• 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 November 12

13:09 The Port of Gdansk connects Poland and Singapore
13:06 Bunker prices go down at the Far East ports of Russia (graph)
12:43 NMDC to complete fleet-wide conversion to Thordon seawater lubricated composite cutter shaft bearings
12:28 Admiral Makarov SUMIS confirmed unique competence in dynamic positioning operators training
11:44 RINA works with the National Technical University of Athens to support the future Young Engineers in Greece
11:19 IMO launches online tool to smooth reporting formalities
10:47 Montreal, Canada to host 16th Arctic Shipping Summit on 11-12 March 2020
10:25 Number of new watercraft registrations increasing in Finland
10:23 MABUX: Bunker market this morning, Nov 12
10:01 Hydrographic surveys in the Vuoksi river system to ensure safe navigation
09:42 Fleet Xpress agreement marks new stage in Bourbon digitalisation strategy for offshore
09:32 Brent Crude futures price is up 0.11% to $62.26, Light Sweet Crude – up 0.11% to $56.92
09:16 Baltic Dry Index is down to 1,345 points

2019 November 11

18:33 Alfa Laval opens new global Innovation & Test center outside Copenhagen
18:03 ABS issues industry-leading guide for firefighting for cargo areas of container carriers
17:54 Yantar shipyard launches lead rescue ship of Project 23700 named Voyevoda
17:48 Massterly and the future of autonomous shipping
17:25 Throughput of Russian seaports in 10M’19 grew by 3.2% to 701.48 million tonnes
17:03 Wärtsilä and PSA Marine achieve breakthrough in IntelliTug project
16:44 University of Rochester create a metallic structure that won't sink
16:39 Petersburg Oil Terminal transshipped 5.9 million tonnes of oil products in 9M’19, up 3.5% YoY
16:27 Throughput of port Riga (Latvia) in 10M’2019 fell by 8.7% Y-o-Y to 27.3 million tonnes
16:15 LuminUltra warns of increased microbial influenced corrosion with IMO 2020 compliant fuels
16:08 USCG responds to aground Panamian-flagged cargo vessel north of Fishers Island
15:50 Average wholesale prices for М-100 HFO down to RUB 8,504 in RF spot market
15:37 Damen secures repeat order from B.C. Ferry Services
15:32 Wärtsilä’s single-source capability key to new vessels order
15:29 DP World’s JV wins concession for Berths No 11-12 of Port 2000 in Le Havre
15:02 LUKOIL reports preliminary operating data for Q3 and 9M of 2019
14:33 Rail terminal at Kiel’s Schwedenkai will get an additional track
14:19 APEM wins Enterprize Energy offshore wind farm contract
13:42 MCB Group enters the market of insurance expertise
13:21 Fleet Xpress agreement marks new stage in Bourbon digitalisation strategy for offshore
13:00 Bremenports launches campaign in the port Hinterland
12:35 IAPH tools assist safe bunkering of clean marine fuels
12:09 Van Oord announces new Executive Governance structure
11:48 Port of Barcelona promoted in Tokyo
11:26 Primorsk Marine Grain Terminal to be put into operation in 2024
11:09 Port of Oakland export volume jumped 10.8 percent in October 2019
10:50 Missile cruiser Marshal Ustinov of RF Navy’s Northern Fleet calls port of Malabo
10:09 Hapag-Lloyd to implement GRI for Trans-Pacific trade eastbound
09:54 Port of Southampton to host MSC Grandiosa UK launch
09:47 MABUX: Bunker market this morning, Nov 11
09:42 Brent Crude futures price is down 0.88% to $61.96, Light Sweet Crude – down 0.82% to $56.77
09:25 Baltic Dry Index is down to 1,378 points
09:10 Port of Long Beach posts container volume of 688,425 TEUs in October 2019

2019 November 10

16:51 Vard Marine contracted to provide design package for two SeaFloat power barges
14:41 IMO: Skilled, ambitious and increasingly visible – maritime women profiled
13:37 ABS achieves new international safety standard
12:42 USCG responds to oil discharge in Honolulu
11:38 CMA CGM announces general rate restoration for Pakistan to Kenya and Tanzania trade
10:59 CSBC-DEME Wind Engineering (CDWE) signs contracts for the Zhong Neng offshore wind farm in Taiwan

2019 November 9

15:23 GE Renewable Energy signs agreement with China Huaneng Group to build 715 MW wind farm in Henan province
14:03 HII authenticates keel of guided missile destroyer Jack H. Lucas (DDG 125)
12:57 BC Ferries adds 28 sailings for remembrance day weekend
11:53 Fincantieri reports 9.7% growth in revenues in Jan-Oct and total backlog above EUR 32bn with ships to be delivered up to 2027
10:31 First ever LNG bunkering at the Port of Nagoya, Japan

2019 November 8

18:26 CMA CGM announces FAK rates from West Med, Adriatic, Black Sea and East Med to Far East, Middle East Gulf and Red Sea
18:09 The Port of Barcelona organizes the Smart Ports - Piers of the Future
17:50 Bunker prices are flat at the port of Saint-Petersburg, Russia (graph)