• 2019 June 18 13:02

    Major shipping banks to launch the Poseidon Principles in line with IMO’s Greenhouse Gas strategy

     

    Eleven major shipping banks, supported by a number of industry strategic partners including Lloyd’s Register (LR), will launch the Poseidon Principles – a pioneering set of principles that will integrate climate considerations into lending decisions in line with IMO’s Greenhouse Gas (GHG) strategy.

    Poseidon Principles will give owners and operators more opportunity and freedom to explore different technologies and projects to decarbonise, knowing there will be financial incentives to support their success. As a global framework, the Principles will establish a common baseline to quantitatively assess and disclose whether financial institutions’ lending portfolios are in line with adopted climate goals.

    The 11 founding signatories represent a bank loan portfolio of approximately $100 bn and around 20% of global ship finance.

    The Principles, which will promote responsible environmental stewardship and socially responsible behaviour throughout the maritime value chain, have been established in collaboration with leading industry players including A.P.Møller Mærsk, Cargill, Euronav and Lloyd’s Register – the only classification society to have worked on the framework. They have been developed with support from the Global Maritime Forum (GMF), Rocky Mountain Institute and University College London Energy Institute.

    The Poseidon Principles are applicable to lenders, relevant lessors, and financial guarantors including export credit agencies and will be implemented in internal policies, procedures and standards and applied in all credit products secured by vessels that fall under the purview of the IMO. They will also aim to support other initiatives developed to address climate, environment, and social risks, such as the Principles for Responsible Banking, Energy Transitions Commission, and the Task Force of Climate-Related Financial Disclosures.

    Founding Signatories include Citi, Société Générale, DNB, ABN Amro, Credit Agricole CIB, Danish Ship Finance, Danske Bank, DVB, ING and Nordea.

    To meet the IMO’s initial GHG 2050 strategy, which prescribes that the maritime industry must reduce the total annual GHG emissions by at least 50% of 2008 levels by 2050, zero-emission vessels (ZEVs) need to be in place by 2030. In January 2019, LR, a strategic partner of the Global Maritime Forum, launched its ‘Zero-Emission Vessels Transition Pathways’ study which outlines what is needed to enable the transition, both at the ship and supply infrastructure level.

    Accompanied by previous LR and UMAS studies, including Low Carbon Pathways 2050 (in conjunction with Shipping in Changing Climates) and Zero-Emission Vessels 2030, LR is uniquely positioned to provide expertise to the Signatories of the Poseidon Principles, ensuring that lending decisions protect and help those who are planning to finance, design or build a ship in the 2020s and who will need to consider how their ships can switch to non-fossil fuel later in its operational life.

    Alastair Marsh, Lloyd’s Register CEO, said: “Zero-emission vessels must enter the fleet by 2030 at the latest if the maritime industry is to successfully meet the IMO ambitions of at least 50% reduction in greenhouse gases by 2050. The 2020s will be a critical decade for not only piloting and prototyping new fuel types and energy sources but also building future fuel supply chains. The introduction of the Poseidon Principles demonstrates that ship finance is determined to support shipping’s decarbonisation challenge across the maritime value chain and also support other factors such as the energy transition. As a strategic member of the GMF, Lloyd’s Register is committed to working with all the Poseidon Principles partners to support the evolution of this landmark initiative.”

    Michael Parker, Global Industry Head of Shipping & Logistics at Citi and Chair of the Poseidon Principles drafting committee, said: “As banks, we recognise that our role in the shipping industry enables us to promote responsible environmental stewardship throughout the global maritime value chain. The Poseidon Principles will not only serve our institutions to improve decision making at a strategic level but will also shape a better future for the shipping industry and our society.”

    Søren Toft, Chief Operating Officer and Executive Vice President of A.P. Møller-Mærsk, said: “Shipping’s decarbonisation will require unparalleled innovation. A modern ship is a highly capital-intensive asset with a typical life span of 25-30 years. To deliver on ambitious climate targets, zero-emission vessels will need to enter the fleet by 2030. This leaves us only ten years to develop the new marine fuels, propulsion technologies and infrastructures that will be required. The Poseidon Principles will help us catalyse this transition.”




