject to MEPC amendment — could increase	2	4	8	Amber	Stress-test at $500/tCO₂eq

🏁 Programme Milestones 14 RED — NOT STARTED

Pre-Contract → Construction → Pre-Delivery → Operations phases · All 14 milestones not yet started

MOST CRITICALCannot retrofit B50 post-delivery. Must be in NB contract before fabrication. Involves tank coating, seals, injectors. 2031 compliance depends on this.

Day-1 NZF ComplianceB24 ISCC+ loaded at first commercial voyage after March 2028 EIF. GFI drops 91.57 → 73.22 → Surplus immediately.

ID	Scope	Phase	Milestone	Planned Date	Days To	Status	RAG	Owner
MS-001	All 6	Pre-Contract	B50 fuel system spec in NB contract — all 6	2026-09-30	127	0%	Red	DPA / Legal
MS-002	All 6	Pre-Contract	BIMCO CII clause in all 6 charter parties	2026-12-31	219	0%	Red	Legal / Comml
MS-003	All 6	Pre-Contract	MFM spec in NB contract (ME/AE/boiler/incinerator)	2026-09-30	127	0%	Red	DPA / Jiangsu
MS-004	CT-01	Construction	ABS EEDI Technical File — certified value confirmed	2027-06-30	400	0%	Red	ABS / Jiangsu
MS-005	All 6	Construction	ISCC+ supplier pre-qualified at SG, PK, MTP	2027-12-31	584	0%	Red	DPA / Procurement
MS-006	CT-01	Pre-Delivery	SEEMP Part III approved — Singapore Flag State	2027-12-31	584	0%	Red	Master / DPA
MS-007	CT-01	Pre-Delivery	IMO DCS operational + verified all consumers	2027-12-31	584	0%	Red	DPA / IT
MS-008	CT-01	Delivery	IAPP Certificate + ABS CII rating at delivery survey	2027-12-31	584	0%	Red	ABS / Flag State
MS-009	CT-01	Operations	First B24 ISCC+ biobunker — NZF Surplus from Day 1	2028-03-31	675	0%	Red	Chief Engineer
MS-010	All 6	Operations	All 6 on B24 biobunker (Surplus 2028–2030)	2029-12-31	1,315	0%	Red	DPA
MS-011	All 6	Operations	B50 transition — all vessels 2031 Direct Target compliant	2030-12-31	1,680	0%	Red	DPA / Comml
MS-012	All 6	Operations	First annual IMO DCS submission filed on time	2029-04-30	1,070	0%	Red	DPA
MS-013	CT-02	Delivery	HZ-CT-02 delivery — immediate NZF exposure Day 1	2028-06-30	766	0%	Red	DPA / Ops
MS-014	All 6	Operations	Fleet 2028 NZF GFI compliance: all Surplus status	2029-06-30	1,131	0%	Red	DPA / Finance

💵 Budget Tracker $2.79M TOTAL

12 lines · $86K spent (3.1%) · $2.70M remaining · Q1–Q4 phasing

💰

Approved

$2.79M

✅

Spent Q1

$86K

3.1% burn

⏳

Remaining

$2.70M

🛡️

Penalty Reserve

$580K

2yr fleet Tier 2 buffer

ID	Scope	Category	Approved (USD)	Spent Q1	Remaining
BUD-001	All 6	B50 Fuel System Upgrade	$120,000	$0	$120,000
BUD-002	All 6	Mass Flow Meters (6×4 units)	$360,000	$0	$360,000
BUD-003	All 6	EEDI/EEXI ABS Certification	$90,000	$0	$90,000
BUD-004	All 6	NZF Compliance Advisory	$75,000	$25,000	$50,000
BUD-005	All 6	ISCC+ Supplier Qualification	$60,000	$0	$60,000
BUD-006	All 6	BIMCO CII Clause (6 CPs)	$36,000	$18,000	$18,000
BUD-007	All 6	SEEMP Part III Drafting	$24,000	$0	$24,000
BUD-008	All 6	IMO DCS Software Integration	$90,000	$15,000	$75,000
BUD-009	All 6	VSO / Weather Routing (3yr)	$54,000	$18,000	$36,000
BUD-010	All 6	NZF Penalty Reserve (2yr fleet)	$580,000	$0	$580,000
BUD-011	All 6	WAPS Ops Training	$30,000	$10,000	$20,000
BUD-012	CT-01	B24 Biofuel Premium (1st yr)	$1,270,410	$0	$1,270,410
TOTAL	—	—	$2,789,410	$86,000	$2,703,410

