• 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.”




2020 December 3

18:31 ABS, Hyundai Heavy Industries Group and the Marshall Islands Registry JDP creates coating needing just one application
18:11 Lotos shipyard lays down two more dredgers of Project 93.159
18:03 Torqeedo powers Thailands first electric passenger ferry fleet
17:28 Krasnoye Sormovo shipyard delivers dry cargo carrier Alfa Mercury
17:06 Wärtsilä signs 5-year agreement with LMM for the main engines for two VLGCs
17:02 Bunker Weekly Outlook, Dec 03, 2020
16:50 The 1st Hackathon dedicated to innovation in the port sector in Morocco launches from December 18 to January 29
16:37 Timber and forestry products account for 24% of Riga port’s total turnover
16:05 Cargotec’s Board of Directors has decided to initiate a sales process for Navis software business
15:59 Rosatom to establish Marine Operations Headquarters for NSR
15:34 Port of Antwerp tightens regulations regarding byloads inside second-hand vehicles
15:22 Operation of unmanned navigation test basin on Neva river to continue next season
15:04 Maersk Tankers adds four Xihe-owned tankers to its pools
14:24 Equinor and SINTEF enter into a strategic collaboration agreement
14:02 Investment reaps rewards for Pilbara’s ports
13:40 Bunker market sees mixed price movements in the Far East ports of Russia (graph)
13:02 Trafigura becomes a major investor in green hydrogen with H2 Energy
12:34 RF Government drafted decree on providing state support to construction of large-capacity ships
12:01 Busiest month for Port of King’s Lynn in five years
11:55 The study by HTC identifies almost 30 measures that can lead to a reduction in CO2 emissions in the Port of Hamburg
11:29 AS Tallink Grupp published its tatistics for November 2020
11:00 BW LPG enters into agreements to sell two vessels
10:35 Ships of RF Navy's Pacific Fleet completed their visit to Sri Lanka
10:10 Rosmorport takes delivery of self-propelled hopper barge Morskaya
10:02 Soren Toft arrives at MSC as Chief Executive Officer
09:48 MABUX: Bunker market this morning, Dec.03
09:29 Oil prices are slightly down
09:16 Baltic Dry Index as of December 2

2020 December 2

18:37 Rolls-Royce acquires leading supplier of ship control systems Servowatch
18:05 Aker and MAN sign agreement to develop energy-efficient compression solutions for carbon capture and storage applications with heat recovery
17:53 Cargo traffic within Azov-Don Basin of Russia’s IWWs grew by 7% in 11M’20
17:20 Fincantieri finalizes new generation of thrusters
17:15 Hapag-Lloyd announces rates from East Asia (incl. Japan) to North Europe and Mediterranean
16:56 ESPO welcomes European Parliament’s own-initiative report on revision of TEN-T guidelines
16:35 ECSA applauds UN resolution on seafarers as key workers and supports IMO call for priority vaccination
16:20 RF Navy’s corvette "Boyky" passes the Baltic straits
16:04 Floating wind power to grow 2000-fold by 2050 but more comprehensive standards and risk management required - DNV GL
15:39 FESCO и DB Сargo send first container train from Europe to China through Brest and Vladivostok
15:27 Port of Helsinki to multiply the amount of solar energy it generates
15:14 Wärtsilä selects Shell as test oil partner for factory testing
14:53 ABS publishes industry-leading Guide for Sustainability
14:50 Two Vityaz cranes manufactured by SMM delivered to Commercial Port of Vladivostok by NSR
14:26 SG-STAR Fund taskforce develops CrewSafe audit programme and attracts more global partners
14:02 Bunker sales at Vladivostok port in 11M’2020 fell by 44% YoY
13:40 Dredging in the Gulf of Ob completed
13:25 Repair barge of RF Navy’s Baltic Fleet left Mediterranean Sea
13:10 ICS welcomes UN resolution on key worker status for seafarers
12:49 Finnlines announces bunker surcharge for Malmö-Travemünde-Malmö
12:31 Rosmorport released about 2.5 million of juvenile fish in October and November
12:10 GTT entrusted by DSME with the tank design of six ARC7 ice-breaking LNG carriers
11:48 Navigation season finished in Pevek port
11:24 Construction of terminal for exports of oil products from Temruk port obtains state expert approval
11:05 Austal completes acquisition of BSE Maritime Solutions
10:56 Bunker prices rise at the Port of Saint-Petersburg, Russia (graph)
10:37 PETRONAS to deploy low carbon solutuions in line with its Net Zero Carbon Emissions 2050 aspiration
10:24 Tallink suspends operation of Victoria I on two routes from 1 January 2021
10:00 Russian Maritime Register of Shipping issues Guidelines on Cyber Safety
09:42 Oil prices decrease in response to US reserves data
09:25 MABUX: Bunker market this morning, Dec. 2
09:13 Baltic Dry Index as of December 1