All-in per-GJ cost of delivered fuel energy, including bunker and EU ETS overlay.
Formula
$$ \text{Cost/GJ} = \frac{P_\text{bunker}}{\text{LCV}} + \frac{C_f \cdot P_\text{EUA} \cdot f_\text{ETS}}{\text{LCV}} $$
Symbol legend
| Symbol | Meaning | Unit | Source |
|---|---|---|---|
| $P_\text{bunker}$ | Bunker price | USD / t | bunker index |
| $\text{LCV}$ | Lower calorific value | MJ / kg (= GJ / t) | MEPC.364(79) / ISO 8217 |
| $C_f$ | Fuel-to-CO₂ factor | t CO₂ / t fuel | MEPC.364(79) |
| $P_\text{EUA}$ | EUA spot price | USD / t CO₂ | EEX spot |
| $f_\text{ETS}$ | Scope × phase-in fraction | - | 50/100 % × 40/70/100 % |
For the FuelEU penalty overlay (€2,400 per VLSFO-equivalent tonne short of target), pair with the FuelEU Penalty calculator - adds another line to the per-GJ cost for fuels with high WtW intensity.
Sources
- IMO MEPC.364(79) - Cf conversion factors.
- ICCT - Alternative fuel pathways for shipping.