🌿 Biofuel GFI Compliance Matrix B50 MANDATORY DESIGN

Blend GFI = (Bio% × 15.0) + (Fossil% × 91.6) · ISCC+/RSPO BDN required for all bio credits · MEPC.391(81)

🔴 2031 CLIFF: B24 GFI (73.22) FAILS 2031 Direct Target (69.0) by 4.22 g/MJ. B30 (68.62) passes with only 0.38 g/MJ margin — insufficient. B50 fuel system must be in NB contract for all 6 vessels before fabrication starts.

Full fossil fleet default. Penalty escalates $81K → $2.4M/vessel by 2040. Penalty avoidance ROI from B24 is immediate.

B24 — SG StandardSurplus 2028–2030. FAILS 2031 Direct (69.0) by 4.22 g/MJ. Switch to B30 by end 2030, B50 by 2031. ISCC+ BDN required.

B30 — Marginal at 2031GFI 68.62 passes Direct (69.0) by only 0.38 g/MJ. Measurement uncertainty can breach this. Not safe as sole strategy — B50 is the engineered solution.

Blend	Bio%	GFI	2028 Base 89.6	2028 Direct 77.4	2030 Base 85.8	2031 Dir 69.0⚠	2035 Base 65.3	2040 Base 32.7
B0 (fossil)	0%	91.60	❌ Tier 2	❌ Tier 2	❌ Tier 2	❌ Tier 2	❌ Tier 2	❌ Tier 2
B10	10%	83.94	⚠ Tier 1	⚠ Tier 1	❌ Tier 2	❌ Tier 2	❌ Tier 2	❌ Tier 2
B20	20%	76.28	✅ Surplus	✅ Surplus	⚠ Tier 1	❌ Tier 2	❌ Tier 2	❌ Tier 2
B24 (SG std)	24%	73.22	✅ Surplus	✅ Surplus	✅ Surplus	❌ FAILS⚠	❌ Fails	❌ Fails
B30	30%	68.62	✅ Surplus	✅ Surplus	✅ Surplus	⚠ 0.38 margin	❌ Fails	❌ Fails
⭐ B50 (NB MANDATE)	50%	53.30	✅ Surplus	✅ Surplus	✅ Surplus	✅ Surplus	⚠ Tier 1	❌ 2040
B100 (ZNZ)	100%	15.00	✅ ZNZ	✅ ZNZ	✅ ZNZ	✅ ZNZ	✅ ZNZ	✅ Surplus

❌ Tier 2 = $380/tCO₂eq penalty ⚠ Tier 1 = $100/tCO₂eq penalty ✅ Surplus = no penalty + bankable units ✅ ZNZ = +$175/tCO₂eq reward

🧠 Compliance Strategy Score 4.42 / 5.00

Weighted hypothesis scoring · 10 criteria · Ref: 05_HYPOTHESIS_SCORE

Weighted Total Score

4.42/5.00

High Confidence Strategy

B50 NB + B24 Day-1 + BIMCO CII + ISCC+ BDN

B50 fuel spec → eliminates 2031 cliff Wt:18%

0.90

Highest criterion. B50 (53.3) eliminates 2031 cliff risk (B30 margin 0.38 g/MJ). Score 5/5. Evidence: 2031 Direct 69.0 — B50 +15.7 g/MJ surplus.