2019 October 23

18:36 GTMaritime protects onboard cyber security in record numbers
18:02 Tokyo MOU accepted Panama as the 21st member authority
17:35 Rosmorrechflot suggests providing subsidies and privileges to ship owners using LNG
17:02 Teekay and Teekay LNG announce resolution to China LNG joint venture issues
16:52 Damen signs contract with Karachi Shipyard & Engineering Works for third ASD Tug 2009
16:43 Side event on Women in Fisheries held at Torremolinos Ministerial Conference
16:21 Average wholesale prices for М-100 HFO down to RUB 11,770 in RF spot market
16:02 Carnival Corporation, Royal Caribbean and Government of St. Lucia sign MoU
15:37 Yxney Maritime and Grieg Connect team up with the NOx Fund to build digital emissions infrastructure
15:02 Qatar Petroleum announces commencement of supply of Very Low Sulphur Fuel Oil at Ras Laffan Industrial City Port
14:56 Ships of RF Navy’s Caspian Flotilla participated in strategic command post exercise
14:14 Port of Zeebrugge posts results for Q3 2019
13:13 Abu Dhabi Ports breaks ground on new waterfront destination
12:40 Association of Legal Entities of “Trans-Caspian International Transport Route” project held General Meeting in Tbilisi
12:12 Aker Solutions targets growth in low carbon and renewable energy
11:48 Yaroslavsky Shipbuilding Plant delivered survey ship of Project 3330 built for Volga Basin
11:26 Technological infrastructure of Vostochny Port's Phase 3 highly appraised by Indian delegation
11:04 Mitsui E&S Shipbuilding deliveres a 66,000 dwt type bulk carrier to Tomaros Navigation, Liberia
10:32 ASCO held meeting with representatives of Australian and Chinese companies
10:09 The world’s largest offshore wind farm welcomes Jan De Nul’s Voltaire to the project
09:50 Russian Maritime Register of Shipping introduced a new edition of the Container Rules set
09:31 Baltic Dry Index is down to 1,806 points
09:15 Brent Crude futures price is down 0.49% to $59.41, Light Sweet Crude – down 0.83% to $54.03
09:08 CMA CGM implements Winter Surcharge on imports into St Petersburg, Ust-Luga & Bronka (Russia)
08:53 MABUX: Bunker market this morning, Oct 23
08:42 Europort 2019 launch led by shipowner summit

2019 October 22

18:09 Alfa Laval Aalborg boiler technology offers an easier path to LNG propulsion
17:53 NOVATEK issues update on Arc7 LNG tankers
17:30 Yxney Maritime and Grieg Connect team up with the NOx Fund to build digital emissions infrastructure
17:02 Total and Zhejiang Energy Group join forces to develop the growing low sulfur marine fuel market
16:48 North-Western Shipping Company carried 3.7 million tonnes of cargo in 9M’2019
16:25 Wärtsilä retrofit to reduce environmental impact of ferry operating in ecologically sensitive waters
16:02 McDermott International enters into agreement for up to $1.7 bln of new financing
15:41 Latest Damen FCS 3307 Patrol vessels for Homeland Integrated Offshore Services Limited arrive in Nigeria
15:27 Victor Chernomyrdin icebreaker successfully completed sea trials
15:02 Deltamarin signs design contracts with Merima
14:44 Pella shipyard started mooring trials for lead crab catching vessel of Project 03070
14:10 CMA CGM announces FAK rates from Asia to the Middle East Gulf
13:49 Patrol ship of RF Navy’s Black Sea Fleet left Greek port of Pylos
13:02 A.P. Møller - Mærsk A/S upgrades EBITDA expectation for 2019
12:50 Marine Recruiting Agency trained 1,344 specialists for port and construction segments in 9M’19, up 14% YoY
12:28 DP World reports 1.1% gross like-for-like volume growth in 3Q 2019
12:26 ESPO congratulates port of Barcelona, Vigo and Baku for getting EcoPorts’ environmental management standard
12:01 Cook Islands, Sao Tome and Principe accede to Cape Town Agreement, 46 declare support
11:45 MPSV12 project vessel "Bahtemir" took part in emergency response exercises in the Gulf of Finland
11:22 3rd “LNG Fleet and LNG Bunkering in Russia” conference kicks off in Moscow
11:13 Bio-based welding-gas production facility to open in the port of Amsterdam
10:44 CMA CGM announces PSS for cargo from Europe and the Mediterranean to Australia and New Zealand
10:20 BLRT Grupp’s Noblessner Homeport project wins in “Best Development Project of 2019” nomination
09:56 Poland's first training centre for port staff opened at the Port of Gdansk
09:33 Brent Crude futures price is down 0.22% to $58.83, Light Sweet Crude – fell by 0.26% to $53.37
09:18 Baltic Dry Index is down to 1,846 points
08:31 MABUX: Bunker Market this morning, Oct 22

2019 October 21

18:25 Navios Acquisition announces $15 mln offering of common stock
18:02 Temasek subsidiary plans to acquire 30.55% of shares in Keppel
17:50 Two LNG-powered Sovcomflot tankers successfully completed voyages along Northern Sea Route
17:36 Anglo-Eastern signs Cyber MOU with Naval Dome
17:13 Guard ship "Yaroslav Mudry" of RF Navy’s Baltic Fleet made business call in Limassol
17:05 Blockchain and DNA-based marine fuels tracking solution BunkerTrace goes live
17:02 Castor Maritime announces vessel acquisition