Shipping is set to be included in the European Union emissions trading system (ETS) and carbon prices are on the rise. Traders are getting ready, brokers are setting up and shipowners need to wise up.

Carbon hit a record price of just over €45 ($54) per tonne in Europe in April, but prices for credits vary wildly around the world.

The ETS is built on a decarbonising mechanism that lifts the carbon price partly by restricting the number of allowances (EUAs) that industries can buy.