B24 + BIMCO CII = optimal 2028 stack Wt:15%

0.75

B24 (73.22) eliminates $80,634/yr Tier 2 from Day 1 EIF. Bio-premium < penalty per vessel. Score 5/5.

WAPS = CII/cost benefit, NOT GFI fix Wt:12%

0.60

GFI delta only 0.002 g/MJ from WAPS. Real benefits: CII AER improvement + 148 MT HFO/yr fuel saving. Complementary to biofuel, not substitute.

22.4% EEDI margin = CII 'A' headroom Wt:12%

0.48

EEDI 7.28 vs Phase 3 req 9.385. 22.4% below. Strong CII structural baseline for 25-yr life. Score 4/5 (estimated, not yet ABS certified).

ISCC+ BDN prerequisite — zero credit otherwise Wt:12%

0.60

Without ISCC+/RSPO BDN, ALL biofuel = fossil 91.6 g/MJ in IMO DCS. Zero GFI credit. Non-negotiable prerequisite. Score 5/5.

B50 early → NZF Surplus Units bankable Wt:8%

0.32

$580K penalty reserve = 1.2yr coverage Wt:8%

0.24

Fleet scale → bulk biofuel negotiation leverage Wt:8%

0.32

EU route pre-assessment prevents triple-stack surprise Wt:4%

0.12

Speed + cargo optimisation: 33.21 → 26.0 kgCO₂/MT Wt:3%

0.09

📊 MRV Parameters 15 INDICATORS

Monitoring, Reporting & Verification · MEPC.391(81) / MEPC.337(76) / MARPOL Annex VI

Primary NZF indicator. WtW CO₂eq(g)÷Energy(MJ). Current 91.57 → Tier 2. B24 → 73.22 → Surplus. MEPC.391(81).

CII AER — ProvisionalGT-specific reference line from ABS needed for A/B/C/D/E rating. Chemical tanker type + GT required. MEPC.337(76).

EEDI — Estimated7.28 is spec estimate. ABS statutory file required at delivery survey for IAPP Certificate. Commission at keel-laying.

CRITICAL: 0% biofuel.Target 24% by 2028. Requires ISCC+/RSPO BDN every bunkering. Without cert = zero GFI credit regardless of bio content.

MRV-013: Penalty.MAX(GFI-Base,0)×Energy/1M×$380. Fleet: $483,804/yr avoidable. MEPC.377(80).

ID	Indicator	Category	Level	Unit	Baseline	Target	Yr	Source	Freq	Status
MRV-001	WtW Attained GFI	NZF GFI	Impact	gCO₂eq/MJ	91.57	89.60	2028	IMO DCS+BDNs	Annual	Active
MRV-002	TtW CO₂ Annual	Emissions	Outcome	tCO₂	8,181.72	7,200	2028	BDN+ROB	Annual	Active
MRV-003	WtW CO₂eq Annual	Emissions	Impact	tCO₂eq	9,869.99	8,500	2028	IMO DCS	Annual	Active
MRV-004	CII Attained (AER)	CII	Outcome	gCO₂/DWT.nm	7.55	TBD	2027	DCS+ABS	Annual	Active ⚠
MRV-005	CII Annual Rating	CII	Impact	A/B/C/D/E	A	A	2027	ABS Statement	Annual	Active
MRV-006	Total HFO Consumption	Fuel	Output	MT	2,491.50	2,200	2028	BDN+ROB	Monthly	Active
MRV-007	Total MGO Consumption	Fuel	Output	MT	132.00	110	2028	BDN+ROB	Monthly	Active
MRV-008	EEDI Attained (WAPS)	EEDI	Impact	g/(t.nm)	7.28	≤9.385	2026	ABS File	One-time	Pending ⚠
MRV-009	EEXI Status	EEXI	Outcome	Pass/Fail	N/A (NB)	Pass	2027	EEXI File	One-time	Pending
MRV-010	CO₂ per MT Cargo	Intensity	Outcome	kgCO₂/MT	33.21	26.0	2028	Cargo manifest	Per voyage	Active
MRV-011	Biofuel Blend %	Fuel Quality	Output	%	0%	24%	2028	ISCC+ BDN	Per bunkering	Not Started
MRV-012	WAPS Fuel Saving	WAPS	Output	MT HFO/day	0	0.75	2027	WAPS log	Per voyage	Active
MRV-013	NZF Penalty Exposure	Finance	Outcome	USD	$80,634	$0	2028	Penalty model	Annual	Active
MRV-014	IMO DCS Submission	Compliance	Output	Y/N	N/A	On time	2028	IMO DCS	Annual	Pending
MRV-015	SEEMP Part III	Compliance	Output	Approved Y/N	N/A	Approved	2027	Flag State	Annual	Not Started

