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Fleet Optimization and Innovation Headlines of the Week June 19, 2019

Aligning finance and environment. . .  Headlines of the Week- June 19, 2019          View this email in your browser

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Poseidon meets ship finance

Today was the announcement of the “Poseidon Principles” involving 11 major shipping banks, representing a bank loan portfolio to global shipping of approximately $100 billion that will, for the first time, integrate climate considerations into lending decisions to incentivize maritime shipping’s decarbonization. These Poseidon Principles are a global framework for assessing and disclosing the climate alignment of financial institutions’ shipping portfolios.

This is welcome news for ship owners as well as solution providers as capital is lean in shipping.  18 months ago, I asked a ship finance banker if they would consider financing climate mitigation equipment.  He said “No we won’t.  You can arrest ships [in a default] but you can’t arrest equipment.”

“As banks, we recognize 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”, says Michael Parker, Global Industry Head of Shipping & Logistics at Citi and Chair of the Poseidon Principles drafting committee.
Kristin Holt of DNB
The Poseidon Principles are consistent with the policies and ambitions of the Initial GHG Strategy adopted in April 2018 by member states of the International Maritime Organization (IMO), a specialized agency of the United Nations responsible for regulating shipping. The strategy prescribes that GHG emissions from international shipping must peak as soon as possible and that the industry must reduce the total annual GHG emissions by at least 50% of 2008 levels by 2050, with a strong emphasis on zero emissions.

The Poseidon Principles establish a common baseline to quantitatively assess and disclose whether financial institutions’ lending portfolios are in line with adopted climate goals. In this way, they also serve as an important tool to manage critical investment risks.

Founding Signatories include Citi, Societe Generale, DNB, ABN Amro, Amsterdam Trade Bank, Credit Agricole CIB, Danish Ship Finance, Danske Bank, DVB, ING and Nordea, and represent around 20% of the global ship finance portfolio. Additional banks are expected to join in the near future, including Asian banks.

This is a tremendous step forward for shipping to reach its climate goals!

Keep optimizing,


     Carleen Lyden Walker
     Chief Evolution Officer
IMO Maritime Ambassador
+1 203 255 4686 (o)
+1 203 260 0480 (m)
News of the Week
June 19, 2019 
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Blockchain Applied to Electronic Logbook

2019-06-13 – The classification society RINA has released a tamper-proof version of its electronic logbook, a first of its kind to employ blockchain technology to provide a secure, traceable record of ship data. . . READ MORE


Japan, E.U. and U.S. to Cooperate on Hydrogen and Fuel Cells

2019-06-15 – The classification society RINA has released a tamper-proof version of its electronic logbook, a first of its kind to employ blockchain technology to provide a secure, traceable record of ship data. . . READ MORE

Methanol Easier to Handle Than LNG

2019-06-17 – Leading figures from the Greek shipping market gathered in Athens, Greece, for the third in a series of global seminars on the potential of methanol as a marine fuel. . . READ MORE

Empowering Women

2019’s Top 10 Women To Watch In Shipping

2019-06-11 – Last week, YoungShip officially announced the 10 Women to Watch 2019 with a formal ceremony at Norshipping. YoungShip believes that for the industry to remain competitive, the shipping industry of the future must have access to a diverse talent pool, with the brightest of all backgrounds. . . READ MORE


Study indicates scrubber wash water has little impact in ports

2019-06-14 – The Clean Shipping Alliance (CSA) 2020 says that the preliminary results of an independent study indicate that accumulated concentrations of residues from exhaust gas scrubber wash water are at very low levels and well below applicable regulatory limits. . . READ MORE


600,000 containers set to be online soon

2019-06-18 – Container shipping has reached a point of no return in terms of connectivity with analysts at Sea-Intelligence suggesting the majority of carriers will have installed the necessary hardware to take their boxes online by 2025. . . READ MORE

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