Poseidon Principles now cover more than 50% of global ship finance portfolio

The Poseidon Principles are now estimated to cover over 50% of the global ship finance portfolio, after DekaBank became the latest Signatory.

The Poseidon Principles are aligned with the IMO’s ambition for GHG emissions from international shipping to peak as soon as possible and to reduce total annual GHG emissions by at least 50% by 2050 compared to 2008. Signatories commit to publicly reporting the alignment of their shipping portfolios with the IMO target on an annual basis.

The Poseidon Principles have also entered into force, after the number of its Signatories surpassed the threshold of eight, with Navium and AXA XL being the latest Signatories.

Sustainability is a high priority for DekaBank and a central component of its business strategy. For Ship Finance we already implemented specific sustainability principles about five years ago and also developed our own score cards for ship financing within the framework of which CO2 emissions can be recorded systematically

said Dr. Marco Albers, Head of Specialised Lending, DekaBank.

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To date, 28 financial institutions have joined the Poseidon Principles: ABN Amro, BNP Paribas, Bpifrance Assurance Export, Citi, Credit Agricole CIB, Crédit Industriel et Commercial, Credit Suisse, Danish Ship Finance, Danske Bank, DekaBank, Development Bank of Japan, DNB, Export Finance Norway, Finnvera, ING, MUFG Bank, Nordea Bank, OCBC Bank, SACE, SEB, Shinsei Bank, Société Générale, SpareBank 1 SR-Bank, Sparebanken Vest, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Finance & Leasing, and Sumitomo Mitsui Trust Bank.