Connect with us

Business

BNP Paribas, Credit Suisse latest banks to adopt Poseidon Principles for shipping sector

Poseidon Principles designed to support ship owners in achieving the ‘at least 50% by 2050’ GHG reduction target, and to help financial institutions manage risks.

Admin

Published

on

pepi stojanovski MJSFNZ8BAXw unsplash

BNP Paribas, the world’s largest lender to global shipping, and Credit Suisse, a leading wealth manager, on Wednesday (22 January) became the 15th and 16th financial institutions to sign on to the Poseidon Principles.

The Poseidon Principles are the world’s first sector-specific, self-governing climate alignment agreement amongst financial institutions.

They establish a common framework to quantitatively assess and disclose whether financial institutions’ lending portfolios are in line with climate goals set by the International Maritime Organization (IMO), a specialized agency of the United Nations responsible for regulating shipping.

The IMO’s target is for greenhouse gas emissions from international shipping to peak as soon as possible and to reduce the industry’s total annual GHG emissions by at least 50% by 2050, with a strong emphasis on zero emissions.

The Principles are designed to support ship owners in achieving the ‘at least 50% by 2050’ reduction target and to help financial institutions in managing critical investment risks – to the benefit of business and society.

“The decision of BNP Paribas and Credit Suisse to sign on to the Poseidon Principles represents another milestone for responsible ship finance. We welcome their leadership and we encourage other serious financial institutions to join them in serving global seaborne trade in a sustainable manner,” said Michael Parker, Chairman of Global Shipping Logistics & Offshore at Citi and Chair of the Poseidon Principles Association.

“As a leading and longstanding lender to the global maritime industry, we welcome the establishment of the Poseidon Principles, an industry-wide and self-volunteered initiative that reflects our own commitment to combat climate change and protect the oceans,” said Vincent Pascal, Head of Shipping & Offshore Finance EMEA at BNP Paribas.

“The Poseidon Principles are key to leading industry-wide change. Along with our co-signatories, we aim to align our ship finance portfolio to be environmentally responsible and to lead by example in the reduction of GHG emissions. Joining the Principles shows our clear and continued commitment to sustainable shipping – being there to support our clients in their business and in their transition to a low-carbon shipping industry,” said Mario Béhé, Global Head of Ship Finance at Credit Suisse.

Signatories of the Poseidon Principles include, ABN Amro, Amsterdam Trade Bank, BNP Paribas, Citi, Credit Agricole CIB, Credit Industriel et Commercial, Credit Suisse, Danish Ship Finance, Danske Bank, DNB, DVB, Export Credit Norway, ING, Nordea, Société Générale, and Sparebanken Vest.

The Poseidon Principles were developed by Citi, DNB, and Société Générale in collaboration with leading industry players – A.P. Møller Mærsk, Cargill, Euronav, Lloyd’s Register, and Watson Farley & Williams – with expert support provided by the Global Maritime Forum, Rocky Mountain Institute, and University College London Energy Institute. The Principles were established in June 2019.

The Principles are applicable to lenders, relevant lessors, and financial guarantors including export credit agencies.

They are implemented in internal policies, procedures and standards and applied in all credit products secured by vessels that fall under the purview of the IMO.

The Principles are intended to evolve over time to include other issues where the collective influence of financial institutions can help improve the contribution the maritime industry and its lenders can make to society.

Related: 11 Major shipping banks base lending decisions on ‘Poseidon Principles’

 

Photo credit: Pepi Stojanovski on Unsplash
Published: 23 January, 2020

Continue Reading

Biofuel

BHP and GCMD trial multi-feedstock B100 bio bunker fuel on bulk carrier

Bio-blend in the BHP and GCMD pilot is being used on a BHP-chartered bulk carrier “Berge Lyngor”, which was bunkered in Singapore in early May.

Admin

Published

on

By

BHP and GCMD trial multi-feedstock B100 bio bunker fuel on bulk carrier

BHP and the Global Centre for Maritime Decarbonisation (GCMD) on Wednesday (3 June) said they have blended biofuels from two distinct feedstocks—used cooking oil and waste animal fats —and introduced the lower-emissions marine fuel into a BHP-chartered bulk carrier as part of a pilot project.

The bio-blend in the BHP and GCMD pilot is being used on a BHP-chartered bulk carrier Berge Lyngor, owned and operated by Berge Bulk, transporting BHP iron ore from Western Australia to China. When run on bio-blend, the vessel has the potential to reduce well-to-wake greenhouse gas emissions by approximately 79 per cent per voyage compared to sailing on very low sulphur fuel oil (VLSFO).

The vessel bunkered in Singapore in early May with a B100 bio-blend comprising 50 percent tallow-derived biodiesel, sourced and supplied by HAMR Energy, and 50 per cent used cooking oil (UCOME) supplied by Mitsui & Co Energy Trading Singapore (METS).

