According to Financial Times, leading banks are taking steps to limit financing for shipowners who neglect crew welfare, prompted by recent attacks on vessels in the Red Sea and scandals highlighting poor conditions for seafarers.
Executives from eight banks, including ING and Citigroup, will meet in October to establish new measures for monitoring and enforcing safety commitments, the Financial Times reports. This move builds on previous agreements to assess the environmental impact of shipowners, though results have been mixed.
Reportedly, the new banking measures could include requiring shipowners to provide data on crew injuries, mental health support, and internet access, and could offer better loan terms to those meeting these standards.
The banks will also consider other factors such as biodiversity, ethical recycling, and gender equality, addressing issues like the low percentage of female seafarers and recent allegations of sexual assault.
The outcome of these discussions will be shared with the 35 lenders adhering to the Poseidon Principles, Financial Times informs.