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📖 KPI Definitions & Compliance Threshold Rules

WtW Attained GFI (gCO₂eq/MJ)Formula: WtW CO₂eq(g) ÷ Total Energy(MJ). Threshold: ≤89.60 (2028 Base) → no penalty. >89.60 → Tier 2 ($380/tCO₂eq). ≤77.40 → Tier 1 ($100). ≤19.00 → ZNZ reward ($175). Ref: MEPC.391(81).

TtW CO₂ (tCO₂/yr)Tank-to-Wake only. Formula: HFO×3.114 + MGO×3.206. Used for CII AER. Different from WtW CO₂eq. Source: IMO 4th GHG Study / MARPOL Annex VI.

WtW CO₂eq (tCO₂eq/yr)Well-to-Wake includes upstream. Formula: Fuel×LCV×GFI_factor÷1,000,000. HFO: 41 MJ/kg × 91.6. MGO: 42.7 MJ/kg × 91.0. Source: MEPC.391(81).

CII AER (gCO₂/DWT.nm)Annual Efficiency Ratio. Formula: TtW CO₂(g) ÷ (DWT × NM). Rating A–E vs type-specific reference line. D/E triggers mandatory SEEMP III corrective plan. Ref: MEPC.337(76).

EEDI (g/t.nm)Phase 3 mandatory ≥20% below reference line. Attained 7.28 (WAPS) = 22.4% superior. NOTE: estimated value — ABS certification required at delivery survey. Ref: MEPC.328(76).

Biofuel Blend GFIEnergy-weighted: (Bio% × GFI_bio) + (Fossil% × 91.6). ISCC+ certified UCOME GFI = 15.0. Uncertified = 91.6 (fossil treatment). Source: MEPC.391(81).

NZF Tier PenaltiesTier 2: $380/tCO₂eq × MAX(GFI−Base, 0) × Energy_MJ/1M. Tier 1: $100/tCO₂eq. ZNZ Reward: +$175/tCO₂eq when GFI ≤ ZNZ threshold. Subject to MEPC amendment before EIF. Ref: MEPC.377(80).

WAPS GFI ImpactWAPS saves 148 MT HFO/yr (0.75 MT/day × 198 laden days). GFI improvement: −0.002 g/MJ — immaterial vs 1.97 g/MJ deficit. GFI is a ratio: WAPS reduces numerator and denominator proportionally. Not a NZF compliance lever.

Risk ScoreLikelihood (1–5) × Severity (1–5). Red ≥15. Amber 8–14. Green ≤7. Max score: 25. RSK-001 (WAPS GFI misconception) and RSK-010 (2040 fossil stranding) both score 25/25.

Regulatory ReferencesMEPC.377(80): NZF. MEPC.391(81): LCA 2024. MEPC.337(76): CII lines. MEPC.338(76): CII reduction. MEPC.328(76): EEDI Ph3. MARPOL Annex VI Reg 22A: IMO DCS. EIF: March 2028. BIMCO CII Clause 2022.