Mitsui also blended the fuel and Dan-Bunkering coordinated and executed the bunkering operation, which was performed by Global Energy’s barge MT Maple.

The BHP and GCMD pilot will assess how biofuels from multiple feedstocks can be blended, handled, and introduced under real-world operating conditions using existing used cooking oil bunkering infrastructure.

At the same time, insights from this pilot will help identify solutions to challenges related to fuel quality, handling, traceability, and onboard vessel performance.

Biofuels for global shipping today rely heavily on used cooking oil – a feedstock whose availability is approaching its projected limits. Biofuel from waste animal fats presents a promising option to expand the supply of lower-emissions marine fuels.

The outcomes of the pilot are expected to shed light on the practical steps to integrate biofuel blends from different feedstocks into existing supply chains. The diversity of biofuels will provide shipowners and operators with greater flexibility to optimise fuel procurement based on cost, availability, and lifecycle emissions performance.

Biofuels derived from different feedstocks can exhibit varying properties that may impact operations, including potential corrosion from oxidation, fuel system clogging caused by wax formation, which this pilot aims to assess.

The pilot will trace and verify the biofuel blend’s integrity aimed at bolstering confidence in emissions reductions reporting. The pilot will also provide insights into how robust tracing can support future marine fuel supply chains where biofuels from multiple feedstocks with varying lifecycle greenhouse gas emissions footprints are blended together.

This project is co-funded by the Maritime and Port Authority of Singapore under the Maritime Innovation and Technology Fund (MINT).

 

Photo credit: Global Centre for Maritime Decarbonisation
Published: 3 June, 2026

Continue Reading

Biofuel

NYK starts one-year B100 bio bunker fuel trial on car carrier

In this trial, NYK will operate a car carrier continuously on B100 for one year to evaluate the impact on engines, fuel supply systems, and operational practices.

Admin

Published

on

By

NYK starts one-year B100 bio bunker fuel trial on car carrier

Japanese shipping firm NYK on Tuesday (2 June) said it has commenced a one-year long-term trial involving the continuous use of 100% biofuel (B100) on an NYK-operated car carrier. 

In this trial, NYK will operate a car carrier continuously on B100 for one year to evaluate the impact on engines, fuel supply systems, and operational practices. High-purity biofuels such as B100 are known to be susceptible to degradation from oxygen, light, and heat, raising concerns about the stability of such fuels during long-term use.

In this trial, the biofuel primarily comprises FAME (Fatty Acid Methyl Ester) derived from used cooking oil and similar feedstocks.

The initiative is designed to evaluate the fuel’s effects on the vessel’s equipment and verify operational safety under real-world conditions. 

Through this effort, NYK seeks to accumulate technical expertise that will support the broader use of high-purity biofuels and further accelerate efforts to reduce greenhouse gas (GHG) emissions.

NYK has been advancing the use of biofuels through various initiatives. In 2024, the company conducted a trial using biofuel blend B24 and subsequently expanded practical usage to B30. However, the company said there remains limited global experience with the long-term continuous use of B100.

“By collecting long-term operational data through this trial, NYK aims to accumulate valuable technical insights to support both the safe operation of vessels and the wider adoption of high-purity biofuels,” it said. 

 

Photo credit: NYK
Published: 3 June, 2026

Continue Reading

Ammonia

AM Green plans to build green ammonia plant at Indian port

Initiative also includes development of green ammonia handling, storage and bunkering infrastructure, pilot bunkering operations, safety procedures and training programmes, says VOC Port Authority.

Admin

Published

on

By

india flag

VO Chidambaranar (VOC) Port Authority on Friday (29 May) said it has signed a Memorandum of Understanding (MoU) with India’s ammonia producer AM Green Ammonia to collaborate in the development of a green ammonia production plant.

The plant will have a capacity of one million tonnes per annum (MTPA) at Tuticorin.

The initiative also includes development of green ammonia handling, storage and bunkering infrastructure, pilot bunkering operations, safety procedures and training programmes. 

The project is expected to support the development of green fuel corridors connecting VOC Port with major ports in Europe and Asia, thereby strengthening India’s position in the global green fuels value chain.

VOC Port also signed a Memorandum of Understanding (MoU) with Bureau Veritas (India) Pvt. Ltd., to collaborate on Green Port certification, emissions accounting, ESG reporting, safety validation, development of green bunkering practices, and establishment of a Centre of Excellence for green fuels and sustainability.

The port also plans for an upcoming 750 m³ green methanol bunkering facility.

 

Photo credit: Naveed Ahmed on Unsplash
Published: 3 June, 2026

Continue Reading

Trending